A Dallas-based advisory team with about $580 million in client assets will join NewEdge Advisors, the New Orleans-based RIA partnership platform owned by NewEdge Capital Group, from J.P. Morgan.
Fortis Wealth Advisors consists of advisors Erik Linstrom, Ben Roth, Shawn Stanley and Kris Cawthon. They all departed JP Morgan Securities to join NewEdge Advisors. The team will use Goldman Sachs Custody Solutions for custody.
According to Cawthon, the team sought an RIA to provide infrastructure as the firm grows.
“We were drawn to NewEdge Advisors' robust portfolio management solutions, which drive significant time and cost efficiencies,” Cawthon said. “Choosing Goldman Sachs to safeguard our clients’ assets was not a choice we made lightly, and we are excited to offer their solutions and insights to our clients.”
According to SEC records, Linstrom worked at AllianceBernstein for several years before joining JPMorgan in 2010. Roth began his industry career in 1983 at PaineWebber, and he had stints at several other firms before joining JPMorgan in 1996. Stanley briefly worked at Chase in 2000 before several other firms; he joined JPMorgan in 2014. In 2004, Cawthon worked at Merrill Lynch, then Morgan Stanley and Chase before joining J.P. Morgan Securities in 2013.
NewEdge Advisors is an RIA partnership platform formed in 2021 as part of NewEdge Capital Group, which has approximately $25 billion in managed assets. It is a large enterprise of LPL Financial. Last week, the firm announced that Stonebridge Financial Partners, a Michigan-based team of 18 with $540 million in client assets, joined from the Carson Group.
Earlier this year, NewEdge attracted another team from Carson: Connecticut-based Nesso Wealth, a 20-person team overseeing $262 million. The team included nine advisors and 11 support staff.
NewEdge Advisors was originally Goss Advisors, co-founded by Alex Goss and Neil Turner in 2020, before the launch of its parent company the following year. NewEdge Capital Group includes NewEdge Wealth, which Goss described as predominantly focused on UHNW families. NewEdge Advisors acts as the company’s more traditional independent model.
Earlier this year, Goss told WealthManagement.com NewEdge was expecting to “ramp up” its M&A activity after developing a process to integrate acquired firms more rapidly.
“You’re going to see an increase in M&A activity, but not necessarily because we’re finally hitting our stride,” he said in February. “It’s because we purposely made sure we were going to be ready for that volume that we have knocking on our door to be integrated in an effective manner."
