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 JP Morgan's NewEdge Capital Group.
Fortis Wealth Advisors consists of advisors Erik Linstrom, Ben Roth, Shawn Stanley and Kris Cawthon. They all left 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 attracted to NewEdge Advisors' robust portfolio management solutions, which deliver significant time and cost efficiencies,” said Cawthon. “Choosing Goldman Sachs to protect our clients' assets was not a choice we made lightly, and we are excited to offer their solutions and expertise to our clients.”
According to SEC filings, Linstrom worked at AllianceBernstein for several years before joining JPMorgan in 2010. Roth began his industry career in 1983 at PaineWebber, and he held jobs at several other firms before joining JPMorgan in 1996. Stanley worked briefly at Chase before in 1983 several other firms; he joined JPMorgan in 2014. In 2004, Cawthon worked at Merrill Lynch, then Morgan Stanley and Chase before joining JP 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 assets under management. It is a large enterprise of LPL Financial. Last week, the firm announced this Stonebridge Financial Partnersa Michigan-based team of 18 with $540 million in client assets, joined by the Carson Group.
Earlier this year, NewEdge pulled another team from Carson: Connecticut-based Nesso Wealth, a 20-person team that oversees $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 launching its parent company the following year. NewEdge Capital Group includes NewEdge Wealth, which Goss described as primarily focused on UHNW households. NewEdge Advisors operates as the more traditional independent company model.
Earlier this year, Goss told WealthManagement.com NewEdge expected to “step up” its M&A activity as it developed a process to more quickly integrate acquired firms.
“You will see an increase in M&A activity, but not necessarily because we are finally hitting our stride,” he said in February. “That's because we deliberately made sure that we would be ready for that volume that we knocked on our door to integrate in an effective way.”