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AnalysisMovesThe Wealth Teams Report

NewEdge's $12 billion day resets the talent war

Four $3 billion Fort Lauderdale teams moved in one day, pushing the week's disclosed advisor AUM in motion to $19.8 billion and showing block trades have replaced advisor-by-advisor recruiting.

At a glance

  1. Michael Wohlgemuth, Paul Yates, Trace Shapiro, and Alexandra Escobedo each brought four advisors and a $3 billion book, and their arrival pushed the week's total disclosed advisor AUM in motion to $19.8 billion, according to PWD's tracking.
  2. The week's other large moves pointed the same way, beginning with Cetera's lift of the 40-advisor, $2.1 billion Sierra Ridge Advisor Group from LPL Financial, a California team led by James Slaughter.
  3. Smaller moves still churned beneath the block trades.

Four Fort Lauderdale teams managing $3 billion apiece joined NewEdge Wealth on the same day this week, a $12 billion single-day migration that marks the talent war's turn from advisor-by-advisor recruiting to block trades. Michael Wohlgemuth, Paul Yates, Trace Shapiro, and Alexandra Escobedo each brought four advisors and a $3 billion book, and their arrival pushed the week's total disclosed advisor AUM in motion to $19.8 billion, according to PWD's tracking.

The week's other large moves pointed the same way, beginning with Cetera's lift of the 40-advisor, $2.1 billion Sierra Ridge Advisor Group from LPL Financial, a California team led by James Slaughter. UBS imported two private-bank teams: Pasha Azad's Lumina Wealth Partners, a four-advisor, $1.4 billion group out of Bernstein Private Wealth Management, and Jesse Flatt from Bank of America Private Bank with $1.3 billion. &Partners took the Crown Legacy Wealth team from Wells Fargo Advisors with $838 million, a move that included Thomas Faley and Jason Eckerman.

Smaller moves still churned beneath the block trades. Osaic added the $450 million Midwest Financial Group from Commonwealth Financial Network, with Matt Cuplin and Brandon Masbruch among the five-advisor team, while Cetera Financial Group picked up Steven Roth's four-advisor Severn Wealth Management from Commonwealth Financial Network with $160 million. Raymond James Financial Services brought in David Lazorik's Lazorik Financial Management from Wells Fargo with $160 million, Prudential Advisors took Zachary Karason from U.S. Bancorp Advisors with $106 million, and Savant Wealth Management added the 13-advisor BSW Wealth Partners team, a move with no disclosed AUM.

Disclosed advisor AUM moved this week, by receiving firm

  • NewEdge Wealth (4 teams)$12B
  • UBS (2 teams)$2.7B
  • Cetera (2 moves)$2.26B
  • &Partners$0.84B
  • Osaic$0.45B
  • Raymond James$0.16B
  • Prudential Advisors$0.11B
Source: PWD tracking · week of Sep 1, 2026
Show as table
ItemValue ($B)
NewEdge Wealth (4 teams)$12B
UBS (2 teams)$2.7B
Cetera (2 moves)$2.26B
&Partners$0.84B
Osaic$0.45B
Raymond James$0.16B
Prudential Advisors$0.11B

A $12 billion day in Fort Lauderdale

The NewEdge day was not a one-off: the firm landed the Thompson team from Bernstein Private Wealth Management with $2.2 billion in late August, putting its two-week buildout at $14.2 billion. The four Fort Lauderdale teams joined as separate books, each keeping its own leader and its own $3 billion in client assets, a structure that likely matters because a $12 billion consolidation under a single manager would have created more integration risk than four separate teams moving onto the same custodial platform.

A $3 billion team moving without repapering friction keeps its client relationships intact and its revenue stream unbroken; the receiving firm, in turn, gets a book that might otherwise take a decade of organic growth to assemble. The firms winning this phase are the ones that have built onboarding and custody rails for multi-billion-dollar books, not the ones that still treat each advisor as a separate transaction. A team of that size does not move because of a signing bonus; it moves because the receiving platform has made the transition boring—same custodian, same account numbers, same performance reporting, only a new name on the door.

Reported by the Moves desk from PWD tracking. Published . Updated Oct 26, 2026 · 10:44 p.m. ET. Corrections

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