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AnalysisMovesThe Wealth Teams Report

NewEdge turned Fort Lauderdale into a $12 billion outpost in one day

Four simultaneous $3 billion registrations in Fort Lauderdale turn the talent war into a city-by-city contest.

At a glance

  1. On September 3, four separate $3 billion advisory teams—Yates, Wohlgemuth, Shapiro and Escobedo—registered at once, a $12 billion simultaneous addition that made the contest for advisors a city-by-city fight.
  2. The week moved $28.07 billion of client assets, and NewEdge's share was $13.25 billion once the Fort Lauderdale four are combined with Shafer Block Wealth Management, an eight-advisor, $1.25 billion team from UBS in Wayzata, Minnesota, that registered on September 16.
  3. Because the four Fort Lauderdale teams sit in the same metro, they can share operations, compliance and recruiting infrastructure from day one, giving NewEdge a local brand, referral flow, and a foothold in city-level market share from the start.

NewEdge Wealth spent the week turning Fort Lauderdale into the talent war's densest new front. On September 3, four separate $3 billion advisory teams—Yates, Wohlgemuth, Shapiro and Escobedo—registered at once, a $12 billion simultaneous addition that made the contest for advisors a city-by-city fight.

The week moved $28.07 billion of client assets, and NewEdge's share was $13.25 billion once the Fort Lauderdale four are combined with Shafer Block Wealth Management, an eight-advisor, $1.25 billion team from UBS in Wayzata, Minnesota, that registered on September 16.

Density at two altitudes

Because the four Fort Lauderdale teams sit in the same metro, they can share operations, compliance and recruiting infrastructure from day one, giving NewEdge a local brand, referral flow, and a foothold in city-level market share from the start.

At enterprise scale, Rise Private Wealth Management, an $8.1 billion, 40-advisor breakaway from Ameriprise in Bedford, New Hampshire, is large enough to build its own platform rather than join one. Mariner Advisor Network's $31 billion move to LPL Financial on August 26 concentrates a massive book onto a custodian that already serves thousands of advisors. Both are density plays at different altitudes.

UBS showed the other side. The wirehouse lost Shafer Block to NewEdge, John Vazquez's $1.2 billion team to Merrill Lynch in Santa Fe, and James Carlson's $500 million team to Wedbush in Greensboro—a combined $2.95 billion walking out the door to an RIA, a wirehouse and a regional firm. That spread says retention now depends less on a global brand than on the specific local proposition a team is offered.

Reported by the Moves desk from PWD tracking. Published . Updated Oct 26, 2026 · 10:48 p.m. ET. Corrections

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