A team from UBS Wealth Management USA has left the firm to start a registered investment advisory firm. The 12-person team, formerly referred to as Turnstone Wealth Management, is led by Jeffrey Kobernick and Robert Sechan. While at UBS, the team managed approximately $4.5 billion in client assets and produced $20 million in the past year.
The new firm will be called NewEdge Wealth and be affiliated with EdgeCo Holdings. EdgeCo Holdings has 15,000 financial advisors and 500 institutions, with a total of $130 bullion in client assets under custody or administration.
For the brokerage business, NewEdge advisors will register with Mid Atlantic Capital Group, which is owned by EdgeCo Holdings. The custodian for the new RIA will be Fidelity Investments. As AdvisorHub reported, the new RIA is looking to expand, and will be offering new advisors equity in the firm.
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