NewEdge Lands $3.1B BofA Private Bank Team in Florida

NewEdge is using its employee wealth channel to recruit beyond traditional brokerage teams, adding another multibillion-dollar private-bank group in two weeks.

NewEdge Wealth has recruited a four-person Bank of America Private Bank team managing about $3.1 billion in client assets and generating roughly $20 million in annual revenue, according to AdvisorHub and a source familiar with the move.

Trace R. Shapiro, Paul J. Yates, Alexandra G. Escobedo and Michael J. Wohlgemuth joined NewEdge Wealth in Florida and established the firm’s fourth office in the state. The team is based in Fort Lauderdale.

A second multibillion-dollar hire in two weeks

The Florida addition followed NewEdge Wealth’s opening of its first Texas location with a $2.2 billion Bernstein Private Wealth Management team in Houston. Together, the hires show NewEdge pursuing large private-bank and wealth teams, not only traditional wirehouse breakaways.

NewEdge has also recruited a team from Summit Trail Advisors, a New York registered investment adviser that had managed about $6 billion. Its recruiting strategy therefore spans employee wealth channels, private banks and established RIAs.

Building a southeastern presence

NewEdge Capital Group founder and managing partner Rob Sechan said the hire strengthens the wealth unit’s presence along Florida’s southeastern coast, where it has offices in Miami, Coral Gables and Boca Raton.

NewEdge Wealth is the employee channel of NewEdge Capital Group, while NewEdge Advisors primarily serves independent contractors. That distinction matters for teams comparing employee support, control, economics and enterprise ownership across platforms.

The $3.1 billion figure describes client assets overseen by the team and should not be treated as a standardized measure of assets transferred.

Source

Source: AdvisorHub, “NewEdge Lands $3.1B BofA Private Bank Team in Florida,” published September 3, 2026.