Major Transition: A nine-member wealth management team, led by industry veterans Tim Krueger, Cory Fosdyck, Jerry Brown, and Collin McCall, has moved from Merrill Lynch to NewEdge Advisors.
Significant Assets: The team managed approximately $1.4 billion in client assets at their previous firm.
Location: The team, now operating as Krueger, Fosdyck, Brown, McCall & Associates, is based in Destin, Florida.
Custodian Choice: They have selected Goldman Sachs Custody Solutions as their primary custodian, highlighting a strategic partnership.
Motivation for Move: The primary drivers for the transition include gaining independence, flexibility, and the ability to offer unbiased advice and expanded opportunities to clients.
Why this matters: This move reflects the increasing appeal of the independent Registered Investment Advisor (RIA) model for established advisors, potentially signalling competitive pressure on traditional wirehouses like Merrill Lynch.
New Orleans-based NewEdge Advisors continues its expansion by welcoming the seasoned team of Krueger, Fosdyck, Brown, McCall & Associates. With over 150 years of collective experience, the Destin, Florida team, which also includes Senior Wealth Advisors Nina McClanahan and Gabe Campbell, represents a significant addition to NewEdge's network.
The decision to leave Merrill Lynch, a major wirehouse, was driven by the desire for greater autonomy. Cory Fosdyck, Co-Founder and Partner, stated, "This transition will enable us to enhance our client service and significantly expand our capacity to offer opportunities to clients, their families, and businesses." Tim Krueger, also Co-Founder and Partner, added, "this change gives us the freedom and flexibility to deliver unbiased advice."
The choice of Goldman Sachs Custody Solutions as the primary custodian aligns the team with a powerful platform known for supporting RIA growth. Bill Dalton, Head of RIA Custody Sales at Goldman Sachs, commented on the collaboration's ability to "empower them [advisors] to better serve their clients."
This move is indicative of a broader industry shift where advisors are increasingly opting for the independent RIA channel, seeking more control over their practice, technology choices, and client service models. NewEdge Advisors, formed as part of EdgeCo Holdings and NewEdge Capital Group, positions itself as a key destination for such teams.
Who moved from Merrill Lynch to NewEdge Advisors?
A nine-member team based in Destin, Florida, managing $1.4 billion in assets. The team is led by Tim Krueger, Cory Fosdyck, Jerry Brown, and Collin McCall.
Why did the Krueger, Fosdyck, Brown, McCall & Associates team leave Merrill Lynch?
They sought greater independence, flexibility, enhanced client service capabilities, and the ability to provide unbiased financial advice.
Which custodian will the team use at NewEdge Advisors?
They have chosen Goldman Sachs Custody Solutions as their primary custodian.
Who This Affects Most: Clients of the transferring team (potentially benefiting from enhanced services), advisors considering independence, Merrill Lynch (loss of a significant team), and competing RIAs.
Impact: This highlights the competitive landscape in wealth management and the attractive aspects of the independent model for successful advisors.
How to Prepare
*Clients*: If your advisor moves firms, understand the reasons and how it might affect your services or investments.
*Advisors*: Evaluate the pros and cons of different affiliation models (wirehouse vs. independent RIA) based on your career goals and client needs.
The move of established teams managing billions in assets often signals larger industry shifts. Do you think the trend of advisors moving to independent RIAs will accelerate?
Share this article with others who need to stay ahead of this trend!
Source 1: NewEdge Snags $1.4 Billion Team From Merrill Lynch in Florida target="_blank"
Source 2: Business Wire Press Release target="_blank"
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