Introduction
Corey:
Hey everyone, thank you so much for coming on the podcast today.
Today we have Alex Goss, Co-CEO of New Edge Advisors — one of the largest and fastest-growing RIAs in the industry. As of the end of 2024, New Edge Capital Group exceeded $65 billion in assets under management — and it’s even higher now.
Today we’re going to talk about the RIA space, what Alex is seeing in the marketplace, and what’s new at New Edge.
Alex, really appreciate you coming on.
Alex:
Thanks, Corey. Always great catching up.
The Evolution of New Edge
Corey:
What’s new at New Edge?
Alex:
It’s been a fun ride. New Edge really came together in 2020 when three firms merged — Mid-Atlantic, Turnstone (run by Rob Sechan), and Goss Advisors.
The first couple of years were heavy integration — tech, culture, operations. Now we’ve evolved into a firm built specifically for elite, experienced advisors.
We’ve created a home for advisors who need ultra-high-net-worth resources, or already have strong in-house capabilities but want more support and scale.
What’s been exciting is watching both sides of the business work together. Advisors focused on the $2M–$10M client segment are now collaborating with our ultra-high-net-worth team when a $50M or $100M opportunity shows up.
It’s become one culture. One firm. A home for elite advisors.
The Wirehouse Misconception
Corey:
A lot of wirehouse advisors still believe they’d be taking a step backward by moving to the RIA space — especially around ultra-high-net-worth capabilities and technology.
What are the “wow” moments when they actually dig in?
Alex:
You’re right — that misconception still exists.
Many wirehouse advisors believe there’s a lack of capabilities outside the wirehouse because that’s what they’re told internally.
The reality? It’s the opposite.
Wirehouses are RIAs. They custody assets just like everyone else. The difference is they curate a limited menu for you.
In the independent RIA space, you curate your own menu.
The lightbulb moment for most advisors happens when they realize Schwab, Fidelity, Goldman, LPL, Raymond James — they offer everything.
The average retail Schwab client often has access to more investment flexibility than many wirehouse advisors.
The challenge isn’t lack of access. It’s navigating abundance.
That’s where firms like ours help — we help advisors custom-curate without starting from scratch.
Ultra-High-Net-Worth: “Not Even a Debate”
Alex:
The ultra-high-net-worth space isn’t even a debate in my mind.
Look at where family offices and multi-family offices operate — they’re overwhelmingly in the RIA space.
The access to private placements, venture capital, niche alternative strategies, bespoke investment structures — you just can’t get that in the cookie-cutter wirehouse model.
Wirehouses are trying — but it’s watered-down, commoditized.
In the RIA space, it’s differentiated. It’s bespoke. It’s night-and-day different once you really dig in.
Real-World Fee Impact
Corey:
Here’s a real example.
We’re working with a $3M revenue team paying 35 basis points to outsource money management to their broker-dealer — and charging clients an additional 35 bps for that layer.
By moving to New Edge and keeping the same investment philosophy, they’re putting roughly $1M per year back in their clients’ pockets.
That’s tangible.
Alex:
Exactly.
We hear about “fee compression,” but it’s really margin compression.
Advisors are still charging around 1% — but they have to deliver more: tax planning, estate coordination, true comprehensive wealth management.
Charging 35–75 basis points for commoditized asset management doesn’t make sense anymore.
When you eliminate that layer, clients pay less, advisors retain more of their fee, and it’s a win-win.
And we’re not talking about pennies — we’re talking about real money.
Creative Lending vs. Big Transition Checks
Corey:
We recently worked with a UBS advisor who still owed $2M on his note. He didn’t want to take a huge upfront check and pay ordinary income tax on it just to unlock himself.
You helped structure a more tax-efficient lending solution.
Alex:
Upfront money isn’t free money.
It comes from somewhere — and nine times out of ten, it’s coming out of the advisor’s future economics.
If someone wants a giant check, sure — we can structure one. But it will reduce long-term economics.
If you want long-term profitability and ownership, we get creative.
We’d rather help advisors unlock efficiently, maintain control, and avoid trading long-term wealth for short-term cash.
Choosing the Right RIA: What Matters
Corey:
With hundreds of RIA options out there, what should advisors be thinking about?
Alex:
You can have everything you want — so don’t compromise.
Don’t join a firm just because you like the salesperson.
Pre-2008, there were dozens of strong regional firms. Advisors could find the right cultural fit.
That optionality is re-emerging in the RIA space.
But you have to dig beneath the sizzle:
Is the culture real?
Are the resources actually there?
Is this firm built for advisors like you?
You can have fit, culture, resources, and economics — but you have to evaluate carefully.
Size, Scale & M&A
Corey:
How important is size and scale in the RIA world?
Alex:
Increasingly important — but for different reasons than the broker-dealer world.
In RIA, compliance is table stakes and technology is expected.
Where scale really matters is in additive resources: ultra-high-net-worth capabilities, investment access, tax and estate resources, marketing infrastructure. Those things are expensive to build.
There’s also another reality: there won’t be 500 platforms 15 years from now. There will likely be 30–40 major survivors.
If you join a $10–15B RIA with no clear path to scale, odds are they get acquired — and the culture you joined may disappear.
That’s why we prioritized getting big enough to control our own destiny.
Roll-Up Models: Caution
Corey:
What about minority roll-up models — sell 10–20% now and benefit later?
Alex:
Be careful.
Minority ownership does not mean minority control.
You can own 60% and still have zero control depending on board structure and restrictive covenants.
Also — buying 10% stakes in 400 independent RIAs doesn’t automatically create a cohesive company.
What’s the story? What’s the integration? Who’s the ultimate buyer?
If you’re making a move purely for financial engineering, that’s risky.
Equity value should be the last part of the decision — not the first.
If you join a firm that genuinely enhances your client offering, equity value usually takes care of itself.
What’s Next for New Edge?
Alex:
We’re still in early innings.
$100B feels big — but it won’t feel big five years from now.
You’ll see more professionalization, more scale, more institutional-level technology, continued M&A activity.
We want to be one of the long-term surviving platforms — not one that gets absorbed.
What’s New at New Edge Wealth?
Corey:
What’s new on the New Edge Wealth side?
Alex:
They’re crushing it.
Their win rate versus wirehouses is extremely high.
Why? Because what you can do for ultra-high-net-worth clients in this space is simply more differentiated.
The private investment pipeline keeps expanding: venture capital, private equity, boutique alternative opportunities.
The size of the firm brings deal flow you just won’t see at a $5B standalone RIA.
And they are laser-focused on ultra-high-net-worth — not trying to be everything to everyone.
The Bridge Program
Corey:
We’ve built a “Bridge Program” for advisors who primarily serve $2M–$10M clients but land a $50M opportunity.
Instead of losing that client, they collaborate with New Edge Wealth — sitting on the same side of the table.
Some advisors even transition fully into the ultra-high-net-worth division once they see the opportunity.
Closing Thoughts
Corey:
There’s a lot of noise in the RIA space right now.
Alex:
Exactly.
That’s why advisors need to separate steak from sizzle.
There are great platforms. There’s also hype.
Find a firm that enhances your client value proposition, has scale and staying power, aligns culturally, and has a real long-term path.
If you do that, the rest tends to take care of itself.
Corey:
Alex, always appreciate your perspective. Looking forward to another update next year.
Alex:
Thanks, Corey. Appreciate what you’re doing for advisors, too.
