NewEdge taps Ameriprise once more, recruits $1B team

NewEdge Capital Group has again turned to Ameriprise to build out its channel for RIAs with a prominent advisory team.

Seven Bridges Wealth Advisors, a 14-member team, has joined NewEdge Advisors in White Plains, New York. The group had previously managed $1 billion in client assets at Ameriprise.

It is the second large team with $1 billion or more in assets that NewEdge has picked up from Ameriprise this year. Earlier this month, NewEdge announced it had pulled over a 24-member practice that had managed $1.4 billion for Ameriprise in Franklin, Tennessee — near Nashville.

Seven Bridges Wealth Advisors is led by the managing partners Max DiSesa, Andrew Buscetto, David Mazzetti and Joseph Femia. It provides clients with family office-type services related to investment and retirement planning, insurance, employee benefits, tax management, estate planning, charitable giving and other matters.

DiSesa started his career at Edward Jones in 2012 and moved to Ameriprise in 2019 after roughly two years at Kingsview Wealth Management. Buscetto and Mazzetti have both been affiliated since 1998 with the predecessors of Ameriprise, which was spun off from American Express in the mid-2000s. And Femia joined Ameriprise in 2022 after roughly eight years at MML Investors Services.

Femia said in a statement that the Seven Bridges team is joining NewEdge Advisors in part out of a desire for greater independence.

"Now, as a truly independent firm, we have the flexibility to serve our clients and do so with improved infrastructure and advanced solutions," he said.

New Orleans-based NewEdge Advisors is the independent contractor division of NewEdge Capital Group, which also includes the separate RIA NewEdge Wealth and the broker-dealer NewEdge Securities. NewEdge Capital Group is, in turn, owned by EdgeCo Holdings, which receives backing from the private equity firm Parthenon Capital and Waterfall Asset Management. NewEdge Capital manages about $88 billion in client assets through its three subsidiaries and has more than 450 advisors and registered representatives, according to its website.

Ameriprise no longer reports its advisor headcount. In an earnings call in January, the firm said its client assets had risen by 13% year over year to $1.2 trillion by the end of last year.