Advisor Moves · Breakaway · RIA
Another Billion-Dollar Team Bolts Ameriprise for NewEdge in New York
Seven Bridges Wealth Advisors, a 14-person team managing roughly $1 billion, left Ameriprise's franchisee channel to join NewEdge Capital Group in White Plains, New York.
By Advisor News Network
May 28, 2026
4 min
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Transition:AmeripriseNewEdge
$1MAUM
The competitive landscape for large, entrepreneurial advisory teams at legacy 1099 models continues to shift.
Seven Bridges Wealth Advisors, a 14-person team managing approximately $1 billion in client assets, has left Ameriprise Financial's franchisee channel to join NewEdge Capital Group in White Plains, New York. The Ameriprise 1099 model remains under pressure as another team with more than $1 billion under management has jumped ship.
This move is not about dissatisfaction with clients, performance or culture. It is about structural evolution and where the independent advisory business is heading. It's the same force that drove Gary Plessl and Kevin Houser, who managed $600 million, to move to Wells Fargo FiNet and a $2.5 billion AUM group, Laurel Oak Wealth Management, that started their own RIA.
For many years, Ameriprise's 1099 platform represented a compelling bridge away from traditional wirehouse employment. Advisors gained improved economics, some degree of brand ownership, and a sense of autonomy while retaining the infrastructure of a large institution. But for elite teams running complex, multi-generational client relationships, this structure increasingly limits flexibility, margin expansion, and enterprise value creation.
NewEdge succeeds because it solves the central tension advisors face: How do you gain full independence without giving up institutional-grade support? Founded by former UBS advisor Rob Sechan, NewEdge was designed specifically for teams that have outgrown one-size-fits-all platforms.
TagsAmeripriseNewEdgeSeven Bridges Wealth AdvisorsBreakawayNew York
