NewEdge Wealth has opened its first Minnesota office by recruiting an eight-person group from UBS that oversees $1.25 billion in client assets. The unit, led by Managing Director James Shafer and Principal Michael Block, will operate out of Wayzata, just outside Minneapolis, marking the firm’s 22nd location nationwide. This expansion adds a new foothold for the company in the Upper Midwest.
The group was previously known as Shafer Block Wealth Management at UBS and focuses on wealth preservation, tax-efficient strategies, and multi-generational planning. Shafer, who joined UBS in 2005, and Block, who arrived in 2011, will anchor the new office. Both executives bring extensive experience managing high-net-worth portfolios, positioning the office to serve sophisticated investors.
Three vice presidents, Joseph Gossett, Pamela Smith, and Rachelle Carlson-Oien, join the move, each overseeing distinct client segments. Alongside them, three support staff members transition to handle operations, compliance, and technology integration. Their combined expertise is expected to accelerate the firm’s service delivery in the region.
Wealth-management firms often expand by acquiring experienced teams to strengthen local expertise. The decision aligns with the company’s broader strategy of recruiting high-net-worth advisors from major banks, including recent hires from AllianceBernstein in Houston and other regional offices. Such acquisitions allow firms to quickly add deep client relationships and proven investment processes.
The new office enhances the firm’s footprint in the Midwest, where affluent clients increasingly demand specialized services. Based in Stamford, Connecticut, the company now employs over 70 advisors across its platforms, including both independent contractors and W-2 employees. The advisor network spans traditional brokerage models and fee-only arrangements, giving clients a range of service options.
NewEdge Capital is majority-owned by Parthenon Capital, a private-equity group focused on financial services. This ownership provides the firm with capital to fund growth initiatives and support its expansion plans.
Shafer noted that the team sought a partner offering advanced technology and a broad suite of investment products to support future growth. He emphasized that access to cutting-edge portfolio-management tools was essential for meeting the evolving needs of affluent families.
Rob Sechan, founder of NewEdge Capital Group, called the addition a key step in expanding the firm’s Midwest presence while maintaining its client-first approach. Sechan said the move reinforces the company’s commitment to delivering personalized service and scaling operational capabilities across the region.
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