NewEdge Lures Merrill Lynch Vet, Highlighting UHNW Advisor Exodus

STAMFORD, Conn. – May 28, 2026 – NewEdge Wealth has recruited veteran advisor Alex Watts from Merrill Lynch Private Wealth, a strategic hire that underscores a powerful shift in the wealth management industry. Watts, who brings over two decades of experience servicing ultra-high-net-worth (UHNW) clients, joins NewEdge's growing Atlanta office as a Principal, signaling the firm's deepening commitment to the region and its appeal to elite advisors seeking greater independence.

The move is more than just a single personnel change; it is a case study in the broader migration of top talent from traditional Wall Street wirehouses to the more agile and autonomous Registered Investment Advisor (RIA) model. Watts's decision highlights the key factors driving this exodus: the pursuit of a true fiduciary standard, access to open-architecture platforms, and a desire for cutting-edge technology free from proprietary constraints.

The Breakaway Wave: A Wider Industry Shift

Alex Watts's transition from a decade at Merrill Lynch to NewEdge Wealth is emblematic of the “breakaway broker” phenomenon that is reshaping the financial advisory landscape. Industry data reveals a sustained migration away from the four major wirehouses, which saw their collective financial advisor count drop by 10% between 2012 and 2022. In contrast, the RIA sector has been booming, enjoying an 8.6% expansion in advisor count in 2022 alone. In the first three quarters of 2023, the RIA channel gained over 850 advisors while wirehouses saw a net loss of more than 600.

This industry-wide shift is fueled by a desire for greater autonomy and a client-centric approach. Advisors are increasingly drawn to the RIA model's legal obligation to act as fiduciaries, placing their clients' best interests above all else. This contrasts with the suitability standard at many brokerage firms, which can create pressure to recommend proprietary products.

Watts’s own words reflect these motivations. He cited NewEdge's independent platform as the key differentiator that will allow him to better serve his clientele of business owners, entrepreneurs, and multi-generational families. “I've always strived to be the kind of advisor my clients deserve — sitting fully on their side of the table, with the independence to bring the best solution across the market,” Watts stated. “At NewEdge, I've finally found the platform to deliver on that fully.”

NewEdge's Strategic Play for Elite Talent

Watts's recruitment is a direct result of a deliberate and aggressive growth strategy by NewEdge Capital Group, the parent company of NewEdge Wealth. Launched in 2021, the firm was designed “by Advisors for Advisors,” creating an invitation-only ecosystem built to attract and retain top-performing talent.

This strategy is paying off handsomely. NewEdge Capital Group has seen its client assets serviced skyrocket, growing to over $65 billion. Its elite status is validated by industry accolades, including soaring to the No. 3 spot on Barron’s 2025 Top 100 RIAs list and No. 8 on Forbes’ 2025 Top RIAs list. This rapid ascent is fueled by a relentless focus on recruitment, with the firm consistently exceeding its targets, bringing in over $9 billion in expected assets under management in both 2022 and 2023.

“Entrepreneurs and ultra high net worth families have complex wealth management needs that can span generations,” said Rob Sechan, Co-Founder and CEO of NewEdge Wealth. He noted that Watts’s deep experience and professional network are a perfect match for the firm’s model. “Alex’s knowledge of private investment assets, history of working with those clients and relationships with other critical professionals in the space will complement NewEdge Wealth’s services and enhance the services offered by our Atlanta office.”

Strengthening the Front Line in a Key UHNW Market

The decision to place an advisor of Watts’s caliber in Atlanta is a calculated move. The city is a dynamic and competitive UHNW market, home to legacy wealth from corporate giants, a thriving entrepreneurial scene, and a growing class of executives. To serve this demanding clientele, wealth managers must offer more than just investment advice.

Watts’s expertise is tailor-made for this environment. His career, which began at GenSpring Family Office and included a stop at J.P. Morgan Private Bank, has focused on the complex needs of the ultra-wealthy. He specializes not only in portfolio structure but also in managing transactions, credit, and recapitalizations. Crucially, he acts as a central coordinator, aligning the efforts of attorneys, CPAs, and bankers to provide a holistic family office-style service—a key value proposition for UHNW clients.

His arrival significantly bolsters NewEdge’s Atlanta office, which only opened in the first half of 2024. By embedding a seasoned principal with deep local roots and a sterling reputation, the firm is making a clear statement about its ambitions in the Southeast.

The Allure of Open Architecture and Advanced Tech

At the heart of the RIA value proposition that attracted Watts is the concept of open architecture, paired with what he called a “technology suite that's a generational leap beyond the large firms.” Unlike wirehouses, which often have a limited menu of approved or proprietary investment products, NewEdge’s open-architecture platform provides its advisors access to a vast universe of investment and credit solutions from numerous institutions.

This model allows advisors to be truly objective, selecting solutions based solely on merit and client suitability. It enables faster and more flexible access to sophisticated strategies, including alternative investments like private equity and hedge funds, which can take months to approve and execute within a large firm's bureaucracy. For UHNW clients with complex portfolios, this agility and breadth of choice are paramount.

NewEdge’s technology platform complements this structural advantage. By partnering with leading fintech providers, the firm delivers a system that offers a consolidated view of assets across institutions, supports interactive financial planning, and manages highly customized portfolios at scale. This combination of structural freedom and technological power is what enables advisors like Watts to deliver the bespoke, conflict-free service that UHNW clients increasingly demand, further fueling the migration of talent and assets across the wealth management landscape.