NewEdge Capital Group has recruited an eight-person financial advisor team away from UBS, where the practice oversaw $1.25 billion in client assets. The team, based in the Minneapolis suburb of Wayzata, Minn., joined NewEdge on Monday, according to registration records.

Like other NewEdge advisors, the former UBS team caters to wealthy clients, with a specialization in helping families navigate multigenerational wealth and wealth transfer. The practice joins NewEdge Wealth, the firm's advisory unit for ultrahigh-net-worth clients. UBS declined to comment on the departure.

Advisor James Shafer, who joins NewEdge as a managing director, says his team made the move to help it better serve its expanding roster of clients with complex financial situations.

"As Wayzata grew, so did our firm, and we needed a partner who could provide the technology, support, and investment options to support our next phase of growth," he says.

The team also includes Michael Block, who joins NewEdge as a principal, and Joseph Gossett, Pamela Smith, and Rachelle Carlson-Oien, who will each have the title of vice president. Support staffers Morgan Cisneros, Nick Rizzo, and Carson Shultis are also joining NewEdge through the move.

For NewEdge Wealth, the recruiting win establishes its first office in Minnesota and its 22nd location nationwide. The unit has more than 70 advisors. NewEdge Capital Group has added 20 teams with more than 70 advisors to its wealth channels this year.

Shafer first registered as a broker with UBS in 2005 and dually registered as an investment advisor in 2006, according to the online database BrokerCheck. Block initially registered as a broker with QA3 Financial in 2009 and had a brief stint with Independent Financial Group before joining UBS in 2011. He is also dually registered as an advisor and a broker.

"[T]his team has worked closely with affluent communities around the Minneapolis area to mitigate risk, preserve wealth, manage cash flow, and identify tax-efficient oversight," says Rob Sechan, founder and managing partner of NewEdge Capital Group. "James, Michael, and the entire team built a practice that puts clients first, and we are thrilled to have them anchor our new office in Minnesota and strengthen our Midwest presence."

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