NewEdge Advisors, a New Orleans-based RIA with 265 affiliated advisors managing a total of approximately $16.5 billion in client assets, hired former LPL Financial Executive Vice President Steve Pirigyi as President and appointed Jeff Cutler to the newly created role of Chief Experience Officer (CXO) and Managing Partner. Pirigyi will report to NewEdge Advisors Co-Founder and Co-Chief Executive Officer Alex Goss.
“Steve provides a breadth of knowledge and firsthand experience that is second to none,” Goss said in the press release. “As we grow and scale, we must continue to efficiently deliver core RIA services and support to our network of advisors, while prioritizing and cultivating their overall experience as part of the NewEdge Advisors family.”
In a follow-up interview with WSR, Goss added, “I’ve known Steve for years — he was one of the people who encouraged me to start my own RIA in 2014.”
“In his 30 years in the financial services industry, Steve has been a successful entrepreneur and leader who helped LPL Financial grow from 1,500 advisors to more than 16,000. We’re thrilled to open his wisdom and experience up to our entire team.”
Former Fellow LPL Executives
Pirigyi, who has nearly 30 years of financial services experience, was EVP of Business Development at LPL for five years and spent nearly 25 years at the firm. In 2018, Pirigyi founded The Higher Line, a business coaching firm for many top performers in the industry. He also co-founded Ignition Point Partners, a consultancy for broker-dealers.
Cutler served as President of NewEdge Advisors for nearly five years. In his new role as CXO, he will focus on advisor advocacy, technology, marketing and initiatives that benefit the growth of the firm’s advisor network. During Cutler’s tenure as president, he was essential to launching initiatives that helped evolve the advisor experience, according to the press release.
According to Cutler’s LinkedIn profile, he is also a former LPL executive, having served for over 12 years with that company across a number of advisor-facing roles.
NewEdge’s Growth Parallels LPL?
“I’ve worked closely with Alex and Co-CEO and Co-Founder Neil Turner for years and have longstanding relationships with many team members,” Pirigyi said in the press release. “There are many parallels between my time at LPL and the growth at NewEdge Advisors. I’m excited to channel my experience into ensuring the firm continues to grow the right way with the right people while building an exceptional community and platform for independent advisors.”
As WSR previously reported in an interview with Goss, year-to-date, New Orleans-based NewEdge Advisors has added almost 20 advisors and $2.1 billion in assets, putting it on pace to surpass its record 2021 growth. The RIA recruits advisors whose clients are in the upper-mass-affluent to lower-high-net-worth range, according to the press release.
The Past and the Future
In 2020, EdgeCo Holdings acquired NewEdge Advisors’ predecessor firm,Goss Advisors, which Goss founded, and in 2021 launched NewEdge Capital Group, which serves over $30 billion in client assets. EdgeCo Holdings services more than $150 billion in assets through NewEdge and its other custody and retirement businesses, according to the press release.
Goss shared with WSR that, in his perspective, NewEdge Advisors’ success is directly tied to its ability to partner with successful advisors and provide them with support and resources that allow them to spend more time serving clients and building their businesses.
“Our enhanced leadership team will support our commitment to keeping our advisors at the forefront of everything we do. We’ll create a long-term plan to enhance our internal and external culture and offerings.”
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at firstname.lastname@example.org