Edelman Financial Services to open six New York-area offices
Edelman Financial Services LLC will open six offices in the New York metropolitan area on Labor Day.
Edelman Financial Services LLC will open six offices in the New York metropolitan area on Labor Day.
The new offices will be located in Manhattan, Staten Island, Long Island and White Plains, N.Y., and in Saddle Brook and Short Hills, N.J.
The firm, which already has four offices in Maryland and Virginia, also plans to open new offices in Chicago, Detroit, Miami and San Francisco this year or early next year, said Ric Edelman, founder of Fairfax, Va.-based Edelman Financial Services and president of Sanders Morris Harris Group Inc. of Houston, which owns a 76% stake in Edelman.
The timetable for the national expansion will be based on the performance of the New York-area offices, said Mr. Edelman, who hosts a nationally syndicated radio show on personal-finance issues and is the author of several personal-finance books.
Edelman Financial Services already has offices in Bethesda, Md., and Alexandria, Fairfax and Richmond, Va., and has $3.6 billion in assets under management.
The firm targets the mass affluent market, and its typical client has about $300,000 in investible assets and must have a minimum of $50,000, Mr. Edelman said.
“We’re quite enthused about our prospects for the second half of the year,” he said.
Mr. Edelman noted the recent improvement in the financial markets and said that “most expect that trend to continue.”
The biggest challenges that the firm could face, he said, are pullback by the markets or “disruptive external forces” such as a swine flu outbreak or a natural disaster.
Sanders Morris Harris today reported a 69% decline in income from continuing operations to $2 million in the second quarter, from $6.5 million a year earlier.
Assets under management at Sanders Morris Harris were $9.5 billion at the end of the second quarter.
Learn more about reprints and licensing for this article.
