Top Financial Professionals in the US: Investment News’ Hot List 2024

Published: December 17, 2024

As the financial landscape evolves, the top financial professionals in the United States have demonstrated their expertise and adaptability, earning spots on Investment News’ prestigious Hot List for 2024. This recognition comes at a time when North America is leading the charge in new financial wealth, accounting for more than 50% of global wealth growth in 2023, according to the Boston Consulting Group’s Global Wealth Report 2024. ### Wealth Creation Driven by Market Recovery

The impressive growth is largely attributed to a rebound in the stock market, particularly driven by the S&P 500’s notable rise, led by major technology firms often referred to as the "Magnificent Seven." The report highlights the U.S. as the fastest-growing booking center for Western wealth, with cross-border wealth inflows increasing by 5.6% in 2023. Projections indicate continued growth at a rate of approximately 6.9% annually through 2028, presenting ample opportunity for financial professionals to excel.

Challenges Faced by Financial Professionals

Lynn Chen-Zhang, CEO of Zhang Financial, emphasizes the significant challenges that financial professionals have faced over the past year, which include:

• Market Volatility and Uncertainty: Geopolitical tensions and macroeconomic fluctuations have made it more difficult to manage client expectations effectively.

• Fee Compression: The rise of robo-advisors and low-cost exchange-traded funds (ETFs) has made clients increasingly cost-conscious.

• Regulatory Changes: Evolving laws and compliance requirements have created additional hurdles for wealth management firms.

Chen-Zhang notes that successful firms are focusing on providing value-added services beyond mere investment management, such as comprehensive financial planning, requiring advisors to be proactive and informed about changing regulations.

Jesse Hurst, founder of Impel Wealth Management, agrees that the financial industry is undergoing significant consolidation as private equity firms acquire smaller wealth management firms. He underscores the importance of adopting advanced technologies: “We’re incorporating generative AI into portfolio construction, something that would have taken double the workforce 12 to 15 years ago to achieve.”

Pioneers in the Financial Industry

The Hot List includes industry leaders who have leveraged their skills to navigate these complexities and drive growth in their practices.

Craig Gould, a standout winner, has played a pivotal role in the merger of Wentworth Management Services and Kingswood Acquisition Corp., leading to the successful launch of Binah Capital Group on the NASDAQ. Under his leadership, the firm oversees over 550 registered investment advisors (RIAs) and manages approximately $25 to $30 billion in assets under management. Gould emphasizes the importance of creating value for clients and ensuring long-term shareholder value through strategic partnerships.

Thomas Ruggie, founder and CEO of Destiny Wealth Partners, highlights his early adoption of fee-based advisory practices, which he credits for positioning his firm advantageously. “Recognizing the need for unbiased recommendations free from commission pressures allowed us to transition smoothly to an RIA,” Ruggie explains. His focus on personal relationships has also set his firm apart, ensuring he remains the first call for clients needing assistance, regardless of the concern.

Liz Miller, founder and president of Summit Place Financial Advisors, recognizes clients’ preference for in-person interactions, adapting her approach to provide a more holistic planning experience. “Each advisor serves 15-20 families to build trust and ensure ethical financial planning,” she states.

Leveraging Technology and Innovations

Mike LaMena, CEO of Wealthspire Advisors, emphasizes the crucial role of technology in enhancing client experiences. Under his leadership, the firm has grown to manage over $28 billion in assets. “We recognize that our growth depends on individual advisor teams building strong client relationships while leveraging our scale for maximum benefit,” LaMena notes. He is focused on integrating AI and automation into the advisory process to increase efficiency without losing the human touch.

Jeffrey DeHaan, managing partner of Clearwater Capital Partners, has achieved over 13% growth in organic net new asset flow in the past year. He highlights the importance of maintaining a strong client focus and utilizing technology to streamline practices. His innovative client verification processes reflect a commitment to enhancing security and trust.

Conclusion

The leading financial professionals in the U.S. have showcased their ability to adapt and thrive in a changing economic environment. As they embrace technology and prioritize client relationships, they not only enhance their firms but also contribute to making the U.S. a rich ground for global wealth creation. Their collective success highlights the importance of innovation, personal connections, and a forward-thinking approach in the ever-evolving world of finance.

Featured Hot List Winners:

• Elizabeth Miller, President and Founder, Summit Place Financial Advisors
• Thomas Ruggie, Founder and CEO, Destiny Wealth Partners
• Craig Gould, CEO, Binah Capital Group
• Mike LaMena, CEO, Wealthspire Advisors
• Jeffrey DeHaan, Managing Partner, Clearwater Capital Partners

As we look towards the future, it is evident that these leaders are not only shaping their firms but are also influencing the broader financial landscape, ensuring they remain at the forefront of the industry.

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