Top Financial Professionals in the US Highlighted in InvestmentNews’ Hot List 2024
As North America continues to dominate the global financial wealth landscape, the United States remains a thriving hub for wealth creation and management. According to Boston Consulting Group’s (BCG) Global Wealth Report 2024, North America accounted for over half of all new financial wealth generated worldwide in 2023, largely due to a robust stock market recovery led by the influential Magnificent Seven technology giants fueling the S&P 500’s surge.
The US is not only leading in wealth generation but also stands as the fastest-growing booking center for Western wealth. Cross-border wealth inflows rose 5.6 percent in 2023 and are projected to grow approximately 6.9 percent annually through 2028, underlining the country’s appeal as a destination for global capital. This dynamic environment provides ample opportunity for financial professionals to excel by delivering exceptional service and innovative strategies to their clients.
InvestmentNews’ Hot List 2024 recognizes the standout financial professionals who are navigating these evolving challenges while capitalizing on opportunities to define the future of wealth management.
Challenges Facing Financial Professionals
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key obstacles the industry has faced over the past year, including:
- Market volatility and geopolitical tensions creating uncertainty and complicating client expectations.
- Fee compression driven by the rise of robo-advisors and low-cost ETFs, prompting heightened client cost sensitivity.
- Increasing regulatory and compliance requirements adding complexity to operations.
Chen-Zhang stresses the importance of providing value-added services that go beyond investment management, such as comprehensive financial planning. “Successful advisors need to be proactive, stay informed, and ensure their practices align with the latest regulations,” she notes.
Jesse Hurst, founder of Impel Wealth Management, also highlights industry consolidation through mergers and acquisitions as a notable trend. Private equity firms acquiring smaller wealth managers has reshaped the competitive landscape. Yet, he believes embracing technological innovation is vital. “Though I’m no technology expert, adopting generative AI for portfolio construction and meeting summaries has allowed our $400 million firm with a five-person team to work far more efficiently,” he explains.
Embracing Technology and Future-Focused Strategies
Leading figures on this year’s Hot List embody a forward-thinking approach that combines technological adoption with personalized client service.
Craig Gould, CEO of Binah Capital Group, orchestrated a significant merger and led the company to a NASDAQ listing in 2024. Under his leadership, Binah Capital Group now oversees over 550 RIAs with between $25 billion and $30 billion in assets under management (AUM) directly, alongside approximately $300 billion of affiliated AUM, supported by 1,900 financial professionals.
Gould emphasizes building a complementary team culture and scaling through strategic partnerships. “We’ve created a platform in the wealth management space where scale is important, and we strive to lead in partnering with RIAs, where growth lies,” he says. Binah Capital Group’s broker-dealer platform provides advisors with advanced tools to elevate their practice and client outcomes.
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners, demonstrates visionary leadership. With $1.2 billion AUM, Ruggie foresaw the impact of fee compression early on and championed a fee-based advisory model free from commission conflicts. “This gave us an unbiased approach and positioned us well ahead of the industry curve,” he observes.
Ruggie highlights client relationships as central to success. “The difference comes in getting the little things right. I want to be the first call for any client question or concern, personal or professional,” he says.
People-First Philosophy in Wealth Management
Liz Miller, founder and president of Summit Place Financial Advisors, adopts a deeply collaborative and holistic approach. After years as a portfolio investor, she shifted focus toward helping individuals with comprehensive financial planning.
“Clients increasingly want in-person interaction and holistic views of their wealth,” Miller explains. At Summit Place, advisors serve a limited number of families to foster trust and deliver ethical, competent planning. “Any firm must continue evolving to stay relevant,” she adds.
Leveraging Culture and Technology for Growth
Wealthspire Advisors, led by CEO Mike LaMena, has grown to over $28 billion AUM across 24 offices and 370 employees. LaMena attributes success to maintaining close client relationships while scaling the business through technology.
“We automate commoditized tasks using technology so advisors can spend more time engaging deeply with clients. The future blends tech enablement with a strong human touch,” he says. LaMena is equally focused on fostering a culture of empowerment where employees think and act like business owners.
Client-Centric Growth through Innovation
Jeffrey DeHaan, managing partner at Clearwater Capital Partners, embodies client-centric growth with over 13 percent organic net new asset inflow in the past year. His approach involves leveraging CRM systems for enhanced client security and outreach and adopting productivity-enhancing tools.
“Serving clients at the level they deserve is essential to sustaining a thriving business,” DeHaan asserts. Technology has made processes lighter and more effective, positioning Clearwater for future innovation.
Recognizing Excellence in Wealth Management
InvestmentNews’ Hot List 2024 honors a diverse group of top financial professionals across the US, including:
- Elizabeth Miller, President and Founder, Summit Place Financial Advisors
- Thomas Ruggie, Founder and CEO, Destiny Wealth Partners
- Amanda Arcilesi Simmons, Partner and Financial Advisor, ARC Wealth Management
- Beth Lawlor, President, Private Wealth and Affluent Wealth Management, U.S. Bank
- Craig Gould, CEO, Binah Capital Group
- Lawrence Calcano, Chairman and CEO, iCapital
- Bob Long, CEO, StepStone Private Wealth
- Jeffrey P. DeHaan, Managing Partner, Clearwater Capital Partners
- Shawn Bostic, Director, Regulatory Compliance, Kestra Financial
- Adam Gana, Managing Partner, Gana Weinstein LLP
- Alan Moore, CEO, XY Planning Network and AdvicePay
These accomplished professionals exemplify leadership and innovation in a competitive, evolving industry. Their commitment to client service excellence, combined with strategic use of technology and a focus on people, continues to shape the future of wealth management in the United States and beyond.
For more insights and to explore the complete Hot List of top financial professionals, visit InvestmentNews’ dedicated report on the Best in Wealth.
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