Top Financial Professionals in the US Shine Amid Market Volatility and Industry Evolution: InvestmentNews Hot List 2024 Highlights
December 17, 2024 — As the US continues to solidify its position as a global wealth powerhouse, top financial professionals are rising to meet the challenges of a rapidly evolving market landscape. InvestmentNews’ Hot List 2024 spotlights industry leaders who have excelled by embracing innovation, nurturing client relationships, and navigating regulatory complexities with expertise.
North America led the creation of new financial wealth in 2023, accounting for over half of global gains according to BCG’s Global Wealth Report 2024. This surge was driven primarily by a rebounding stock market and the stellar performance of the "Magnificent Seven" tech giants underpinning the S&P 500. The US has also emerged as the fastest-growing booking center for Western wealth, attracting increasing cross-border inflows estimated to grow nearly 7 percent annually through 2028. In this fertile environment, financial advisors and wealth managers are seizing opportunities to deliver exceptional value. However, they face notable headwinds:
- Market volatility and geopolitical tensions remain persistent risks impacting client confidence and portfolio management.
- Fee compression challenges profitability as robo-advisors and low-cost ETFs increase client demands for cost efficiency.
- Regulatory changes impose new compliance hurdles necessitating agility and proactive adaptation.
- Ongoing industry consolidation via private equity acquisitions reshapes firm dynamics and service models.
Lynn Chen-Zhang, CEO of Zhang Financial, underscores that leading firms now prioritize comprehensive financial planning and value-added advisory services beyond traditional investment management. She emphasizes the importance of staying abreast of regulatory updates to maintain compliant, client-focused practices.
Jesse Hurst, founder of Impel Wealth Management, highlights how technological innovation is transforming the industry. He notes his own firm’s adoption of generative AI to enhance portfolio construction and meeting efficiency, enabling a smaller team to achieve productivity levels once requiring much larger assets under management.
Key Leaders Setting the Pace
Craig Gould, CEO of Binah Capital Group and Hot List honoree, recently spearheaded the merger of Wentworth Management Services and Kingswood Acquisition Corp., culminating in Binah’s NASDAQ debut. Managing a network of over 550 Registered Investment Advisors (RIAs) with $25 to $30 billion in assets under management (AUM), and approximately $300 billion affiliated AUM, Gould emphasizes scale and smart partnerships as keys to growth.
“We want to be leaders in partnering with RIAs, where the real market expansion happens,” Gould explains. He also fosters a culture where team members feel valued and respected, knowing this underpins their organizational success.
Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion AUM, foresaw the fee compression trend early by pioneering a fee-based advisory model free from commission-driven biases. His client-centric approach prioritizes trusted personal relationships, aiming to be the first call for clients navigating both financial and personal challenges.
“Getting the little things right makes all the difference in client loyalty,” says Ruggie.
Liz Miller, President and Founder of Summit Place Financial Advisors, reflects on the enduring value of in-person collaboration. Transitioning from portfolio investor to holistic wealth planner, Miller ensures each advisor manages a manageable number of families to build trust and deliver ethical, comprehensive financial solutions.
Driving Growth with Technology and Culture
Mike LaMena, CEO of Wealthspire Advisors which manages over $28 billion AUM across 24 offices, integrates cutting-edge technology with a strong cultural foundation. “We automate commoditized tasks to free up advisor time for deep client engagement,” LaMena explains, embracing AI and digital tools to enhance service quality.
His philosophy empowers employees to think and act like owners, fostering innovation and client-centric growth.
Jeffrey DeHaan, Managing Partner at Clearwater Capital Partners, has achieved over 13 percent organic net new asset growth in the past year by focusing on serving successful business owners and professionals. He leverages CRM systems for client security improvements and technology for efficient portfolio management, underscoring that client service excellence is the cornerstone of sustained business success.
Recognized Leaders on InvestmentNews’ Hot List 2024
Among the distinguished professionals featured are:
- Elizabeth Miller, Summit Place Financial Advisors
- Thomas Ruggie, Destiny Wealth Partners
- Amanda Arcilesi Simmons, ARC Wealth Management
- Beth Lawlor, U.S. Bank Private Wealth Management
- Craig Gould, Binah Capital Group
- Lawrence Calcano, iCapital
- Bob Long, StepStone Private Wealth
- Jeffrey DeHaan, Clearwater Capital Partners
- Shawn Bostic, Kestra Financial
- Adam Gana, Gana Weinstein LLP
- Alan Moore, XY Planning Network and AdvicePay
As the financial advisory landscape continues to evolve, these leaders exemplify how forward-thinking strategies, client-first philosophies, and technological adoption can drive success. Their accomplishments not only reflect personal achievement but also position the US as a global hub for wealth creation in the years ahead.
For more insights and the full list of honorees, visit InvestmentNews’ Hot List 2024.