Top Financial Professionals in the U.S. Shine Amid Market Growth and Industry Challenges: InvestmentNews Hot List 2024
December 17, 2024 – As North America surged ahead by generating more than half of all new financial wealth in 2023, led by a robust stock market recovery and the dominant performance of the Magnificent Seven tech giants in the S&P 500, the U.S. has solidified its position as a global beacon for wealth creation. According to Boston Consulting Group’s (BCG) Global Wealth Report 2024, the United States continues to be the fastest-growing booking center for Western wealth, with cross-border wealth inflows increasing by 5.6% in 2023 and projected to grow nearly 7% annually through 2028. Against this backdrop, the top financial professionals in the country have distinguished themselves by effectively navigating market volatility, regulatory complexity, and the evolving expectations of investors. InvestmentNews’ Hot List 2024 highlights these standout advisors and leaders who combine savvy strategy, client-focused service, and innovative technology adoption to excel in a highly competitive industry.
Navigating Market Volatility and Industry Transformation
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key challenges financial professionals face: fluctuating markets driven by geopolitical tensions and macroeconomic uncertainty; fee compression from robo-advisors and low-cost ETFs; and increasing regulatory demands that require firms to stay agile. Chen-Zhang emphasizes that leading advisors supplement traditional investment management with comprehensive financial planning and maintain compliance vigilance to deliver holistic value to clients.
Industry consolidation continues apace, with private equity rapidly acquiring smaller firms, adding pressure for wealth managers to adapt. Jesse Hurst, founder of Impel Wealth Management, points to the importance of embracing technological advances such as generative AI. “The technology we use today allows a small team managing just under $400 million in assets to operate with efficiency that would have once required double the size and resources,” Hurst explains. This forward-looking approach enables firms to scale productivity while deepening client service.
Spotlight on Industry Leaders Driving Growth and Innovation
Craig Gould, CEO of Binah Capital Group and one of InvestmentNews’ Hot List winners, led a landmark merger and public listing on NASDAQ in early 2024. Binah Capital Group now oversees more than 550 Registered Investment Advisers (RIAs) managing $25-$30 billion in assets under management (AUM), along with approximately $300 billion in affiliated assets across 1,900 financial professionals. Gould stresses the importance of fostering a complementary team environment that respects and values each individual. Under his leadership, Binah has built a best-in-class broker-dealer platform designed to empower RIAs within a scale-driven wealth management ecosystem.
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion AUM, anticipated the trend of fee compression early and transitioned to a fee-based advisory model ahead of many competitors. Ruggie attributes his firm’s success to building deep, personal relationships with clients and focusing on both the big-picture financial goals and the daily nuances impacting clients’ lives.
Liz Miller, president and founder of Summit Place Financial Advisors, places a premium on a people-first approach and in-person client engagement. After years as a portfolio investor, Miller pivoted to comprehensive financial planning, aiming to integrate every aspect of a client’s financial life into holistic investment strategies. Summit Place advisors focus on serving a manageable 15-20 families each to ensure personalized, trustworthy service.
Leveraging Technology and Empowering People
Mike LaMena, CEO of Wealthspire Advisors and another Hot List inductee, has helped his firm grow to over $28 billion AUM with 24 offices and more than 370 employees nationwide. LaMena credits the balance of strong client relationships and strategic technology adoption for their growth. Wealthspire embraces AI and automation to handle routine tasks, freeing advisors to provide deep, personalized guidance. LaMena believes the future of wealth management is a synthesis of tech-enabled efficiency and enhanced human connection, underpinned by a culture that empowers employees to innovate and take ownership.
Jeffrey DeHaan of Clearwater Capital Partners illustrates another hallmark of the top professionals: sustained, organic growth. Achieving over 13% new asset flow annually, DeHaan serves successful business owners and professionals through a combination of client-centric outreach and advanced technological tools. His firm’s use of CRM systems for client security and operational productivity underscores the evolving toolkit advisors employ to meet increasingly sophisticated client expectations.
The Road Ahead for Financial Professionals
The U.S. wealth management industry faces a demographic challenge, with many seasoned advisors approaching retirement. Jesse Hurst notes the imperative to cultivate the next generation of experts and invest in technology infrastructure to maintain momentum. Meanwhile, the 2024 InvestmentNews Hot List honorees chart a decisive course forward—performing at the highest levels by combining personal service, innovative thinking, and strategic agility.
InvestmentNews Hot List 2024: Recognizing Excellence in Wealth Management
The Hot List features outstanding leaders 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, Private Wealth Management | 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 leaders and their teams exemplify the best in wealth management, positioning the U.S. as a continuing global powerhouse for financial growth and innovation.
For more insights on the top finance professionals shaping America’s wealth landscape and the full InvestmentNews Hot List, visit InvestmentNews.