Top Financial Professionals in the US Shine in a Transforming Wealth Landscape: InvestmentNews Hot List 2024
December 17, 2024 – The United States continues to stand at the forefront of global wealth creation, supported by a robust recovery in the stock market and driven by technology giants. According to Boston Consulting Group’s (BCG) Global Wealth Report 2024, North America accounted for over half of all new financial wealth created worldwide last year, a trend set to continue in the coming years. This dynamic environment has created opportunities—and challenges—for financial professionals across the nation.
InvestmentNews’ Hot List 2024 highlights the top financial advisors and leaders who have demonstrated exceptional skill, vision, and adaptability amid evolving market conditions, regulatory shifts, and industry consolidation. These professionals leverage innovative strategies, technological advances, and client-centered approaches to set new industry benchmarks.
A Watershed Year for Wealth Management
While the stock market performance, led by the S&P 500 and its “Magnificent Seven” tech giants, has fueled new wealth accumulation, the financial advisory landscape has faced persistent volatility and uncertainty. Lynn Chen-Zhang, CEO of Zhang Financial, notes three major challenges that shaped the past year for advisors:
- Market Volatility and Geopolitical Uncertainty: Impacts client expectations and investment strategies.
- Fee Compression: Rising popularity of robo-advisors and low-cost ETFs pressures traditional fee models.
- Regulatory Changes: Increasing compliance demands require firms to be vigilant and agile.
Chen-Zhang emphasized, “Leading firms emphasize value-added services beyond investment management, such as comprehensive financial planning. Successful advisors must stay informed, be proactive, and ensure compliance with the latest regulations.”
Meanwhile, industry consolidation through mergers and acquisitions remains a strong influence. Jesse Hurst, founder of Impel Wealth Management, highlights how private equity’s acquisition of smaller firms is reshaping the landscape. Yet, he also describes how embracing technology—including generative AI—has allowed smaller teams to achieve remarkable productivity gains. “It would have taken double the assets 12 to 15 years ago to do what we’re doing now,” he explains.
Leaders Paving the Path Forward
At the forefront of innovation and growth is Craig Gould, CEO of Binah Capital Group. In March 2024, Gould led a landmark merger between Wentworth Management Services and Kingswood Acquisition Corp., culminating in Binah’s public launch on NASDAQ. With oversight of over 550 Registered Investment Advisors (RIAs) and $25 to $30 billion in assets under management (AUM), Binah is a powerhouse managing nearly $300 billion in affiliated assets and nearly 2,000 financial professionals nationwide.
Gould explains their approach: “We create a best-in-class platform that empowers advisors with scale and sophisticated tools — enabling growth and efficient client service.” He underscores the importance of culture and respect in building a strong team, stating, “I like to bring in people that complement me well, and I make sure people feel important and respected.”
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion in AUM, was an early adopter of fee-based advisory models. This shift positioned the firm well ahead of the industry trend towards registered investment advisory (RIA) status. Ruggie credits his client-first philosophy for their success: “The real difference comes in getting the little things right—I want to be the first call for clients whenever they need advice or support.”
Liz Miller, founder and president of Summit Place Financial Advisors, is known for her people-first, holistic approach to wealth management. After years focused on portfolio management, Miller pivoted to personal financial planning, responding to a growing demand for in-person, collaborative client relationships. She ensures that each advisor maintains a manageable caseload—about 15–20 families—to foster trust, commitment, and ethical guidance.
Embracing Technology and Culture for Client Success
Mike LaMena, CEO of Wealthspire Advisors—a firm with over $28 billion in AUM spread across 24 offices and 370 employees—attributes success to culture and technology. “We empower people to think like owners and drive innovation,” LaMena says. He highlights the strategic adoption of technologies including artificial intelligence to automate routine tasks, freeing advisors to deepen client engagement. “The future is more tech-enabled but also more human,” he reflects.
Clearwater Capital Partners’ managing partner Jeffrey DeHaan showcases high organic growth—over 13% in the past year—with a lean, client-focused operation. By leveraging technology, including CRM-driven campaigns for client security verification, Clearwater delivers seamless service and fortified trust. “Your clients are your world; if you don’t serve them well, you won’t have a business,” stresses DeHaan.
The Next Generation and Continuing Evolution
These leaders collectively recognize the aging demographic within financial advising, noting the importance of cultivating the next generation of advisors with robust technology and client engagement models. Hurst remarks, “We’re an aging industry; we must build toward the future and ensure resources and technology keep pace.”
InvestmentNews’ Hot List 2024 celebrates not only performance but forward-thinking leadership. The professionals named exemplify how innovation, relationships, culture, and adaptability can fuel thriving practices within a complex and rapidly shifting wealth management arena.
Select Members of InvestmentNews’ Hot List 2024:
- Craig Gould, Chief Executive Officer, Binah Capital Group
- Thomas Ruggie, Founder and CEO, Destiny Wealth Partners
- Liz Miller, President and Founder, Summit Place Financial Advisors
- Mike LaMena, CEO, Wealthspire Advisors
- Jeffrey P. DeHaan, Managing Partner, Clearwater Capital Partners
- Amanda Arcilesi Simmons, Partner and Financial Advisor, ARC Wealth Management
- Beth Lawlor, President, Private Wealth and Affluent Wealth Management, U.S. Bank
- Lawrence Calcano, Chairman and CEO, iCapital
- Bob Long, CEO, StepStone Private Wealth
- Shawn Bostic, Director of Regulatory Compliance, Kestra Financial
- Alan Moore, CEO, XY Planning Network and AdvicePay
As the US remains a magnet for global wealth, these advisors demonstrate the qualities essential for navigating uncertainty and enabling client success in 2024 and beyond.
For more information on the methodology behind InvestmentNews’ Hot List and to explore the full roster of winners, visit the InvestmentNews website.