Top Financial Professionals in the US Shine Amid Market Recovery and Industry Challenges
December 17, 2024
As North America spearheads over half of the world’s new financial wealth creation in 2023, thanks largely to a robust stock market recovery, the United States stands at the forefront of global wealth management. According to Boston Consulting Group’s Global Wealth Report 2024, strong gains driven by the S&P 500 and the dominance of seven leading tech giants have solidified the US as the fastest-growing hub for Western wealth, attracting increasing cross-border investments that are projected to grow nearly 7 percent annually through 2028. This dynamic backdrop has provided a fertile opportunity for America’s top financial professionals to excel by leveraging their expertise and innovating to meet evolving client demands. InvestmentNews’ Hot List 2024 spotlights the standout advisors, CEOs, and industry leaders who navigated a challenging year marked by market volatility, fee compression, regulatory shifts, and consolidation, while setting new standards in client service and business growth.
Navigating a Complex Landscape
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key hurdles faced by US financial professionals over the past year. Geopolitical tensions and macroeconomic uncertainties have complicated client expectation management, while the rise of robo-advisors and low-cost ETFs have heightened fee sensitivity among investors. Furthermore, evolving regulations have added compliance burdens for firms.
“Leading firms today go beyond simple investment management by offering comprehensive financial planning and other value-added services,” Chen-Zhang explains. “Successful advisors must be proactive and align their practices with the latest regulatory frameworks to thrive.”
Jesse Hurst, founder of Impel Wealth Management, adds that industry consolidation presents another significant challenge. Private equity’s acquisition of smaller wealth management firms is reshaping the landscape. Yet, he emphasizes how embracing technology is a key differentiator: “While I’m no tech expert, adopting generative AI in portfolio construction and meeting summarization has allowed my five-person team to manage just under $400 million in assets far more productively than would have been possible a decade ago.”
Leaders Driving the Future of Wealth Management
Topping the Hot List is Craig Gould, CEO of Binah Capital Group, who successfully led a merger and public listing on NASDAQ earlier this year. Overseeing a network of more than 550 Registered Investment Advisors (RIAs) and managing upwards of $25 billion in assets under management (AUM), Binah Capital exemplifies a platform-driven model designed to empower advisors with superior tools and scale.
“We have built a strong network and strategically positioned ourselves to partner with RIAs, where growth continues to accelerate,” Gould said. “Fostering a culture where people feel valued and respected is central to our approach.”
Thomas Ruggie, founder and CEO of Destiny Wealth Partners, has been ahead of the curve in addressing fee compression by pioneering a fee-based advisory model, transitioning to an RIA well before many peers. His focus on unbiased advice and personalized relationships has earned deep client trust.
“There’s an internal drive to do what’s best for clients,” Ruggie shared. “We pay attention to the little things—whether clients face family issues or business problems—to be their first call in times of need.”
Adding to the people-first philosophy, Liz Miller of Summit Place Financial Advisors centers client relationships around trust and holistic planning. A veteran who shifted from portfolio investing to individualized financial consulting, Miller maintains that evolving with client needs and industry changes is essential.
“Our advisors each serve 15 to 20 families, building enduring partnerships based on competence and ethics,” she noted. “Advisors today must incorporate all facets of a client’s wealth and goals into their plans.”
Embracing Technology and Culture
Mike LaMena, CEO of Wealthspire Advisors, has steered a national firm with over $28 billion in AUM while emphasizing a culture of ownership and innovation. His team leverages technology to automate routine functions, freeing advisors to deepen client engagements. LaMena acknowledges both the promise and necessity of AI and other advancements.
“Technology empowers us to deliver more personalized, human-centered advice at scale,” he explained. “I encourage people to shape our firm’s future rather than simply repeating past methods.”
Similarly, Jeffrey DeHaan of Clearwater Capital Partners has achieved impressive organic asset growth by combining client dedication with strategic use of CRM systems and cutting-edge tools. These efficiencies enable his team to offer high-touch service that adapts as technologies evolve.
“Your clients are your world, and delivering the level of service they deserve is fundamental to sustainable success,” DeHaan asserted.
Recognizing Excellence: InvestmentNews’ Hot List 2024
The Hot List highlights a diverse array of top performers across the US wealth management sector, 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 of Regulatory Compliance, Kestra Financial
- Adam Gana, Managing Partner, Gana Weinstein LLP
- Alan Moore, CEO, XY Planning Network and AdvicePay
These leaders embody the innovation, commitment, and client-centric ethos shaping the future of wealth management in the US. Their ability to integrate advanced technology, navigate an evolving regulatory landscape, and foster meaningful client relationships positions them at the apex of the industry.
For financial professionals and clients alike, the success stories of the 2024 InvestmentNews Hot List serve as a testament to the resilience and dynamism powering the US wealth management sector amid both opportunities and challenges. As the market landscape continues to evolve, these trailblazers set a high bar for service quality, technological integration, and strategic vision.