Top Financial Professionals in the US: InvestmentNews Hot List 2024 Highlights Industry Leaders Amid Market Shifts
December 17, 2024 | Smart Money Mindset
As North America generated over half of all new financial wealth in 2023, the US financial advisory industry has emerged as a dynamic hub for wealth management and innovation. InvestmentNews’ Hot List 2024 celebrates the nation’s top financial professionals who have demonstrated exceptional leadership and client service amidst market volatility, regulatory changes, and evolving client expectations.
Wealth Creation and Market Drivers
According to Boston Consulting Group’s Global Wealth Report 2024, the key driver behind North America’s wealth surge was the recovery of the stock market, notably the rally of the S&P 500 index propelled by the “Magnificent Seven” tech giants. The US has solidified its position as the fastest-growing booking center for Western wealth, with cross-border wealth inflows rising 5.6% in 2023 and projected to grow nearly 7% annually through 2028. This robust growth environment has opened doors for top-tier financial advisors to showcase their expertise, delivering comprehensive solutions that extend beyond traditional investment management.
Industry Challenges and Adaptations
Lynn Chen-Zhang, CEO of Zhang Financial, identifies several substantial challenges financial professionals faced over the past year:
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Market Volatility and Uncertainty: Geopolitical tensions and macroeconomic shifts continue to test client expectations and portfolio resilience.
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Fee Compression: The proliferation of robo-advisors and low-cost exchange-traded funds (ETFs) has heightened client cost sensitivity.
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Regulatory Shifts: Evolving compliance requirements demand diligence and adaptability.
Chen-Zhang emphasizes the importance of value-added services, including holistic financial planning, and stresses that successful advisors must proactively align with regulatory developments to thrive.
Jesse Hurst, founder of Impel Wealth Management, highlights ongoing industry consolidation driven by mergers and acquisitions and private equity’s acquisition of smaller firms. He notes how embracing technology has been pivotal: “Adopting generative AI for portfolio construction and meeting summaries allows us to serve clients more efficiently and productively than was imaginable a decade ago.”
Leaders Shaping the Future of Wealth Management
Craig Gould, CEO of Binah Capital Group and a Hot List 2024 honoree, recently led a merger between Wentworth Management Services and Kingswood Acquisition Corp., culminating in Binah’s NASDAQ debut. Overseing 550 registered investment advisors (RIAs), $25–30 billion in assets under management (AUM), and approximately 1,900 financial professionals, Gould describes Binah as a “best-in-class broker-dealer platform” fostering scale and innovation. He highlights the strategic focus on partnering with RIAs to capitalize on growth opportunities and emphasizes creating a culture where team members feel valued and complemented.
Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion in AUM, anticipated fee compression trends by pioneering a fee-based advisory model and transitioning early to RIA status for an unbiased client approach. Ruggie prioritizes deep personal relationships, striving to be “the first call” for clients’ broad concerns beyond finances, reinforcing the importance of trust and attentiveness.
Liz Miller, president and founder of Summit Place Financial Advisors, takes a people-first approach by maintaining manageable client loads (15–20 families per advisor) to build lasting, trust-based relationships. After years in portfolio investing, Miller transitioned to holistic financial planning focused on the entire wealth balance sheet, recognizing evolving client preferences for in-person advisory interactions and comprehensive service.
Technology and Culture as Growth Catalysts
Mike LaMena, CEO of Wealthspire Advisors, reports managing over $28 billion in AUM with a staff exceeding 370 across 24 offices. He underscores the dual theme of enhanced technology use alongside maintaining human connection. “We use technology to automate commoditized tasks, freeing advisors to go deeper with clients,” LaMena says. He also stresses cultivating a culture of ownership and empowerment where innovation flourishes.
Jeffrey DeHaan, managing partner at Clearwater Capital Partners, achieved over 13% growth in organic net new assets in the past year, primarily serving business owners and professionals. Investing in technology to streamline operations and improve client verification methods, DeHaan remarks, “Tools today make the work lighter, and as technology advances, we’ll serve clients in ways not possible before.”
Hot List 2024 Honorees at a Glance
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Elizabeth Miller, President and Founder, Summit Place Financial Advisors
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Thomas Ruggie, Founder and CEO, Destiny Wealth Partners
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Amanda Arcilesi Simmons, Partner and Financial Advisor, ARC Wealth Management
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Beth Lawlor, President, Private Wealth and Affluent Wealth Management, U.S. Bank
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Craig Gould, CEO, Binah Capital Group
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Lawrence Calcano, Chairman and CEO, iCapital
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Bob Long, CEO, StepStone Private Wealth
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Jeffrey P. DeHaan, Managing Partner, Private Wealth Management, Clearwater Capital Partners
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Shawn Bostic, Director of Regulatory Compliance, Kestra Financial
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Adam Gana, Managing Partner, Gana Weinstein LLP
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Alan Moore, CEO, XY Planning Network and AdvicePay
These distinguished professionals exemplify the adaptability, client-first mindset, and technological savvy necessary in today’s evolving financial services landscape.
Looking Forward
The US financial advisory industry is navigating complex market and regulatory environments while embracing technology and personalized service. As the sector continues to evolve, the combination of innovative leadership, client-centric strategies, and technological integration will remain vital. InvestmentNews’ Hot List 2024 showcases those forging the path forward, representing the best in wealth management amid changing times.
For ongoing insights into industry leaders and trends shaping the future of wealth management, stay tuned to Smart Money Mindset.
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