Top Financial Professionals in the US Highlighted in InvestmentNews’ Hot List 2024
As North America experienced a remarkable surge in new financial wealth in 2023, largely driven by the recovery of the stock market and the ascent of the Magnificent Seven tech giants, the United States solidified its position as a global wealth hub. According to Boston Consulting Group’s (BCG) Global Wealth Report 2024, North America accounted for more than half of all new financial wealth created last year, with cross-border wealth inflows into the US increasing by 5.6% in 2023 and projected to grow at nearly 7% annually through 2028. This dynamic backdrop has provided a fertile environment for America’s top financial professionals to distinguish themselves through innovation, client focus, and leadership.
InvestmentNews’ Hot List 2024 celebrates the financial advisors and wealth managers who have excelled in this competitive landscape by overcoming challenges and embracing opportunities to create lasting value for their clients.
Navigating Industry Challenges with Expertise
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key challenges that have shaped the financial advisory sector over the past year. These include market volatility fueled by geopolitical tensions, macroeconomic uncertainty, fee compression caused by the rise of robo-advisors and low-cost ETFs, and an evolving regulatory landscape imposing increasing compliance requirements. In response, leading firms have shifted their focus from purely investment management to offering comprehensive financial planning and other value-added services. Chen-Zhang emphasizes the need for advisors to remain proactive, well-informed, and compliant with new regulations to thrive.
Jesse Hurst, founder of Impel Wealth Management, notes that consolidation within the industry presents another hurdle, as private equity firms continue acquiring smaller advisory firms. However, he highlights the advantage that technology brings to modern practices, allowing relatively small teams to manage assets more efficiently than was possible a decade ago. Hurst himself uses generative AI to enhance portfolio construction and streamline meeting summaries, demonstrating how embracing innovation sets the top performers apart.
Leadership and Vision Propel Firms Forward
Among those leading the charge is Craig Gould, CEO of Binah Capital Group and a standout on the Hot List. In early 2024, Gould successfully orchestrated the merger of Wentworth Management Services with Kingswood Acquisition Corp. and listed Binah Capital Group on the NASDAQ—a move designed to create long-term shareholder value beyond the private equity model. Binah Capital oversees more than 550 Registered Investment Advisors (RIAs), managing between $25 billion and $30 billion in assets under management (AUM), with an affiliated AUM of about $300 billion across 1,900 financial professionals.
Gould emphasizes the importance of building a complementary team culture where individuals feel valued. He also highlights Binah Capital’s scalable, broker-dealer platform as pivotal for enabling advisors to grow and thrive, particularly as RIAs remain a key growth engine in the wealth management sector.
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners, has been ahead of the curve in transitioning to a fee-based advisory model and embracing Registered Investment Advisor structures well before the industry trend. Managing $1.2 billion in AUM, Ruggie prioritizes unbiased advice by eliminating commission-driven biases and nurturing close personal relationships with clients. His philosophy focuses on excelling in both major financial decisions and the smaller aspects that foster trust and accessibility.
Liz Miller, president and founder of Summit Place Financial Advisors, has also made a name for herself with a people-centric approach. Recognizing clients’ preference for in-person interactions and holistic wealth planning, Miller ensures that each advisor at Summit serves a manageable client base to build deep, trust-based relationships. With more than 15 years of experience, she underscores the importance of adaptability and continuous evolution in leadership.
Technology and Culture as Pillars of Success
Mike LaMena, CEO of Wealthspire Advisors, reflects on the firm’s extensive growth, managing over $28 billion in AUM with a nationwide presence. Despite expansion, he stresses the significance of maintaining individual advisor-client relationships and leveraging firm-wide technology to enhance service. Embracing automation for routine tasks, Wealthspire frees advisors to deepen engagement with clients, marrying technological efficiency with a human touch.
Jeffrey DeHaan of Clearwater Capital Partners, overseeing organic growth exceeding 13% in the last 12 months, attributes success to client trust and leveraging technology to improve security and streamline operations. Innovations such as CRM-driven client verification campaigns aid in building a trusted advisory experience while boosting productivity and service quality.
InvestmentNews Hot List 2024: A Testament to Excellence
The Hot List underscores the diversity and dynamism within the US wealth management industry by featuring leaders such as:
- 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 professionals represent the forefront of wealth management—adeptly balancing technological innovation, regulatory compliance, personalized client care, and strategic growth. Their achievements reflect how the US continues to be a global hotspot for wealth creation and financial advisory excellence amid a rapidly evolving industry landscape.
As the financial services sector looks ahead, the lessons from the Hot List winners remind us that combining foresight, technology adoption, and genuine client commitment remains the key to enduring success. For investors and advisors alike, the journey into the future of wealth management is defined by innovation, resilience, and an unwavering dedication to client outcomes.