Top Financial Professionals in the US Shine Amid Market Recovery and Industry Challenges
December 17, 2024 – The US financial landscape saw remarkable growth in 2023, with North America capturing over half of all new global financial wealth, driven primarily by a resilient stock market and the surge of leading technology companies. This dynamic environment has spotlighted the prowess and adaptability of top financial professionals across the country, culminating in the release of InvestmentNews’ prestigious Hot List 2024. A Year of Opportunities and Obstacles
According to Boston Consulting Group’s Global Wealth Report 2024, the US remains the fastest-growing center for Western wealth, buoyed by a 5.6 percent increase in cross-border wealth inflows last year and projected annual growth near 7 percent through 2028. The S&P 500’s gains, largely propelled by the Magnificent Seven tech giants, have positioned financial professionals to deliver enhanced value to their clients.
However, this growth has not come without challenges. Lynn Chen-Zhang, CEO of Zhang Financial, highlights ongoing market volatility, geopolitical tensions, and macroeconomic uncertainty as factors that complicate client expectation management. Additionally, fee compression from rising robo-advisors and low-cost exchange-traded funds has made clients more cost-conscious, while evolving regulatory requirements add complexity to compliance efforts.
Chen-Zhang emphasizes that successful firms are those extending services beyond traditional investment management to offer comprehensive financial planning. “Leading firms emphasize value-added services beyond investment management," she notes. "Successful advisors need to be proactive, stay informed, and ensure their practices align with the latest regulations."
Industry Consolidation and Embracing Innovation
The financial advisory ecosystem continues to consolidate, with private equity firms acquiring smaller wealth management companies, a trend acknowledged by Jesse Hurst, founder of Impel Wealth Management. Highlighting the importance of technological adoption, Hurst reveals how his firm has integrated generative AI for portfolio construction and meeting summaries—capabilities that historically required twice as many assets under management and a larger team to achieve similar productivity.
“We’re just under $400 million of assets and serve our clients with a team of five,” says Hurst. “It would have taken double that amount 12 to 15 years ago to do the things we’re doing now and doing them much more productively and efficiently.”
Furthermore, he underscores the industry’s demographic challenges, noting the importance of cultivating the next generation of advisors to sustain growth.
Leaders Driving the Future of Wealth Management
Among the standouts on the Hot List is Craig Gould, CEO of Binah Capital Group, who orchestrated last spring’s merger between Wentworth Management Services and Kingswood Acquisition Corp., followed by Binah’s NASDAQ debut. Now overseeing over 550 registered investment advisers, nearly $30 billion in direct assets under management (AUM), and approximately 1,900 financial professionals including affiliated assets exceeding $300 billion, Gould is focused on long-term shareholder value creation and scaling platforms for RIAs (Registered Investment Advisers).
“We’ve created a platform within the wealth management space where we have the scale,” Gould explains. “We also want to be the leader in knowing how to end up partnering with RIAs, because that’s where the growth is.”
Thomas Ruggie, founder and CEO of Destiny Wealth Partners, managing $1.2 billion in AUM, was an early adopter of the fee-based advisory approach, anticipating fee compression trends. Transitioning to a Registered Investment Adviser model well ahead of industry curves, Ruggie prioritizes unbiased client service and personalized relationships.
“You have got to get the big things right, but the real difference comes in getting the little things right,” Ruggie shares. “I want to be first call if they have a question, concern, or problem. Whether it’s an issue with their kids, a PR issue, or hiring someone, I want to be that sounding board.”
Liz Miller, founder and president of Summit Place Financial Advisors, has shaped her firm around a people-first philosophy amid evolving client preferences favoring in-person engagement. After 15 years focused on portfolio investing, she shifted toward holistic wealth planning, ensuring each advisor serves a manageable client base of 15–20 families to foster deep trust and ethical guidance.
“Any firm in our industry has to keep evolving,” Miller stresses. “My job as a leader is to keep an eye on where things are going and have those conversations with my senior people.”
Technology and Culture as Catalysts
Mike LaMena, CEO of Wealthspire Advisors, which manages over $28 billion in AUM across 24 offices with more than 370 employees, highlights the firm’s integration of advanced technologies to automate routine tasks and deepen client connections. LaMena views a tech-enabled, human-centric approach as key to future success.
“The future is more tech-enabled but also more human,” he says. “I want people to think and act like owners, not just do something the way they did it yesterday.”
Demonstrating high growth, Jeffrey DeHaan of Clearwater Capital Partners has realized more than 13 percent organic net new asset flow in the past year mainly by serving business owners and professionals. Leveraging CRM tools and technology, DeHaan’s team has enhanced client verification processes and boosted operational productivity.
“Clients are your world, and if you’re not serving them at the level they deserve and need, you’re not going to have a business for very long,” DeHaan affirms.
Honoring Excellence in US Wealth Management
InvestmentNews’ Hot List 2024 features these distinguished leaders among others who exemplify excellence, innovation, and client dedication:
- 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
As the wealth management industry evolves, these financial professionals continue to lead with strategic vision, technological integration, and a client-first mindset, securing the US’s position as a global hub for wealth creation.
For more details and full Hot List access, visit InvestmentNews.