Top Financial Professionals in the US Shine Amidst Market Shifts and Industry Evolution
As financial wealth in North America surged to unprecedented levels in 2023, driven notably by the recovery of the stock market and the rise of key tech giants, the US solidified its position as the fastest-growing hub for Western wealth. According to BCG’s Global Wealth Report 2024, this dynamic environment created new challenges and unparalleled opportunities for financial advisors across the country.
Major drivers of growth included a strong rebound in the S&P 500, buoyed by the so-called Magnificent Seven technology companies. The report highlights that cross-border wealth inflows into the US climbed by 5.6 percent in 2023 and are projected to grow around 6.9 percent annually through 2028, underscoring America’s appeal as a destination for global wealth.
Navigating New Challenges with Innovation and Expertise
The top financial professionals recognized on InvestmentNews’ Hot List 2024 have excelled by adapting to a complex landscape marked by market volatility, fee compression, regulatory hurdles, and industry consolidation. Lynn Chen-Zhang, CEO of Zhang Financial, points to geopolitical tensions and macroeconomic uncertainties as significant challenges impacting client management. She notes the increasing cost-consciousness among clients in the face of rising robo-advisor competition and low-cost ETFs, alongside heightened compliance demands.
Successful advisors, Chen-Zhang explains, now go beyond traditional investment management by offering comprehensive financial planning and maintaining proactive regulatory alignment. Jesse Hurst, founder of Impel Wealth Management, adds that embracing technological innovation is paramount. Although not a technology expert, Hurst has integrated generative AI to streamline portfolio construction and client interactions, enabling greater efficiency with a smaller team managing nearly $400 million in assets.
Embracing Technology and Cultivating Client Relationships
Industry leaders showcased on the Hot List embody a forward-thinking approach that combines technology adoption with deep client engagement. Craig Gould, CEO of Binah Capital Group, exemplifies this blend. Having recently led a strategic merger and a public listing on NASDAQ, Gould presides over a platform that encompasses more than 550 Registered Investment Advisors (RIAs) and manages between $25 to $30 billion directly, with affiliated assets approaching $300 billion. He emphasizes building a complementary team culture that fosters respect and empowerment, facilitating consistent growth and market relevance.
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion in assets under management (AUM), was an early adopter of fee-based advisory services—a move that positioned his firm ahead of industry shifts toward unbiased, client-centric recommendations. Ruggie highlights personal relationships as critical, stressing the importance of being a trusted, first-call advisor for clients facing both financial and personal challenges.
Liz Miller, president and founder of Summit Place Financial Advisors, also champions a people-first philosophy. After 15 years focused on portfolio investing, she pivoted to holistic wealth management emphasizing in-person client interactions. Her firm’s approach limits each advisor to 15-20 families, allowing for trusted, ethical financial planning built around client commitments.
Harnessing Scale and Culture to Deliver Client Value
Mike LaMena, CEO of Wealthspire Advisors and another Hot List recipient, has steered his organization to over $28 billion in AUM across 24 offices. Despite this scale, LaMena underscores the importance of maintaining strong advisor-client relationships supported by technology. His firm integrates AI and automation strategically to eliminate routine tasks, freeing advisors to provide deeper, more personalized service. LaMena also stresses nurturing an ownership mindset among employees to foster continuous innovation.
Jeffrey DeHaan of Clearwater Capital Partners embodies growth through dedication and technology integration. Over the past year, he achieved more than 13 percent organic net new asset growth by focusing on high-net-worth clients. Leveraging a CRM and building secure client communication processes, DeHaan embraces digital tools that enhance productivity and client security, allowing him to serve his clientele more efficiently than ever before.
Leading Lights of the Financial Advisory Industry
This year’s InvestmentNews Hot List features a diverse group of distinguished financial professionals who exemplify expertise, innovation, and client commitment. Among them are:
- 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, Chief Executive Officer, Binah Capital Group
- Lawrence Calcano, Chairman and CEO, iCapital
- Bob Long, Chief Executive Officer, 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, Chief Executive Officer, XY Planning Network and AdvicePay
Their achievements highlight the financial advisory sector’s evolution toward greater integration of technology, client-focused service models, and strategic growth initiatives. Collectively, they are shaping a future where the US continues to be a global center for wealth creation and financial innovation.
As the industry navigates challenges and embraces transformation, these leaders stand at the forefront — demonstrating that combining experience, adaptability, and empathy unlocks success in today’s fast-paced financial landscape.