Celebrating Excellence: The Top Financial Professionals in the U.S. for 2024

InvestmentNews has unveiled its highly anticipated Hot List 2024, recognizing the leading financial professionals in the United States who exemplify excellence, innovation, and resilience in a rapidly changing industry. This year’s awards spotlight individuals who have navigated a landscape marked by substantial market volatility, regulatory shifts, and technological advancements.

Turbulent Times, Promising Growth

According to BCG’s Global Wealth Report 2024, North America accounted for over 50% of all new financial wealth in 2023, driven largely by a recovery in the stock market. The report emphasized the performance of the S&P 500, buoyed by the "Magnificent Seven" tech giants. Furthermore, the U.S. remains the fastest-growing center for Western wealth, with cross-border wealth inflows increasing by 5.6% in 2023—expected to rise by an annual rate of 6.9% through 2028. In this thriving environment, top financial professionals have seized the opportunity to demonstrate their expertise and commitment to client service amid significant challenges. Lynn Chen-Zhang, CEO of Zhang Financial, outlined the primary obstacles faced by advisors, including market volatility, fee compression from robo-advisors and low-cost ETFs, and evolving regulatory frameworks.

“Leading firms are emphasizing value-added services beyond mere investment management,” Chen-Zhang noted. “Successful advisors need to be proactive, stay informed, and align their practices with the latest regulations.”

The Challenge of Industry Consolidation

As the financial sector experiences continued consolidation—largely due to mergers and acquisitions driven by private equity—advisors must also adapt. Jesse Hurst, founder of Impel Wealth Management, discussed how embracing technology is crucial for maintaining efficiency. He highlighted the adoption of generative AI in areas like portfolio construction and meeting summaries to enhance productivity, which has allowed his firm to serve clients effectively with a streamlined team.

Hurst also acknowledged the industry’s aging demographics, emphasizing the importance of preparing for a new generation of clients while leveraging technology for growth.

Innovation and Leadership

Among the notable winners of the Hot List is Craig Gould, CEO of Binah Capital Group. Recently, he oversaw a significant merger and the company’s public launch on NASDAQ. Gould emphasized the importance of creating long-term shareholder value and the strategic positioning of Binah, which manages approximately $25 to $30 billion in assets under management (AUM).

“We’ve invested substantial time in developing our network and positioning ourselves well in the market,” Gould shared. “Our platform is designed to provide advisors with the tools they need to excel in wealth management.”

Thomas Ruggie, founder and CEO of Destiny Wealth Partners, exemplified a forward-thinking approach by transitioning his firm to a Registered Investment Advisor (RIA) model ahead of the curve, emphasizing fee-based advisory practices that prioritize client relationships. “In a world where the smallest details can make a significant difference, my goal is to be there for my clients in their moments of need,” Ruggie remarked.

A People-First Approach to Wealth Management

Liz Miller, founder and president of Summit Place Financial Advisors, echoed this sentiment by highlighting the importance of in-person interactions. “Our philosophy encompasses a holistic approach toward wealth management, integrating all aspects of clients’ financial lives,” she stated. Each advisor at her firm manages a limited number of families to ensure quality and personalized service.

Mike LaMena, CEO of Wealthspire Advisors, reinforced the importance of maintaining a client-focused culture even as the firm experiences substantial growth. His leadership approach revolves around empowering individual advisor teams to foster strong relationships with clients while leveraging technological innovations to optimize service delivery.

Jeffrey DeHaan, managing partner at Clearwater Capital Partners, showcased his commitment to enhancing client interactions—implementing a phone campaign to strengthen client security measures. He attested to technology’s impact on efficiency and productivity, ensuring that the firm can offer unparalleled service to its stakeholders.

Conclusion: A Bright Future for U.S. Finance

The 2024 Hot List highlights the resilience, adaptability, and innovative spirit of the top financial professionals in the United States. As the country continues to solidify its position as a global hub for wealth creation, these industry leaders exemplify the characteristics necessary to navigate future challenges. Their commitment to client service, ethical practices, and strategic growth ensures that they will remain at the forefront of the financial landscape for years to come.

List of Top Financial Professionals Featured in the Hot List 2024

• 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 of Regulatory Compliance, Kestra Financial
• Adam Gana, Managing Partner, Gana Weinstein LLP
• Alan Moore, Chief Executive Officer, XY Planning Network and AdvicePay

The achievements and strategies of these professionals not only drive their own businesses forward but also contribute to shaping the future of financial services. As they embrace emerging technologies and focus on client-centric service, they set a high bar for excellence in the industry.

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