Top Financial Professionals in the US Lead Wealth Management Innovation and Growth | InvestmentNews Hot List 2024
December 17, 2024 — In a dynamic year marked by renewed opportunities and evolving challenges, the leading financial professionals in the United States have risen to prominence by demonstrating innovation, resilience, and a client-centered approach. The InvestmentNews Hot List 2024 showcases the best in wealth management, highlighting industry leaders who have adapted to market shifts and technological advancements while driving significant growth.
A Thriving Landscape for Wealth Creation
According to Boston Consulting Group’s Global Wealth Report 2024, North America generated more than half of all new financial wealth in 2023, with much of this growth fueled by a robust recovery in the stock market. Central to this optimism was the stellar performance of the S&P 500, notably led by the "Magnificent Seven" tech giants, which bolstered investor confidence.
The U.S. not only leads as the fastest-growing booking center for Western wealth but also remains a sought-after destination for global capital. Cross-border wealth inflows increased by 5.6% in 2023, with projections estimating an average annual growth of approximately 6.9% through 2028. This fertile environment creates fertile ground for top-tier financial advisors to deliver exceptional service and build lasting client relationships.
Challenges Shaping the Industry
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key headwinds faced by U.S. financial professionals over the past year:
- Market volatility compounded by geopolitical tensions and macroeconomic uncertainty has tested client expectations.
- Fee compression driven by the rise of robo-advisors and affordable ETFs has intensified competition and cost sensitivity among investors.
- Regulatory changes have increased compliance complexity, requiring firms to remain vigilant and nimble.
Chen-Zhang emphasizes the importance of value-added services beyond traditional investment management, such as comprehensive financial planning. “Successful advisors must be proactive, stay informed, and ensure their practices comply with evolving regulations,” she states.
Industry consolidation also poses challenges. Jesse Hurst, founder of Impel Wealth Management, points out how private equity acquisitions continue reshaping the landscape. Yet, he notes the opportunities technology offers: “Although I’m no tech expert, adopting generative AI for portfolio construction and meeting summaries has dramatically increased efficiency. Managing nearly $400 million in assets with a small team would have taken twice the resources 12 to 15 years ago.”
Leadership Driving Innovation and Growth
At the forefront of industry transformation is Craig Gould, CEO of Binah Capital Group and Hot List honoree. Gould successfully navigated a merger and the public launch of Binah on NASDAQ earlier this year. “Going public was about creating long-term shareholder value despite skepticism amid abundant private equity,” he explains.
Binah Capital Group encompasses over 550 registered investment advisors (RIAs), manages $25–30 billion in assets under management (AUM), with an affiliated AUM approaching $300 billion, and supports nearly 1,900 financial professionals. Gould highlights Binah’s broker-dealer platform as a key competitive advantage, enabling advisors to scale and partner effectively with RIAs, a fast-growing sector.
Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion AUM, anticipated early on the shift to fee-based advisory models, embracing Registered Investment Advisor (RIA) status ahead of many peers. “Operating without commissions allowed us to maintain unbiased client recommendations,” Ruggie notes. He also credits his success to building deep personal relationships, becoming a trusted first call for client concerns—big or small.
Liz Miller, founder and president of Summit Place Financial Advisors, champions a people-first philosophy. With 15 years moving from portfolio investing to holistic financial planning, Miller has aligned her firm’s approach to evolving client preferences for in-person interaction and comprehensive wealth management. At Summit, each advisor manages 15 to 20 families to cultivate trust and provide dedicated ethical service.
Culture and Technology as Growth Catalysts
Mike LaMena, CEO of Wealthspire Advisors, underscores the balance between technological innovation and personal connection. With more than $28 billion in AUM, 24 offices nationwide, and over 370 employees, Wealthspire leverages automation and strategic technology partnerships to enhance advisor productivity while deepening client engagement. “The future is more tech-enabled and more human,” LaMena asserts. He also champions a culture that empowers employees to act like owners, continuously shaping the firm’s trajectory.
Jeffrey DeHaan, managing partner at Clearwater Capital Partners, illustrates organic growth with over 13% net new asset inflow in the past year. DeHaan attributes his success to client loyalty and the strategic use of technology—such as CRM-driven security protocols and advanced analytical tools—to better serve clients and streamline operations.
Leaders Recognized in the 2024 Hot List
InvestmentNews’ Hot List 2024 honors a diverse group of distinguished financial professionals, including:
- 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, Regulatory Compliance, Kestra Financial
- Adam Gana, Managing Partner, Gana Weinstein LLP
- Alan Moore, CEO, XY Planning Network and AdvicePay
These professionals exemplify excellence in wealth management by embracing innovation, fostering client trust, and leading their firms through a rapidly changing financial landscape.
Looking Ahead
The industry faces continued evolution driven by technology, regulatory changes, and shifting client demands. As veteran advisors age, there is an imperative to cultivate the next generation of financial professionals equipped with cutting-edge tools and a commitment to client-centric service.
The InvestmentNews Hot List 2024 serves as a testament to the ingenuity and dedication of America’s top financial advisors who are not only navigating today’s complexities but shaping the future of wealth management.
For detailed insights and full profiles of winners, visit InvestmentNews’ Hot List 2024. —
Smart Money Mindset remains committed to keeping you informed about the trends and leaders shaping the financial services industry. Stay tuned for more updates and expert analysis.