Celebrating the Top Financial Professionals in the U.S.: InvestmentNews Hot List 2024

Published: December 17, 2024

In a year marked by remarkable recovery in the financial markets, the United States has solidified its position as a powerhouse for wealth creation. According to BCG’s Global Wealth Report 2024, North America accounted for over 50 percent of all new financial wealth in 2023, largely driven by the resurgence of the S&P 500, particularly due to the dominance of the tech sector’s Magnificent Seven. This thriving environment has led to increased cross-border wealth inflows, presenting significant opportunities for financial professionals.

As the industry navigates challenges such as market volatility, fee compression, and evolving regulatory landscapes, a select group of advisors has risen above the rest. They are recognized in InvestmentNews’ prestigious Hot List 2024, showcasing their efforts to deliver exceptional value and service to clients.

Major Challenges in the Financial Sector

Lynn Chen-Zhang, CEO of Zhang Financial, highlights several hurdles faced by financial professionals over the past year. Key challenges include managing client expectations amidst geopolitical tensions and economic uncertainties, combating fee pressures from low-cost investment options like robo-advisors and ETFs, and adapting to an ever-changing regulatory environment.

“The most successful firms are those that provide added value beyond investment management," states Chen-Zhang. "This includes comprehensive financial planning. Advisors must be proactive and stay informed to ensure compliance with the latest regulations."

Jesse Hurst, founder of Impel Wealth Management, notes the industry’s ongoing consolidation thanks to private equity acquisitions, which further complicates the landscape for smaller firms. He stresses the importance of technological adaptation, sharing his firm’s integration of generative AI into portfolio management and client interactions, enhancing efficiency and productivity.

Forging Ahead with Innovative Strategies

Recognizing the importance of innovation and adaptability, top financial professionals are successfully navigating the industry’s evolving dynamics. One such leader is Craig Gould, CEO of Binah Capital Group, who recently led the merger between Wentworth Management Services and Kingswood Acquisition Corp. His vision propelled Binah Capital Group to the NASDAQ, overseeing a network of over 550 registered investment advisors (RIAs).

"Building a robust network has allowed us to thrive in the current market conditions," Gould says. Binah Capital’s state-of-the-art broker-dealer platform equips advisors with essential tools, enabling them to enhance their service offerings and create long-term shareholder value.

Thomas Ruggie, founder and CEO of Destiny Wealth Partners with $1.2 billion in assets under management (AUM), shares insights on the necessity of evolving business models to address client needs. “Understanding the importance of personal relationships has set us apart,” he explains. Ruggie’s approach has successfully transitioned his practice to a fee-based advisory model, positioning it ahead of market trends.

The People-First Approach

A significant shift towards personalized client interactions has also captured the attention of Liz Miller, founder and president of Summit Place Financial Advisors. “In a digital world, our clients value face-to-face engagement,” Miller notes. Her firm focuses on a holistic approach to financial planning, ensuring that each advisor manages a limited number of families to foster strong relationships built on trust and commitment.

Similarly, Mike LaMena, CEO of Wealthspire Advisors, emphasizes nurturing personal connections while utilizing technology. Under his leadership, Wealthspire has grown to over $28 billion in AUM, boasting 24 offices and over 370 employees. “While we embrace growth, our core principle remains to develop individual client relationships,” he explains. The firm’s commitment to technological advancements aims to enhance client experiences and advisor efficiency.

Meanwhile, Jeffrey DeHaan, managing partner at Clearwater Capital Partners, has seen impressive organic growth of over 13 percent in net new assets. He attributes much of his success to prioritizing client security and technological enhancements that streamline operations, ultimately improving service delivery.

Honoring Industry Leaders

InvestmentNews’ Hot List 2024 comprises an exclusive group of outstanding financial advisors who embody dedication, innovation, and client-first thinking. The list includes:

• Elizabeth Miller – President and Founder, Summit Place Financial Advisors
• Thomas Ruggie – Founder and CEO, Destiny Wealth Partners
• Craig Gould – Chief Executive Officer, Binah Capital Group
• Mike LaMena – CEO, Wealthspire Advisors
• Jeffrey P. DeHaan – Managing Partner, Clearwater Capital Partners
• And many other distinguished professionals making strides in the financial sector.

As the financial landscape continues to evolve, these leaders pave the way for future generations, ensuring that the U.S. remains a hub for innovative wealth management practices. The combination of advanced technology, client-centric approaches, and an understanding of market dynamics positions these financial professionals as true trailblazers in their field.

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