Top Financial Professionals Shape the Future of Wealth Management in the US | InvestmentNews Hot List 2024
December 17, 2024 — In an evolving financial landscape marked by market volatility, technological advances, and shifting client expectations, the top financial professionals in the United States continue to distinguish themselves by delivering exceptional value and driving innovation. InvestmentNews’ Hot List 2024 shines a spotlight on the industry’s leading advisors and firms who are shaping the future of wealth management.
North America Leads Wealth Creation Amid Market Recovery
According to Boston Consulting Group’s Global Wealth Report 2024, more than half of all new financial wealth in 2023 was generated in North America. The revival of the stock market, driven chiefly by a surge in the S&P 500 led by the Magnificent Seven tech giants, has catalyzed this growth. The United States, identified as the fastest-growing booking center for Western wealth, attracted cross-border wealth inflows that rose by 5.6 percent in 2023. Projections estimate this growth will continue at approximately 6.9 percent annually through 2028. This wealth expansion offers opportunities for savvy financial professionals to elevate client outcomes through comprehensive advisory services, even as the industry grapples with numerous challenges.
Challenges and Adaptations for Financial Advisors
Lynn Chen-Zhang, CEO of Zhang Financial, pinpoints three major hurdles faced over the past year:
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Market volatility heightened by geopolitical and macroeconomic uncertainties, complicating client expectation management.
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Fee compression driven by the rise of robo-advisors and low-cost ETFs, making clients more cost-conscious.
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Regulatory changes increasing compliance complexity.
Chen-Zhang emphasizes that leading firms have adapted by providing value-added offerings beyond traditional investment management, such as holistic financial planning. Staying proactive, well-informed, and aligned with evolving regulations has become essential to success.
Jesse Hurst, founder of Impel Wealth Management, highlights another trend—the ongoing consolidation of the wealth management industry through mergers and acquisitions. Private equity’s acquisition of smaller firms is reshaping the competitive landscape. However, progressive advisors leverage technology to maintain efficiency and competitiveness. Hurst points to the strategic integration of generative AI for portfolio construction and meeting summarization as game changers that enable smaller teams managing hundreds of millions in assets to operate with productivity levels that used to require double the capital.
Leaders Embrace Innovation and Client-Centric Cultures
At the forefront of this transformation is Craig Gould, CEO of Binah Capital Group and a Hot List winner. In March 2024, Gould navigated the merger between Wentworth Management Services and Kingswood Acquisition Corp. and successfully launched Binah Capital Group on the NASDAQ—a milestone achieved over 18 months amid skepticism about going public when private equity is plentiful.
Binah Capital Group now encompasses over 550 registered investment advisors (RIAs), manages between $25 and $30 billion in assets under management (AUM), with approximately $300 billion in affiliated AUM, and serves 1,900 financial professionals. Gould prioritizes collaboration and respect within his teams and has built a robust broker-dealer platform that equips advisors to scale and partner effectively with RIAs.
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners, recognized early the implications of fee compression and positioned his firm as a fee-based advisory practice well ahead of industry trends. With $1.2 billion in AUM, Ruggie attributes success to building deep, personal client relationships, emphasizing the importance of addressing both major and minor client concerns to become their “first call” in any situation.
Liz Miller, President and Founder of Summit Place Financial Advisors, puts people first by blending collaborative leadership with a vision that anticipates industry trends. After 15 years in portfolio investment, Miller shifted her focus toward holistic, individualized client planning involving all aspects of wealth, ensuring each advisor serves no more than 15–20 families to foster trust and ethical stewardship.
Harnessing Technology to Enhance Client Service
Mike LaMena, CEO of Wealthspire Advisors, another Hot List standout, has overseen growth to over $28 billion in AUM across 24 offices with 370+ employees. Despite scaling, he remains committed to empowering individual advisor teams and leveraging technology to deepen client engagement. LaMena notes that automation of commoditized tasks through AI and other technologies frees advisors to focus on more personalized client interactions—a future that is simultaneously tech-enabled and deeply human.
Jeffrey DeHaan of Clearwater Capital Partners exemplifies organic growth, having achieved over 13 percent net new asset inflows in the past year. His firm employs advanced CRM tools to enhance client security and verification processes and integrates evolving technology to boost productivity, enabling even small teams to provide outstanding service and customized solutions.
Recognizing Excellence: InvestmentNews Hot List 2024 Highlights
The Hot List includes a diverse group of top performers who embody client-first values, strategic innovation, and leadership in the wealth management arena:
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Elizabeth Miller, President and Founder, Summit Place Financial Advisors
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Thomas Ruggie, Founder and CEO, Destiny Wealth Partners
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Amanda Arcilesi Simmons, Partner and Financial Advisor, ARC Wealth Management
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Beth Lawlor, President, Private Wealth and Affluent Wealth Management, U.S. Bank
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Craig Gould, CEO, Binah Capital Group
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Lawrence Calcano, Chairman and CEO, iCapital
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Bob Long, CEO, StepStone Private Wealth
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Jeffrey P. DeHaan, Managing Partner, Clearwater Capital Partners
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Shawn Bostic, Director, Regulatory Compliance, Kestra Financial
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Adam Gana, Managing Partner, Gana Weinstein LLP
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Alan Moore, CEO, XY Planning Network and AdvicePay
Looking Ahead
As the financial advisory industry evolves amidst rapid technological advancements, regulatory headwinds, and changing client demographics, these top professionals demonstrate that blending innovation, personalized service, and operational excellence is key to thriving. Their collective efforts not only advance their businesses but also solidify the United States’ position as a global hub for wealth creation.
For financial professionals seeking to navigate the complexities of today’s landscape, the 2024 InvestmentNews Hot List offers valuable insights and inspiration from those leading the charge.
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