Top Financial Professionals in the US Shine Amid Market Recovery and Industry Challenges
December 17, 2024 — North America led global wealth creation in 2023, fueled by a robust stock market rebound, according to Boston Consulting Group’s (BCG) Global Wealth Report 2024. This momentum, primarily driven by the rise of the S&P 500 and tech giants known as the Magnificent Seven, has positioned the United States as the fastest-growing hub for Western wealth. Cross-border capital inflows soared by 5.6 percent last year and are projected to grow nearly 7 percent annually through 2028. Against this backdrop, top financial professionals in the US have distinguished themselves by navigating a complex landscape, delivering exceptional value to clients, and embracing innovation. The investment industry’s best are recognized in InvestmentNews’ Hot List 2024, highlighting leaders who combine expert financial stewardship with forward-thinking strategies.
Navigating Market Volatility and Industry Transformation
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key hurdles faced by financial advisors: market volatility compounded by geopolitical and macroeconomic uncertainty, increasing fee compression driven by the rise of robo-advisors and low-cost ETFs, and evolving regulatory landscapes placing greater compliance demands on firms.
Chen-Zhang notes, “Leading firms now emphasize value-added services far beyond conventional investment management. Comprehensive financial planning and proactive, informed advisory practices aligned with regulatory changes are critical to standing out.”
Jesse Hurst, founder of Impel Wealth Management, highlights ongoing consolidation due to private equity mergers and acquisitions as another significant challenge. However, he praises early adoption of emerging technology as a path to sustained competitive advantage.
“I’m no technology expert, but using generative AI for portfolio construction and summarizing client meetings has transformed our productivity,” Hurst explains. “With just five team members managing nearly $400 million, what took double the resources 12-15 years ago is now much more efficient.”
Highlights from InvestmentNews’ Hot List 2024
Craig Gould, CEO of Binah Capital Group, leads one of the most dynamic firms on the US wealth management scene. After orchestrating a merger between Wentworth Management Services and Kingswood Acquisition Corp. earlier in the year and guiding Binah’s NASDAQ debut, Gould’s vision centers on creating long-term shareholder value by leveraging scale.
Binah Capital Group commands over 550 Registered Investment Advisors (RIAs), manages $25 to $30 billion in assets with roughly $300 billion in affiliated AUM, and supports a network of 1,900 financial professionals.
“We have built a best-in-class broker-dealer platform that empowers advisors to grow and succeed,” Gould says. “Our focus is on partnering with RIAs, where the future growth lies.”
Thomas Ruggie, founder and CEO of Destiny Wealth Partners, foresaw fee compression before many peers and transitioned early to a fee-based, Registered Investment Advisor model that ensures unbiased client service.
“I have an internal determination to prioritize clients’ best interests,” Ruggie shares. “Building trust through attention to both major financial decisions and everyday concerns makes the difference. My clients know I’m a first call for any question, whether financial or personal.”
Liz Miller, founder and president of Summit Place Financial Advisors, embraces a collaborative, people-first leadership approach, responding to clients’ preference for in-person relationships.
“After years as a portfolio investor, I wanted to engage more deeply with individuals and offer holistic wealth planning,” Miller explains. “We focus on serving 15–20 families per advisor to foster trust and commitment alongside technical expertise.”
Technology and Culture as Cornerstones of Growth
Mike LaMena, CEO of Wealthspire Advisors, leads a firm managing over $28 billion in assets with 370 employees across 24 offices. LaMena credits Wealthspire’s success to a blend of strong advisor-client relationships and strategic technology integration.
“Our culture empowers advisors to act like owners,” he says. “We leverage technology to automate routine tasks so advisors can spend more time providing deep, personalized service. The future is about being tech-enabled yet deeply human.”
Jeffrey DeHaan, managing partner at Clearwater Capital Partners, exemplifies steady growth with over 13 percent organic net new asset flow in the past year. By employing customer relationship management tools, he improved client security with innovative verification processes, enhancing trust and operational efficiency.
“Clients are the cornerstone of the business,” DeHaan says. “Continuous innovation will allow us to serve them in ways not previously possible.”
The Hot List 2024: Leading US Financial Professionals
The InvestmentNews Hot List showcases a diverse group of trailblazing professionals who are shaping US wealth management’s future. Alongside the aforementioned leaders, other distinguished figures include:
- Amanda Arcilesi Simmons, Partner and Financial Advisor at ARC Wealth Management
- Beth Lawlor, President, Private Wealth and Affluent Wealth Management at U.S. Bank
- Lawrence Calcano, Chairman and CEO of iCapital
- Bob Long, CEO of StepStone Private Wealth
- Shawn Bostic, Director of Regulatory Compliance at Kestra Financial
- Adam Gana, Managing Partner at Gana Weinstein LLP
- Alan Moore, CEO of XY Planning Network and AdvicePay
These professionals exemplify resilience, innovation, and client-centered service within a rapidly evolving economic and regulatory environment.
Looking Ahead
As the financial sector continues to transform, US-based wealth managers are not only capitalizing on strong market fundamentals but also rising to the challenges posed by fee compression, regulatory shifts, and technological disruption. The Hot List honorees underscore the importance of adaptability, client trust, and embracing innovation to build the next generation of wealth advisory firms.
InvestmentNews’ Hot List 2024 celebrates those who lead with vision and integrity, ensuring the US remains a global leader in wealth creation and management.
For more information on the top financial professionals and their achievements, visit InvestmentNews’ Hot List 2024.