Top Financial Professionals in the US Shine Amidst Market Growth and Industry Challenges
December 17, 2024
North America continues to dominate new financial wealth creation, accounting for over half of all global increases in 2023, driven predominantly by a strong stock market rebound. This robust growth is highlighted in the Boston Consulting Group’s Global Wealth Report 2024, which credits the surge largely to the S&P 500’s upward momentum, powered by the so-called Magnificent Seven tech giants.
The United States remains the fastest-growing booking center for Western wealth and a magnet for global capital. Cross-border wealth inflows rose by 5.6 percent in 2023, with projections estimating an annual growth rate of roughly 6.9 percent through 2028. This environment has provided fertile ground for the nation’s top financial professionals to showcase their expertise and deliver exceptional value to clients.
InvestmentNews’ Hot List 2024 celebrates these outstanding financial advisors and wealth managers who have not only excelled amidst market volatility and regulatory upheaval but have advanced the wealth management industry through innovation and a commitment to client service.
Navigating Challenges: Market Volatility, Fee Pressure, and Regulatory Complexity
Lynn Chen-Zhang, CEO of Zhang Financial, identifies key headwinds over the past year: geopolitical tensions, macroeconomic uncertainty impacting client expectations, and growing fee compression driven by the rise of robo-advisors and inexpensive ETFs. Additionally, evolving regulatory landscapes add further complexity for financial professionals.
“Leading firms emphasize comprehensive financial planning beyond simple investment management,” Chen-Zhang notes. “Successful advisors stay proactive, well-informed, and aligned with regulatory changes to meet clients’ needs.”
Another industry challenge is the ongoing consolidation fueled by mergers and acquisitions, with private equity firms acquiring smaller wealth management companies. Jesse Hurst, founder of Impel Wealth Management, highlights the importance of embracing technology as a competitive edge amid such market shifts.
“I’m not a technology expert, but generative AI has transformed our portfolio construction and meeting summaries. Our team of five manages nearly $400 million in assets far more productively than it would have been possible 12 to 15 years ago,” Hurst explains.
Addressing the aging demographic within the industry, Hurst emphasizes the need to build toward future generations by expanding technological capabilities and financial resources.
Pioneers Leading the Wealth Management Future
Among this year’s Hot List winners, Craig Gould stands out for his visionary leadership as CEO of Binah Capital Group. In March, Gould orchestrated a landmark merger between Wentworth Management Services and Kingswood Acquisition Corp., culminating in Binah Capital’s debut on NASDAQ.
Balancing skepticism about going public amid abundant private equity, Gould aims to build long-term shareholder value through expansive networks. His firm supports over 550 Registered Investment Advisors (RIAs) managing $25 to $30 billion in assets under management (AUM) and affiliated AUM around $300 billion, with nearly 1,900 financial professionals on board.
“We have created a scalable platform for RIAs, which is where significant growth is occurring,” Gould says. “It’s vital to ensure people feel respected, important, and well-managed.”
Similarly, Thomas Ruggie, founder and CEO of Destiny Wealth Partners, expected fee compression early on and made a strategic shift to a fee-based advisory model well ahead of peers. Ruggie believes in cultivating deep, trust-based client relationships.
“It is the little things that make the difference. I want to be the first call for clients whether they’re dealing with personal issues or professional challenges,” he shares. Destiny Wealth Partners currently manages $1.2 billion in AUM.
A People-First Approach and Technology Integration
Liz Miller, president and founder of Summit Place Financial Advisors, has championed a collaborative, holistic wealth management model that embraces in-person client engagement. After years in portfolio investing, Miller shifted focus to working directly with individuals on comprehensive financial plans.
“My role is to keep evolving the firm and align our senior team around the vision for the future,” Miller says. At Summit Place, advisors serve no more than 15–20 families to build trusted, ethical relationships.
Mike LaMena, CEO of Wealthspire Advisors, has grown his firm to over $28 billion in AUM with 24 offices and more than 370 employees, maintaining focus on culture and client relationships despite rapid expansion.
“We leverage technology to automate routine tasks and free up advisors’ time to provide deeper, more human connections with clients,” LaMena explains. “The future will be both tech-enabled and more personalized.”
Jeffrey DeHaan of Clearwater Capital Partners exemplifies high growth through strategic initiatives, delivering over 13 percent organic net new asset flow by focusing on successful business owners and professionals. Using CRM tools, DeHaan enhanced client security protocols through innovative phone campaigns.
“Serving clients at the level they deserve is essential to our business longevity,” DeHaan says. Technological advances have transformed Clearwater’s operations, enabling greater productivity and client service capabilities.
Recognizing Excellence
InvestmentNews’ Hot List 2024 recognizes numerous accomplished leaders across the financial sector, 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
As the US continues to lead global wealth creation, these financial professionals exemplify the blend of innovation, client focus, and leadership needed to thrive in an evolving marketplace. Their achievements highlight the dynamic nature of the wealth management industry amidst ongoing challenges and opportunities.
For more insights and to explore the full Hot List, visit InvestmentNews.