Top Financial Professionals in the US Named in InvestmentNews’ Hot List 2024
December 17, 2024 — The United States continues to serve as a global hub for wealth creation, a trend highlighted by the latest 2024 Hot List from InvestmentNews, which recognizes the nation’s leading financial professionals. Their expertise and innovation have propelled them to the forefront of the industry amidst challenging market and regulatory conditions.
Wealth Growth and Industry Dynamics
According to Boston Consulting Group’s Global Wealth Report 2024, North America contributed over 50 percent of all new financial wealth created in 2023. This surge was driven largely by the recovery in the stock market, notably the gains of the S&P 500 fueled by the “Magnificent Seven” technology giants. The US also stands as the fastest-growing booking center for Western wealth, attracting rising cross-border inflows which increased by 5.6 percent in 2023, with projections indicating an annual growth rate of roughly 6.9 percent through 2028. The expanding wealth landscape presents both opportunity and complexity for financial advisors. Lynn Chen-Zhang, CEO of Zhang Financial, identifies the primary challenges facing US financial professionals: ongoing market volatility compounded by geopolitical and macroeconomic uncertainties, fee compression from the rise of robo-advisors and low-cost exchange-traded funds, and evolving regulatory requirements that heighten compliance demands. She stresses the importance of delivering value-added services beyond basic investment management, including comprehensive financial planning aligned with up-to-date regulations.
Industry Consolidation and Technological Advancement
Jesse Hurst, founder of Impel Wealth Management, points to substantial consolidation within the wealth management sector as private equity firms acquire smaller firms, transforming industry structures. Notably, leading advisors are embracing technological advancements to enhance productivity and client service. Hurst himself has integrated generative artificial intelligence tools for portfolio construction and efficient meeting summaries. He reflects, “It would have taken double the assets and staff 12 to 15 years ago to accomplish what we’re doing now.”
The industry also faces an aging advisor demographic, with Hurst noting the imperative to cultivate the next generation of professionals and evolve technological capabilities to ensure sustainable growth.
Spotlight on Industry Leaders
InvestmentNews’ Hot List 2024 showcases a cohort of standouts leading innovation and growth in wealth management:
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Craig Gould, CEO of Binah Capital Group, spearheaded a significant merger between Wentworth Management Services and Kingswood Acquisition Corp., alongside Binah’s Nasdaq public listing. The platform now supports over 550 registered investment advisors (RIAs) managing approximately $25 to $30 billion in assets under management (AUM), with an affiliated network overseeing $300 billion. Gould emphasizes partnership with RIAs as a key growth strategy, complemented by a best-in-class broker-dealer platform.
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Thomas Ruggie, founder and CEO of Destiny Wealth Partners managing $1.2 billion in AUM, adopted a fee-based advisory model early on to foster unbiased client service. He underscores the importance of both “getting the big things right” and also excelling at the small details that build deep, trusted relationships.
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Liz Miller, president and founder of Summit Place Financial Advisors, embraces a people-first philosophy with each advisor serving 15 to 20 families to build trust and deliver ethical, holistic financial planning. She highlights the value of in-person interaction and continuous firm evolution guided by collaborative leadership.
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Mike LaMena, CEO of Wealthspire Advisors, has driven growth to over $28 billion in AUM across 24 offices with more than 370 employees. He advocates for a technology-enabled approach that automates commoditized tasks to free advisors for deeper client engagement, encapsulating a balance between high tech and high touch.
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Jeffrey DeHaan, managing partner at Clearwater Capital Partners, achieved over 13 percent net new asset growth in the past year mainly by serving successful professionals and business owners. He underscores leveraging CRM technology and client-focused initiatives to enhance security and service.
Keys to Success in Wealth Management
The common thread among these top financial professionals involves embracing innovation, delivering personalized service, and fostering strong client relationships amid an evolving industry landscape. They demonstrate adaptability to market fluctuations, regulatory constraints, and technological advances while maintaining a commitment to ethical, comprehensive financial advice.
Their leadership not only drives firm growth but also supports the US’s standing as a dynamic center of wealth management excellence on the global stage.
Complete Hot List of Top Financial Professionals
InvestmentNews’ Hot List 2024 further recognizes:
- Amanda Arcilesi Simmons, ARC Wealth Management
- Beth Lawlor, U.S. Bank Private Wealth and Affluent Wealth Management
- Lawrence Calcano, iCapital
- Bob Long, StepStone Private Wealth
- Shawn Bostic, Kestra Financial
- Adam Gana, Gana Weinstein LLP
- Alan Moore, XY Planning Network and AdvicePay
For comprehensive profiles and methodology, readers can visit InvestmentNews’ full Hot List 2024. As the financial services industry continues evolving rapidly, these top US professionals exemplify the blend of strategic vision, technological savvy, and client-centered focus necessary to succeed now and into the future. Their achievements reflect the vibrancy and resilience of America’s wealth management sector amid global economic shifts.