Recognizing Excellence in the Financial Advisory Industry

News

James B. Bell

December 31, 2023

This year's Top 1200 Financial Advisors list showcases the remarkable progress made by financial advisors in developing their practices. A total of 172 newcomers have impressed with their expertise, comprising about 14% of the esteemed list. Let's take a closer look at some noteworthy individuals and firms that have earned their spot on this prestigious ranking.

New Faces: Rising Stars in the Financial Advisory Space

This year's cohort of newcomers features exceptional talent from diverse regions across the United States. Among them, we have Jake Kern of Mariner Wealth Advisors in Overland Park, Kan., Kelly Rae Haskell of Edward Jones in Aberdeen, S.D., Gautam Muthusamy of Baughman Capital Management in Saline, Mich., and Lisa Clark of Morgan Stanley in Tulsa, Okla. It's worth mentioning that both Merrill Lynch and Morgan Stanley have led the pack by introducing 45 and 35 new advisors, respectively.

Notable Advancements: Recognizing Outstanding Achievements

The list also recognizes the outstanding achievements of previously ranked advisors who have made significant strides in their careers. Here are just a few examples of remarkable advancements:

Thomas Van Dyck of RBC Wealth Management moved up an impressive 52 spots in California.
Harold Elish of UBS Private Wealth Management jumped up 41 spots in New York.
Craig Massey of Merrill Private Wealth Management rose 39 spots in Texas.
Paul Wood of Raymond James Financial Services climbed 30 spots in Florida.

Unparalleled Approach: State-by-State Comparison

Unlike other annual wealth management rankings, the Top 1200 takes a unique approach by evaluating financial advisors on a state-by-state basis. Introduced in 2009 to introduce geographic diversity, this comprehensive list comprises 51 individual rankings, including every state and the District of Columbia. By comparing advisors within their respective states, rather than against a nationwide pool, this methodology offers a more accurate assessment. Every state is well-represented, with at least six advisors included in the rankings.

The Top 1200 Financial Advisors list recognizes excellence, highlights diversity, and applauds the remarkable achievements of financial advisors. It serves as a testament to the relentless dedication and unwavering commitment displayed by these professionals in serving their clients and shaping the industry's landscape.

The Top 1200: A Guide to Financial Advisors

The Top 1200 is one of seven advisor rankings conducted annually. These rankings are divided into two main categories: those that showcase individual advisors and those that focus on teams and firms. This year, a total of 5,630 advisors completed surveys after meeting the minimum size and quality requirements. The financial results used in the calculations are as of Sept. 30, 2022.

The Rankings Criteria

The rankings are determined based on three major components: assets under management, revenue, and the quality of practice. Assets under management and revenue serve as reliable indicators of client satisfaction. Clients who are pleased with how their advisors manage their assets often entrust them with more to oversee. Moreover, satisfied clients refer their friends and family to their advisors. When clients perceive the value they receive as satisfactory, they are less likely to request fee reductions, resulting in stable or growing revenue for the advisor.

Assessing the Quality of Practice

Another crucial component of these rankings is the evaluation of an advisor's character. This assessment is based on a variety of questions that address regulatory records, professional experience, education, and community involvement, among other factors. It is important to note that investment performance is not explicitly taken into account as a ranking criterion since returns are heavily influenced by the risk appetites of individual clients.