Financial Living Blog

Two Advance Capital Management Financial Advisors Named to Forbes Top Next-Gen Wealth List

Aug 3, 2018 10:47:00 AM

danmikeWe’re pleased to announce that Michael Hohf and Daniel McHugh have been named as America’s Top Next-Gen Wealth Advisors by Forbes Magazine. The list recognizes top-performing young advisors from across the country. 

For Michael, this marks the second year in a row on the list.

“I’m extremely honored and grateful to be listed again as a top advisor in the U.S.,” he said. “I see this though not as a measure of success, but rather as a directive to keep working hard for our clients.”

McHugh shared similar sentiments, saying, “Recognition as a top advisor is the direct result of the tremendous support from our clients and our firm. That only comes from always putting our clients’ interests first.”

The Forbes Top Next-Generation Wealth Advisors list recognizes the country’s top next-gen advisors (those born in 1980 or later). According to Forbes, the list includes 1,000 “young, talented advisors who represent the future of the wealth management industry.” Collectively, they manage over $900 billion in client assets.

Advisors on the list are chosen based on a set of qualitative and quantitative criteria. This includes in-person interviews, industry experience, compliance records, revenue produced and assets under management. There are no fees or other considerations required for nomination.

Michael and Daniel are in the select group of independent advisors (i.e., not representing a national wirehouse) listed. Being independent, they say, allows them to provide more personal interaction with their clients. 

“It’s our belief that helping people reach their financial goals is about building relationships, not just crunching numbers in an algorithm,” Daniel said.

Further, Michael pointed out some advantages of being a young advisor.

Today, the average age of a financial advisor is 51, with 38% of advisors expecting to retire in the next 10 years, according to Cerulli Associates. Just 10% of financial advisors today are under age 35.

“In the fast-paced world of finance, which is frequently disrupted by technology, we can quickly adapt,” Michael said. “Plus, we love what we do and expect to do this for the rest of our careers. Therefore, clients know we’ll be helping them for a long time.”

     
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