Two Advance Capital Management Advisors Named to Forbes Top Next-Gen Wealth List
Advance Capital Management is 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 the top-performing young advisors at their respective firms.
Hohf is a financial advisor and Certified Financial Planner at Advance Capital. For him, 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.,” said Hohf. “I see this though not as a measure of success, but rather as a directive to keep working hard for our clients.”
McHugh, who is also a financial advisor and Certified Financial Planner at Advance Capital, shared Hohf’s sentiments.
“Recognition as a top advisor is the direct result of the tremendous support from our clients and our firm,” McHugh said. “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.
Hohf and McHugh 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,” said McHugh.
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.
Hohf pointed out that their age provides some advantages as an advisor.
“For one, in the fast-paced world of finance, which is frequently disrupted by technology, we can quickly adapt,” Hohf 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 very long time.”
About Advance Capital Management: For more than 30 years, Advance Capital Management has helped thousands of people realize their hopes and dreams by providing personalized financial planning and investment management services. Advance Capital Management has $2.6 billion in assets under management and over 5,000 investment advisory clients. It has offices located in Michigan, Illinois and Ohio. The firm is one of the largest money managers in metro Detroit, as reported by Crain's Detroit Business.