Advance Capital Management's Michael Hohf Named to Forbes Top 100 Millennial Advisors
Michael Hohf, financial advisor and CERTIFIED FINANCIAL PLANNER at Advance Capital Management, has been named one of America’s Top Next-Gen Wealth Advisors by Forbes Magazine. The list recognizes the top-performing young advisors at their firms, and the future of the industry.
- (1888PressRelease) August 03, 2017 - Southfield, MI – “I am extremely honored to be recognized as a top young advisor in the U.S.,” said Hohf, financial advisor and CERTIFIED FINANCIAL PLANNER at Advance Capital Management. “Perhaps even more rewarding is to be the highest ranked advisor in the state of Michigan, and the only metro-Detroit advisor listed in the top 100.”
Further, Hohf is one of only a handful of independent advisors (i.e., not representing a national wirehouse) listed.
This is the first ever Forbes Millennial advisor list, produced independently by Forbes in collaboration with SHOOK Research, a rating firm that provides business intelligence on the financial services industry. They identify Millennials as those born in 1980 or more recent, which means most advisors ranked were starting their careers when the 2008 financial crisis hit.
“Having advised clients through the 2008 crisis, I think the term, ‘young,’ is kind of a misnomer,” said Hohf.
That’s because for Hohf, the crisis served as a valuable learning experience. “While it was not pleasurable to see clients worry, the experience taught me the value of resilience and hard work,” Hohf continued. “More importantly, it reinforced my belief that helping people reach their financial goals is about building relationships, not just crunching numbers.”
Advisors were nominated for consideration, having met a minimum set of criteria. Applicants were then graded based on in-person and telephone due diligence meetings and a ranking algorithm that factors in client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria (including assets under management and revenue generated for their firms). There are no fees or other considerations required for nomination.
“Recognition as a top Millennial advisor is the direct result of the tremendous support from my clients and my firm,” Hohf said.
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 said his age provides some advantages as an advisor.
“In the fast-paced world of finance, which is frequently disrupted by technology, I can quickly adapt,” Hohf said. “Plus, I love what I do and expect to do this for the rest of my life. Therefore, clients know I will be with them for a very long time.”
More about Michael Hohf: As a financial adviser, Michael provides comprehensive wealth management solutions, such as retirement planning and investment advice, to help clients work toward achieving their financial goals. He has earned the CERTIFIED FINANCIAL PLANNER™ and National Social Security Advisor designations.
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 $2.4 billion in assets under management and over 5,000 investment advisory clients. The firm is one of the top 10 largest money managers in Michigan, as reported by Crain’s Detroit Business.
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