Tavares | Winter Park | The Villages

Newsweek Top Financial Advisory Firms 2025

 

December 6, 2024

This award recognizes Destiny Wealth Partner’s commitment to providing access to top-line service and capabilities, and to staying ahead of the curve to help clients simplify the complexities inherent in the unique financial challenges they face.

Destiny Wealth Partners has been recognized as one of America’s Top Financial Advisory Firms 2025 by Newsweek and Plant-A Insights Group, who partnered to identify what they called the “best of the best” after conducting a large-scale study that analyzed over 15,000 financial advisories registered with the SEC. The study identified the top 750 advisory firms in the U.S. based on criteria which included long and short-term asset performance, client performance, advisor expertise and client ratio, and breadth of service offerings.

“In today’s financial landscape, Americans want more than just advice—they want a trusted partner to help them achieve their financial goals,” said Nancy Cooper, Global Editor in Chief of Newsweek. “Newsweek and market-data research firm Plant-A Insights are proud to introduce America’s Top Financial Advisory Firms 2025, highlighting companies that exemplify what it means to be a financial leader in today’s market.”

“Recognition by Newsweek and Plant-A-Insights Group is a result of the dedication and commitment of our entire team,” said Tom Ruggie, ChFC®, CFP®, Founder and CEO of Destiny Wealth Partners. “I believe it is due in no small measure to the depth and breadth of the capabilities and service we offer our clients, including the select access we offer to accredited investors and qualified purchasers to invest in innovative, high-growth industries through alternative, direct and co-investment offerings, our unwavering determination to put our clients first in everything we do, and our proactive decision never to be complacent. We are innovators and problem solvers who are always on the lookout for new ways to improve the service and the experience we provide our clients.”

Destiny Wealth Partners, which conducts business as Destiny Family Office, Ruggie Wealth Management, Nichols Wealth Partners, and Destiny Wealth, has more than $1.2B in assets managed. The firm was also recognized as the InvestmentNews RIA Team of the Year in 2024 (10 Advisors or More), and among Forbes 250 Top RIA Firms. Ruggie, an entrepreneur and 30+ year veteran of the financial industry, is also ranked #1 in North Florida on the list of Forbes 2024 Best-in-State Wealth Advisors and has been named to the list of Barron’s Top 1200 Advisors 12 times.

Investment advisory services offered through Destiny Wealth Partners, LLC, an SEC Registered Investment Advisor. Destiny Wealth Partners also conducts business under the names Ruggie Wealth Management, Destiny Family office, Nichols Wealth Partners, and Destiny Wealth. Recognitions are specific to Tom Ruggie, ChFC®, CFP®, or Destiny Wealth Partners and its firms. Listing in any publication is not a guarantee of future investment success. These recognitions should not be construed as an endorsement of the advisor by any client. Additional disclosures and important information at www.destinywealthpartners.com/disclosures.

 

Thomas Ruggie Named to InvestmentNews 2024 Hot 100

Thomas Ruggie, ChFC®, CFP®, CEO of Destiny Wealth Partners, named to the InvestmentNews Hot 100 for 2024! 

A 30+ year financial-industry veteran, innovator, entrepreneur, and thought leader, Tom is setting new standards in wealth management, offering sophisticated investment opportunities, and helping empower clients to reach their financial destinies.

Explore how Tom and his team are transforming wealth management. Read the full profile now.

Rolling Over Funds from a 529 to a Roth IRA for Your Child: A Guide

By Rob Clark, CFP®
Managing Partner and President
Ruggie Wealth Management

While a 529 plan has long been a popular choice to save for educational expenses, (typically your child’s), a provision in the SECURE 2.0 Act passed in 2022, allows leftover funds from a 529 plan to be rolled over into a Roth IRA for the plan’s beneficiary starting in 2024, adding flexibility to his or her long-term financial planning. 

What Is a 529 Plan?

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Contributions to the plan grow tax-free, and withdrawals for qualified educational expenses (such as tuition, books, and room and board) are also tax-free. However, one question has been what to do with any leftover funds if the beneficiary doesn’t need all the money for education.

Key Details and Limits on the Rollover

While this provision is a significant enhancement, there are some important restrictions and rules to keep in mind:

  1. Lifetime Limit: The total amount that can be rolled over from a 529 plan to a Roth IRA is capped at $35,000. This is a lifetime limit, so once you’ve rolled over this amount, no more 529 funds can be transferred into a Roth IRA.
  2. Plan Age Requirement: The 529 account must have been open for at least 15 years before you can roll over any funds. This ensures that the 529 plan is used primarily for its intended purpose—education savings—before being shifted to retirement savings.
  3. Annual Contribution Limits Apply: The rollover amount counts toward the annual Roth IRA contribution limit, which is $6,500 for 2024 (or $7,500 if the beneficiary is age 50 or older). This means that even if you have more than $6,500 available to roll over, you’ll be limited by the yearly Roth IRA contribution cap.
  4. Income Limits for Roth Contributions Don’t Apply: Usually, Roth IRA contributions are subject to income limits, but these restrictions do not apply to rollovers from a 529 plan. Regardless of your child’s income, he or she can rollover funds into a Roth IRA as long as the other requirements are met.
  5. Only for the Beneficiary: The funds must be rolled over into a Roth IRA for the 529 plan’s beneficiary. If you want to change the beneficiary, you’ll need to adhere to existing 529 plan rules, which allow for transfers to certain family members without penalty.

Benefits of Rolling Over Funds to a Roth IRA

The ability to rollover 529 funds to a Roth IRA offers several advantages:

  1. Tax-Free Growth: Roth IRAs allow for tax-free growth and tax-free withdrawals in retirement. By rolling over funds from a 529 plan to a Roth IRA, your child can take advantage of tax-free growth on their retirement savings.
  2. Flexible Use: Unlike 529 plans, which restrict withdrawals to qualified education expenses, Roth IRAs offer greater flexibility. While withdrawals from a Roth IRA before age 59 ½ may be subject to taxes and penalties, your child can still use these funds for other purposes without the strict educational restrictions of a 529.
  3. Retirement Savings Boost: For many young people, it can be challenging to start saving for retirement. This rollover option provides an automatic boost to their retirement savings and potentially decades of tax-free growth.
  4. No Tax or Penalty on the Rollover: As long as the rollover is done within the established rules, there are no taxes or penalties associated with transferring funds from a 529 to a Roth IRA.

Key Considerations

Before deciding to rollover funds from a 529 plan to a Roth IRA, consider the following:

  • Educational Needs: Be sure your child will not need the funds for future educational expenses. Once the money is transferred to a Roth IRA, it cannot be used for education without facing taxes and penalties for early withdrawals.
  • Contribution Limits: Since the rollover is subject to the annual contribution limits of the Roth IRA, it may take several years to fully move the $35,000 maximum from a 529 to a Roth IRA.
  • Long-Term Planning: Consider your child’s long-term financial goals. If he or she is already well-positioned for retirement, the 529 funds might be better used for education or another purpose, like transferring to other family members for their education needs.

How to Start the Process

If you have a 529 plan with leftover funds and want to take advantage of the new rollover option, follow these steps:

  1. Review Your 529 Plan: Make sure the account has been open for at least 15 years. If not, you’ll need to wait until it meets that requirement before rolling over funds.
  2. Understand Your Roth IRA Limits: Be aware of the annual contribution limit for Roth IRAs and plan accordingly.
  3. Contact Your Plan Administrator: Not all 529 plans may have processes in place for the rollover yet, as this rule is still new. Contact your 529 plan provider to understand the specific procedures and paperwork required to initiate a rollover.
  4. Monitor Progress: Since the rollover may need to be spread over several years due to contribution limits, track your progress each year and ensure the funds are properly transferred.

We’re here to help you and your child make the right decisions for his or her financial situation.

Conclusion

Rolling over funds from a 529 plan to a Roth IRA offers a new and flexible way to help secure your child’s financial future. By understanding the rules and taking a strategic approach, you can maximize the value of your savings, giving your child a strong foundation for both education and retirement.

Interested in learning more? Call me at 407.644.2701 or contact me by email at [email protected].

 

Forbes Names Destiny Wealth Partners to List of Top 250 RIA Firms

 

2nd Year in a Row for this Prestigious Recognition

Destiny Wealth Partners has been named to the third annual Forbes ranking of America’s Top RIA Firms, developed by SHOOK Research.
The ranking, published by Forbes on October 8, 2024, highlights the top 250 advisory firms that have “strong track records when it comes to stewarding client wealth and preserving it for the long term.”

Destiny Wealth Partners is an independent RIA based in Central Florida, which conducts business as Destiny Family Office, Ruggie Wealth Management and Nichols Wealth Partners. Founded by CEO Thomas Ruggie, ChFC®, CFP®, a 30+ year veteran of the financial industry, the firm has also been ranked #1 in North Florida in the list of Forbes 2024 Best-in-State Wealth Advisors, and was recently named the 2024 InvestmentNews RIA Team of the Year.

Shook Research’s focus on how each client is actually treated by their independent advisor has led them to measure processes that are inherent in each client relationship, the team’s purpose and the underlying culture seen at all levels. They look closely at the leadership who is primarily responsible for shaping the client’s experience, and question, “Would we recommend this firm (or individual) to a friend or family member?

“Quality is always first; if we’re going to include a firm (or advisor) on our rankings, we have to make sure everyone is of the highest quality.”
The Forbes ranking, is based on an algorithm of qualitative criteria, mostly gained through telephone, virtual and in-person due diligence interviews, and quantitative data. The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings.
 
For the full list and more, visit www.forbes.com/lists/top-ria-firms

Destiny Wealth Partners named “InvestmentNews RIA Team of the Year”

We’re excited to announce that Destiny Wealth Partners was named “RIA Team of the Year (10 Advisors or More)” in the prestigious InvestmentNews 2024 Awards of Excellence. Winners were announced at a black-tie, red-carpet gala held June 20 at the elegant 583 Park Avenue in New York City.

Destiny Wealth Partners, which does business as Destiny Family Office, Ruggie Wealth Management and Nichols Wealth Partners, currently manages approximately $1.1B in assets, and helps wealth creators, wealth inheritors and their families better navigate the complexity in their financial lives so they can have more time to focus on what they are most passionate about.

“The one word that comes to mind is, ‘Gratitude’,” said Tom Ruggie, ChFC®, CFP®, Founder and CEO of Destiny Wealth Partners. “I am so grateful for the clients who put their trust and confidence in us, to our team who shows an unwavering commitment to those we serve and to our dedication to never being complacent, which continually challenges us to do more and at ever-higher levels of excellence. We are truly honored to stand alongside a stellar group of peers.”

Our firm is focused on challenging the status quo in wealth and investment management, seeking to enable clients to achieve their destiny as a result. The InvestmentNews Awards honor the remarkable contributions and outstanding achievements of financial advisors and brokerages who have demonstrated steadfast dedication, exceptional professionalism, and unwavering commitment to their clients’ success.

Judging for the Awards was conducted by an expert panel of industry leaders and senior representatives. The category “Team of the Year” recognizes the significant work and achievements of the nation’s most outstanding advisory team for their excellence over the past 12-months in areas including client service and innovation. Finalists are selected based on their response to questions across a range of qualitative and quantitative criteria and performance metrics. The judging process is independent and rigorous.

Investment advisory services offered through Destiny Wealth Partners, LLC, an SEC Registered Investment Advisor. Destiny Wealth Partners also conducts business as Destiny Family Office, Ruggie Wealth Management and Nichols Wealth Partners. Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Destiny Wealth Partners is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Destiny Wealth Partners by any of its clients. Rankings published by magazines, and others, may base their selections on information prepared and/or submitted by the recognized adviser. Additional disclosures and other important information at www.ruggiewealth.com/disclosures.

 

Early Adopter Who Understands Collectibles

May 16, 2024
By Emily Douglas
InvestmentNews

Thomas Ruggie with Muhammed Ali’s boxing trunks worn during the ‘Rumble in the Jungle’ with George Foreman
Alternative investments are going to continue to play a key role, even for the mass affluent market. Destiny Family Office Founder and CEO Tom Ruggie knows this well. As a world-class collector of autographed baseball cards and sports memorabilia, one unique trend close to Tom’s heart is the interest in collectibles as an asset class. Read the full story here.

Tom Ruggie Tops Forbes Best-in-State Wealth Advisor List

Tom Ruggie Ranked No. 1 in North Florida
by Forbes Best-in-State Wealth Advisors 2024

7th time for independent RIA and Family Office Founder – every year since recognition’s inception

We’re excited to announce that Tom Ruggie, ChFC®, CFP®, founder and CEO of Ruggie Wealth Management and Destiny Family Office, both Destiny Wealth Partners firms, has earned the No. 1 spot in North Florida in the Forbes/SHOOK 2024 Best-in-State Wealth Advisors ranking. Ruggie has been included in this prestigious list of the nation’s top advisors for seven consecutive years—every year since the ranking’s inception. In 2023, Destiny Wealth Partners, which surpassed $1B in managed assets, was also recognized among Forbes 250 Fastest-Growing RIA Firms.

“We are honored to be recognized by industry leaders such as Forbes and SHOOK Research alongside an exceptional group of industry peers and professional colleagues,” said Tom. “Our rise to the top of the list of North Florida’ leading firms, is both humbling and a result of the dedication and commitment of our entire team. I couldn’t be prouder of them. I believe our ongoing presence in this annual ranking speaks to the depth and breadth of our capabilities, to our refusal to be complacent and to strive for the continuous self-improvement of our team, our services, our infrastructure and technology, and to our unwavering focus on putting our clients first in everything we do.”

Ruggie is an entrepreneur who enjoys spending his time helping clients solve problems inherent in their financial and business situations, and giving them back the time and peace of mind they need to pursue the things they are most passionate about.

He began his career in 1991, and subsequently founded Ruggie Wealth Management. In 2016, he founded Destiny Family Office to bring high-impact “single-family” office capabilities and services to his ultra-high-net-worth client families, helping these wealth creators, wealth inheritors and their families overcome the challenges that come from managing significant resources.

Destiny Family Office provides access to sophisticated traditional, alternative, direct, and co-investment management solutions. An avid collector, Ruggie has earned deepening prominence in the collectibles space, helping other top-tier collectors incorporate their collections in every part of their financial, tax and wealth transfer planning.

In 2023, Boca Raton-based Nichols Wealth Partners also joined Destiny Wealth Partners.

About Forbes and SHOOK Research: Forbes/SHOOK Research Best-in-State Wealth Advisors are selected based on quantitative and qualitative data, and are assessed on a variety of criteria, including interviews, years of experience, client retention, compliance records and assets under management. SHOOK “scours the financial services industry—advisory firms, banks, brokerages, custodians, insurance companies, and clearing houses, among others—for nominations”. To date, 44,990 nominations have been received. Of these, 23,876 advisors were invited to complete the online survey, 20,412 telephone interviews were conducted, 4,926 in-person interviews took place at advisors’ offices, and 1,507 virtual interviews were scheduled. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receives a fee in exchange for rankings.

Recognitions are specific to Tom Ruggie, ChFC®, CFP®. Listing in any publication is not a guarantee of future investment success. These recognitions should not be construed as an endorsement of the advisor by any client. The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of seven years’ experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes or SHOOK receive a fee in exchange for rankings. Barron’s rankings are based on factors including assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.

Additional disclosures and important information at www.ruggiewealth.com/disclosures.

Wealth Beyond Numbers: “Significance of Wealth” Podcast Premiere

Founder & CEO Tom Ruggie, ChFC®, CFP® has launched a new  podcast titled “Significance of Wealth.” Join Tom as he delves into the evolving landscape of wealth management. In each episode, Tom explores independent thinking and tailored strategies that go beyond financial expectations, shedding light on alternative investments and private investments, addressing the unique needs of the ultra-high-net-worth, as well as the world of collecting as both a passion and investment strategy.

Check out the first episode, now available on Apple Podcast and Spotify.

Thomas Ruggie, CHFC®, CFP® Named To Barron’s 1200 Top Financial Advisors for 12th Time

Ruggie Wealth Management announced that Founder and CEO Thomas H. Ruggie, ChFC®, CFP®, has been named to Barron’s list of America’s Top 1,200 Advisors: 2024, the 12th time Ruggie has earned this distinction, and the 10th straight year.

As Barron’s explains, they publish their annual Top 1200 Advisors by State compilation to recognize advisors demonstrating exceptional professionalism, client service and community involvement. Among the factors the “Barron’s Top 1,200 Advisors” ranking takes into consideration are quality of practice, assets under management, revenues, and philanthropic work.

“It is an honor to again be ranked among our nation’s top financial advisors by one of the most respected names in the financial industry,” said Ruggie of the ranking which recognizes both an elite group of independent financial professionals and large wirehouses.

“I believe our clients turn to us because of our dedication to placing their interests above ours, for the strength of our processes and collective wisdom of our team, and for our unwavering focus on helping them achieve the financial goals they’ve been dreaming of and working for their whole lives. To once again be named among Barron’s Top Advisors is an honor that reinforces that what we are doing on our clients’ behalf brings real value to our relationship with them.”

Ruggie Wealth Management provides services to individual and corporate clients, as well as to a select group of endowments and foundations. As one of the flagship companies of Destiny Wealth Partners, Ruggie Wealth Management offers a broad range of services and products to help clients achieve their financial goals.

The firm has offices in Tavares, Winter Park and The Villages®, FL. Destiny Wealth Partners also conducts business under the name Destiny Family Office in Winter Park, FL, and Nichols Wealth Partners in Boca Raton, FL.

The Barron’s Top 1200 Financial Advisors is a select group of individuals who are screened on a number of different criteria. Rankings are based on data provided by over 6,000 advisers from across the nation. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Portfolio performance is not a factor. Please see www.barrons.com for more information. Ruggie Wealth Management has not paid a fee to be eligible for this award. Barron’s does not require membership or payment in order for award participants and/or applicants to be considered for an award designation.

Investment advisory services offered through Destiny Wealth Partners, LLC, an SEC Registered Investment Advisor.

Client Login

Click below to login to:

Charles Schwab

TD Ameritrade

RWMLink

Fidelity

Destiny Estate Planning