Shows
Building The Billion Dollar BusinessA Year End Leadership Reflection for Financial Advisors Building an Enduring Wealth Management FirmAs the year comes to a close and ClientWise marks 20 years in business, Ray Sclafani shares a thoughtful year-end leadership reflection on what it truly takes to build an enduring wealth management firm.In this short, reflective episode of Building the Billion Dollar Business, Ray explains why long-term thinking has become a competitive advantage for financial advisors and why leadership depth is no longer optional. He introduces a practical three-year planning framework that helps advisory firm leaders balance reset, execution, and compounding growth while the business remains in motion.This episode is designed to help...
2025-12-2307 min
Building The Billion Dollar BusinessA Sorkin-Style Approach to Strategy and Execution for Financial AdvisorsIn this episode of Building the Billion Dollar Business, Ray Sclafani dives into how financial advisors can turn strategy into action using a Sorkin-style approach. Rather than relying on thick slide decks or polished documents, Ray emphasizes that strategy should be a story your team can act on today. Learn how to identify a single strategic intention, confront uncomfortable truths, and facilitate productive team dialogue that drives execution. Discover practical steps to align your team, prioritize high-impact decisions, and build a scalable, enduring advisory firm.Listeners will walk away with four actionable coaching questions to guide their...
2025-12-1609 min
Building The Billion Dollar BusinessLevel Up Your Advisory TeamIn this episode of Building the Billion Dollar Business, Ray Sclafani dives into the strategies that top advisory firms use to level up their teams. Discover how feedback, self-reflection, and merit-based career paths drive engagement, performance, and growth. Ray shares actionable ideas for both leaders and team members to create a culture where ambition, curiosity, and development are rewarded.Learn why high-performing advisory teams invest in clear career paths, regular feedback, and stretch opportunities, and how these practices can accelerate talent development and firm growth. Whether you’re a firm leader or an advisor aiming to maximize yo...
2025-12-0909 min
Contrasting Viewpoints with Mark Hurley and Ray SclafaniBuilding the Future-Ready RIA with Ian Wenik (Ep. 20)In this episode of Contrasting Viewpoints, Ian Wenik joins the show to break down what it takes to build a future-ready RIA in a rapidly changing wealth management landscape. Wenik discusses the record pace of consolidation, the influence of private equity, and how major firms like LPL and Madison-Dearborn Partners are shaping industry trends. The conversation explores why transparency, talent retention, and cultural alignment are becoming essential to successful M&A, and how the professionalization of the RIA space is creating new expectations for firm leaders. Wenik also shares insights on where the next wave of consolidation may occur...
2025-12-0446 min
Building The Billion Dollar BusinessOffboarding with IntegrityIn this episode, Ray explores one of the most overlooked leadership disciplines in advisory firms: off-boarding with intention, respect, and alignment. While most teams invest heavily in creating world-class onboarding experiences, few bring the same rigor to the moment when a team member exits. Ray shares why offboarding is not about correcting failure—it's about stewardship. When leaders navigate departures with clarity, dignity, and structure, they strengthen the culture, protect client relationships, and create space for the team to evolve.Through a candid example from his own team, Ray demonstrates how mutual clarity, co-creation, and a disciplined fr...
2025-12-0213 min
Building The Billion Dollar BusinessGratitude As StrategyIn this Thanksgiving episode, Ray Sclafani reflects on why gratitude is more than a seasonal sentiment for advisory leaders — it is a strategic advantage. Drawing from research, industry insights, and personal experience at ClientWise, Ray explores how appreciation strengthens culture, deepens engagement, and elevates performance across advisory firms.He highlights why recognizing people’s contributions is essential to leadership, offers meaningful reflection questions for advisors, and underscores that gratitude should lead to action: developing talent, raising standards, investing in future leaders, and preparing for the growth ahead.Ray closes with a message of appreciation to the...
2025-11-2602 min
Building The Billion Dollar BusinessThe Accidental Owner’s Roadmap to Building a Lasting FirmIn this episode of "Building the Billion Dollar Business," host Ray Sclafani delves into the strategies and insights behind successful financial advisory firms, focusing on organic growth and new client acquisition. He outlines six steps to boost growth, emphasizing the importance of client relationships, team collaboration, and strategic planning. Ray also discusses the significance of setting intentional goals and fostering a culture centered around growth.Key TakeawaysOrganic growth is a critical indicator of a firm's health.Understanding total relationship value (TRV) is essential.Generational continuity is key for long-term success.A focused marketing plan aligns...
2025-11-2511 min
Building The Billion Dollar BusinessHow Strategic Planning Turns Organic Growth Into Sustainable SuccessIn this episode, Ray Sclafani discusses the implications of avoiding growth targets in business. He highlights a case where a company decided to stop setting growth targets to focus on client service. However, he argues that this decision led to challenges in managing capacity, planning succession, and fulfilling client promises. The conversation emphasizes the importance of balancing client service with the need for growth targets to ensure effective business management.Key TakeawaysGrowth happens whether you plan or notTrack revenue per professional, revenue per client, and time per client segmentMap retirements against junior advisor readiness and...
2025-11-1809 min
Building The Billion Dollar Business5 Strategic Moves to Finish 2025 Strong and Start 2026 StrongerIn this episode, Ray Sclafani discusses the importance of finishing the year strong and how it impacts the upcoming year. He emphasizes the need for a proactive mindset, strategies for success, and the significance of setting clear goals. He also covers overcoming challenges and maintaining motivation as key components of achieving success.Key TakeawaysHow you finish the year will determine how you start next year.Set clear goals for the new year to guide your actions.Overcoming challenges is part of the journey to success.Reflect on your progress this year to identify areas for...
2025-11-1110 min
Building The Billion Dollar BusinessBuild Your Compensation Philosophy Before Talking About BonusesIn this episode, Ray Sclafani discusses the critical importance of having a well-defined compensation philosophy in financial advisory firms. He highlights the common pitfalls of compensation planning without a clear strategy and emphasizes the need for a structured approach that aligns pay with performance, culture, and profitability. The conversation covers the essential building blocks of a strong compensation philosophy, how to implement it effectively, and the impact it has on employee engagement and trust in leadership.Key TakeawaysMore than half the industry lacks a clear compensation strategy.Clear pay philosophies lead to lower turnover rates...
2025-11-0416 min
Building The Billion Dollar BusinessPlaying Your Part When Leadership ChangesIn this episode, Ray Sclafani explores how advisory firm leaders can move from solo leadership to shared, high-performing teams. Using the metaphor of a musical ensemble, Ray shares lessons from his high school band and real-world coaching with billion-dollar firms to show how clarity, trust, and accountability create lasting success. Learn how to define team roles, foster trust, and lead through leadership transitions while keeping your firm’s performance in harmony.Key Takeaways Leadership is most effective when responsibility is shared across the team.Clear roles help every team member understand how they contribute to the...
2025-10-2812 min
Building The Billion Dollar BusinessWinning the Advisor Talent WarThe advisory industry is facing one of its greatest challenges yet; a looming shortfall of nearly 100,000 advisors over the next decade. In this episode of Building the Billion Dollar Business, host Ray Sclafani unpacks how firms can overcome the "Great Talent Squeeze" and become an employer of choice for next-generation advisors. Ray explores the critical mindset, cultural shifts, and strategic investments firms must make to attract, develop, and retain elite talent not just for today, but for the future of the business.Key Takeaways1. Culture isn’t invisible, it’s your most powerful advantage. Build an envi...
2025-10-2111 min
Building The Billion Dollar BusinessStop Undervaluing Your FirmIn this short but powerful episode, Ray Sclafani tackles a topic many financial advisors avoid: pricing. As firms expand their services beyond portfolio management into multi-generational planning, tax coordination, and family governance, their value has increased, but too often, their pricing hasn’t.Ray challenges advisory leaders to view pricing not as a financial figure, but as a leadership decision that impacts enterprise value, team compensation, and client perception. He breaks down the mindset and mechanics required to evolve your pricing model with clarity, confidence, and consistency.This episode is a must-listen for firms committed to...
2025-10-1404 min
Building The Billion Dollar BusinessThe 5-Part Marketing Review Every Advisory Firm Needs to Stay Relevant and GrowIn this episode, Ray Sclafani dives into a key leadership habit that high-performing advisory firms revisit every year: a structured marketing review. Far from a compliance audit, this annual reset is a strategic opportunity to realign messaging, optimize marketing systems, and attract the right clients for the future.Ray walks through the five essential areas to evaluate:Marketing calendar and planIdeal client segmentationValue proposition and capability deckMarketing collateral and communicationDigital presence and marketing systemsWhether your team is large or lean, in-house or outsourced, this episode outlines how to make marketing a firm-wide responsibility, not...
2025-10-0707 min
Building The Billion Dollar BusinessHow Top Financial Advisors Scale Growth Through Strategic Lead GenerationIn this episode, Ray Sclafani challenges advisory firm leaders to rethink how they attract new clients. He exposes why many firms are unintentionally sabotaging their growth by relying on outdated, ad-hoc approaches to client acquisition like waiting for referrals or operating off of a founder’s charisma.Ray dives deep into what it takes to build a scalable, repeatable, and measurable lead generation engine. He covers:Why most firms can’t answer “How many new clients can we take on this year?”How to define and align your firm around the ideal future clientWhy a compelli...
2025-09-3007 min
Building The Billion Dollar BusinessThe Rule of 40 as Your CEO Scorecard for Real GrowthIn this episode, Ray Sclafani introduces a critical metric that leading wealth management firms—and the private equity firms evaluating them—are using to assess the health and enterprise value of their businesses: the Rule of 40. Originally born in Silicon Valley to evaluate SaaS companies, this simple but powerful formula (Revenue Growth % + EBITDA Margin %) has crossed over into the RIA world and become a litmus test for intentional, sustainable growth.Ray breaks down:What the Rule of 40 really means in a recurring revenue business like an RIAHow to calculate it (with real examples from ClientWise client firm...
2025-09-2310 min
Building The Billion Dollar BusinessHow Elite RIAs Scale Through Smart Capital AllocationIn this episode, Ray Sclafani challenges financial advisors to shift from simply managing a successful practice to thinking like a CEO and capital allocator. Drawing parallels to the booming subscription economy, Ray explains how advisory firms, powered by predictable AUM-based revenue, are in a prime position to reinvest with purpose.Whether it’s developing leadership, upgrading tech, or expanding into new client markets, this episode offers a compelling call to action: don’t coast on recurring revenue, leverage it. Learn how elite firms are acting boldly and investing in infrastructure, talent, and strategic growth to command premium valu...
2025-09-1606 min
Building The Billion Dollar BusinessBuilding Enterprise Value Through Strategic Client SelectionIn this episode of Building the Billion Dollar Business, Ray Sclafani explores one of the most underutilized but essential skills in financial advisory: the art of choosing clients wisely. Shifting from “more clients, more assets” to “right clients, sustainable growth,” Ray outlines how high-performing firms assess both behavioral and financial indicators to identify their next generation of A+ clients—even before they build wealth.He introduces a client selection framework that focuses on advice-receptivity, future potential, values alignment, and more—all geared toward improving enterprise value through predictable cash flow. Ray also offers coaching questions to help leaders trai...
2025-09-0907 min
Total SuccessionThe New Era of Succession Planning: AI, M&A, and Legacy Leadership with Ray SclafaniHow will AI, private equity, and shifting demographics reshape the future of financial advisors? In this episode, Tyson Ray and Kim Cochenour sit down with Ray Sclafani of ClientWise to explore the intersection of technology, leadership, and succession in a rapidly changing industry. From building legacy firms to preparing the next generation of advisors, this conversation reveals what it takes to thrive in a time of transformation. Tyson Ray and Kim Cochenour welcome Ray Sclafani of ClientWise to touch upon industry insights, AI, succession, and more. Ray kicks things off by sharing his experience at ClientWise...
2025-09-0954 min
Building The Billion Dollar BusinessThe Silver TsunamiIn this episode of Building the Billion Dollar Business, Ray Sclafani explores the profound demographic shift reshaping the financial advisory industry: the aging of America. With 10,000 Americans turning 65 every day, and 80% of U.S. wealth held by those over 60, advisors can no longer afford to focus solely on accumulation. Ray outlines three powerful shifts advisory firms must make to stay relevant: reframing their value proposition, building capacity for aging clients, and leading multigenerational family dialogues. Packed with data, practical strategies, and team reflection questions, this episode is a must-listen for firms ready to evolve into future-ready advisors....
2025-09-0206 min
Building The Billion Dollar BusinessWhy Client Engagement Is the New Growth Strategy for Advisory FirmsIn this episode of Building the Billion Dollar Business, host Ray Sclafani reframes what it truly means to engage clients in a modern wealth management practice. He challenges the common misconceptions of client engagement which includes emails, gifts, and review meetings, and instead defines true engagement as emotional, intentional, and rooted in value. Ray outlines three pillars of effective engagement: proactive conversations, customized communication, and meaningful milestone recognition. He emphasizes that real engagement must be embedded into firm culture, not just left to the advisor. Listeners are encouraged to use tools like client journey mapping, achievement reviews, and feedback...
2025-08-2607 min
Building The Billion Dollar BusinessThe Hidden Cost of Haphazard Growth in Advisory FirmsIn this episode of Building the Billion Dollar Business, Ray Sclafani dives into one of the most overlooked dangers facing advisory firms today: haphazard growth. While expanding your team, client base, and offerings may look like success on the surface, growth without intention can breed operational chaos, erode client trust, and reduce long-term enterprise value. Ray outlines the difference between reactive expansion and purposeful scaling, and offers a five-part blueprint for building a sustainable growth strategy that creates real client impact.Listeners will walk away with a sharper understanding of how to reframe growth as a client-centered...
2025-08-1907 min
Building The Billion Dollar BusinessWhat’s Your Stock Worth?In this episode of Building the Billion Dollar Business, Ray Sclafani challenges advisory firm leaders to adopt a shareholder mindset by asking a powerful question: What’s your stock worth? While traditional metrics like AUM, revenue, and profit margins signal a thriving business, they don’t fully reflect enterprise value—especially when planning for succession or outside investment.Ray walks through four key metrics that valuation experts use: EBITDA multiples, free cash flow, recurring revenue, and reinvestment strategy, and explains why every billion-dollar RIA should track an implied share price just like a public company. He outlines how cr...
2025-08-1210 min
Building The Billion Dollar BusinessSummer Retreats That Build Culture, Capacity, and VisionIn this episode of Building the Billion Dollar Business, Ray Sclafani shares how financial advisory leaders can turn a summer retreat into a powerful driver of culture, clarity, and momentum. Rather than focusing on perks or relaxation, Ray outlines how to plan a strategic retreat that strengthens alignment, deepens team ownership, and accelerates growth. From setting a clear theme to facilitating collaborative exercises, this episode offers a practical blueprint for designing a retreat with real return on investment. Whether you're aiming to rally your team for the next 90 days or build the next generation of firm leaders, this episode...
2025-08-0505 min
Building The Billion Dollar BusinessThe Valuation TrapIn this episode, Ray Sclafani breaks down a common but dangerous misconception in the financial advisory industry: the overreliance on market-based multiples like revenue or EBITDA for determining a firm’s value. He shares a real-world story about a financial advisor unsure of what a "7x multiple" actually meant, illustrating how valuation misunderstandings can derail succession, acquisition, and growth strategies. Ray offers a practical, nuanced view of valuation best practices, emphasizing the importance of reliable data, transparent assumptions, and holistic thinking. This episode is a must-listen for firm leaders preparing for succession, sale, or strategic growth.Key Ta...
2025-07-2912 min
Building The Billion Dollar BusinessWhat Mark Twain Can Teach Financial Advisors About Client AcquisitionIn this episode of Building The Billion Dollar Business, Ray Sclafani uncovers surprising sales wisdom from none other than Mark Twain. Drawing from Twain’s groundbreaking campaign to publish and promote Ulysses S. Grant’s memoirs, Ray reveals timeless lessons for financial advisors on purpose-driven client acquisition. He shares how leading with purpose, telling powerful stories, equipping advocates, and being radically transparent can transform the way advisors connect with and grow their client base. The episode wraps with thought-provoking coaching questions designed to help advisory teams reflect, reimagine their approach, and deepen long-term client relationships.Key TakeawaysCr...
2025-07-2210 min
Building The Billion Dollar Business5 Steps for Financial Advisors to Identify Their Ideal Client TypeIn this episode of Building the Billion Dollar Business, Ray Sclafani explores one of the most powerful yet overlooked growth strategies in the financial advisory space: defining your ideal client profile. He shares why the most successful advisory firms aren’t chasing more clients—they’re focused on the right ones. Ray outlines five actionable steps to help advisors gain clarity, specialize effectively, and align their services to deliver greater value. Listeners will learn how ideal client profiling boosts marketing impact, sharpens referrals, strengthens team focus, and drives smarter, more sustainable growth.Key TakeawaysClarity on who yo...
2025-07-1506 min
Building The Billion Dollar Business8 Essential Qualities of Successful Next Generation LeadersIn this episode of Building the Billion Dollar Business, host Ray Sclafani highlights the vital role of succession planning in financial advisory firms and redefines business value as the ability to develop and elevate future leaders. He outlines eight essential qualities every future owner should embody and shares practical strategies for fostering an ownership mindset across your team. With coaching questions to guide meaningful conversations and steps to create real growth opportunities, this episode offers a clear path to building confident, capable leaders who will carry your firm's vision forward.Key TakeawaysSuccession planning is a...
2025-07-0809 min
Building The Billion Dollar BusinessPatriotism in the Work We Choose to DoIn this special July 4th episode of Building the Billion Dollar Business, Ray Sclafani steps away from strategies and frameworks to reflect on the deeper meaning of patriotism for business owners and leaders in wealth management. He shares a heartfelt message about the privilege of building something that lasts, the responsibility leaders carry, and why true patriotism is found not just in celebration—but in the work we choose to do each day. Whether you're leading a firm, developing the next generation, or simply navigating a tough quarter, this episode will inspire you to lead with purpose and pride....
2025-07-0103 min
Building The Billion Dollar BusinessMentorship with an Expiration DateIn this episode of Building the Billion Dollar Business, Ray Sclafani explores the often-overlooked truth about mentorship: it has an expiration date. Drawing on real-world experience coaching top financial advisors and entrepreneurial leaders, Ray unpacks why mentorship is not just about support, but strategic growth. He shares how the most successful leaders choose their mentors with intention, regularly reassess their relevance, and seek out guidance that aligns with their current leadership challenges. You’ll learn how to identify your learning gaps, test for alignment, and structure mentoring relationships that sharpen your thinking—not just affirm it. Whether you're scaling a fi...
2025-06-2409 min
Building The Billion Dollar BusinessHow Performative Opportunities Unlock Leadership Readiness in Advisory FirmsIn this episode of Building the Billion Dollar Business, Ray Sclafani explores how financial advisory firms can unlock leadership readiness by creating intentional, real-world growth experiences. Ray introduces the concept of performative opportunities- purposeful assignments that prepare next-generation leaders for the challenges of firm leadership. He shares insights on implementing Leadership Labs, cultivating autonomy, and building a culture of development and accountability. Whether you're focused on succession planning, scalable growth, or team empowerment, this episode offers actionable strategies to strengthen your firm’s leadership pipeline and long-term stability.Key TakeawaysPerformative opportunities are structured projects that te...
2025-06-1710 min
Building The Billion Dollar BusinessFacilitating the Future of Wealth Management with Technology, Talent, and IntegrationIn this episode, Ray Sclafani explores how top-performing advisory firms are reimagining the future of wealth management. He shares a five-step framework for reframing your business model—placing a premium on simplicity, integration, and aligning with evolving client expectations. Ray also dives into the essential role of talent development and retention in building a competitive, future-ready firm, along with practical strategies to harness technology and position your team for long-term success.Key TakeawaysClients want simplicity, integration, and a seamless experience.Top performing advisors are broadening the services they provide.Investing in technology enhances the client ex...
2025-06-1012 min
Building The Billion Dollar BusinessSetting the Right Growth Pace by Balancing Ambition and Stability in Financial Advisory FirmsIn this episode, Ray Sclafani discusses the importance of intentional growth in financial advisory firms. He shares a story about a Barron's ranked advisor facing team mutiny due to unmanaged growth, highlighting the need for leaders to balance ambition with stability. The episode covers the risks of unchecked growth, including operational chaos and cybersecurity threats, and emphasizes the importance of sustainable growth strategies. Sclafani provides practical steps for leaders to foster intentional growth, including assessing capacity, phasing growth plans, and investing in team-based models. The episode concludes with reflection questions for leaders to consider in their growth journey.
2025-06-0316 min
Building The Billion Dollar BusinessRetaining Top-Tier Advisors Through Career Pathing and CompensationIn this episode, Ray Sclafani discusses the critical importance of retaining top talent in financial advisory firms. He emphasizes the need for structured career pathing and professional development to enhance employee engagement and retention. The episode also explores how firms can invest in their future leaders, create clear pathways to partnership, and adapt compensation models to align with the aspirations of high-performing advisors. Coaching questions are also provided so that leaders can reflect on their strategies for talent retention and succession planning.Key Takeaways39% of employees leave due to insufficient career development.Structured career pathing leads...
2025-05-2711 min
Building The Billion Dollar BusinessGratitude in ActionWith our nation mired in so much political conflict and dissent lately, Memorial Day offers a rare opportunity for all of us to come together in a shared national pride and gratitude, pausing to honor and remember the brave men and women who have sacrificed to serve our country. This solemn day serves as a poignant reminder of the courage, dedication, and patriotism of those who have fought to protect the freedoms we hold dear.While it marks the unofficial start of summer gatherings and grilling, Memorial Day is so much more - a...
2025-05-2302 min
Building The Billion Dollar BusinessThe Modern Advisory Firm PlaybookIn this episode of Building The Billion Dollar Business, Ray Sclafani discusses the evolving landscape of advisory firms, emphasizing the importance of clarity in defining ideal clients, innovative pricing strategies, and the adoption of collaborative team models. He highlights the significance of developing talent from within and integrating technology to enhance client relationships and operational efficiency. The episode concludes with coaching questions aimed at helping leadership teams realign their strategies for future success.Key TakeawaysDefining the ideal client based on complexity and values is crucial.Broad client rosters lead to confusion and inefficiency.The ensemble...
2025-05-2007 min
Building The Billion Dollar BusinessScaling Smart in Revolutionary Times feat. Matt Barthel of Barron'sIn this conversation, Ray Sclafani and Matt Barthel, Editor-at-Large for Barron’s Advisor, discuss the evolution of advisory teams, focusing on the importance of value propositions, growth strategies, and the generational challenges faced by financial advisors. They emphasize the need for a human touch in advisory services, especially in the face of increasing technology and AI integration. The discussion highlights the significance of understanding client needs, the impact of wealth transfer, and the necessity for seasoned advisors to let go and empower the next generation of leaders.Key TakeawaysThe French Revolution analogy highlights the shift in...
2025-05-1333 min
Building The Billion Dollar BusinessThe Growth TrapIn this episode, Ray Sclafani discusses the common pitfalls of growth in advisory firms, emphasizing that not all growth is beneficial. He introduces the concept of the ensemble model, which promotes teamwork over individual heroics, and highlights the importance of technology as a supportive tool rather than a crutch. The episode concludes with a call to action for firms to grow with intention, aligning their growth strategies with their core values and infrastructure.Key TakeawaysGrowth without structure leads to chaos.Technology should support, not dictate strategy.Successful firms will grow with intention and clarity.Evaluate...
2025-05-0606 min
Building The Billion Dollar BusinessThe Complexity Capacity GapIn this episode, Ray Sclafani discusses the complexity capacity gap that many financial advisory firms face when trying to expand their client base. He emphasizes the importance of understanding client expectations, the need for customization, and the challenges that arise when firms are not structured to handle complex relationships. Sclafani advocates for a clear definition of service offerings, intentional team design, and appropriate pricing models to ensure sustainable growth without sacrificing quality or profitability.Key TakeawaysNot every client who meets asset thresholds is a good fit.Customization can lead to inefficiencies and increased stress.Pricing...
2025-04-2906 min
Building The Billion Dollar BusinessDo You Know Your True Value?In this episode, Ray Sclafani explores the evolving landscape of financial advisory services, emphasizing the importance of understanding and communicating true value to clients. He discusses the limitations of traditional AUM-based revenue models and highlights the need for advisors to adapt their fee structures to reflect the comprehensive value they provide. Key insights include the significance of effective client communication, the future of advisory compensation, and the necessity of tracking time and value in client relationships. Sclafani encourages advisors to engage in strategic planning to ensure sustainable growth and to meet the changing needs of their clients....
2025-04-2220 min
Building The Billion Dollar BusinessCalculating Your Client Acquisition CostsIn this episode, Ray Sclafani discusses the critical importance of client acquisition for financial advisory firms, emphasizing the need to understand and optimize client acquisition costs (CAC). He explores the significance of organic growth, the calculation of CAC, and the evaluation of the lifetime value of clients. The conversation highlights strategies for effective client acquisition and the importance of marketing investments to ensure sustainable growth in a competitive landscape.Key TakeawaysAcquiring new clients is essential for growth.Understanding CAC helps in enhancing enterprise value.High retention rates lead to high lifetime value of clients.Investing...
2025-04-1519 min
Building The Billion Dollar BusinessThe Best Defense Is A Good Offense During Market VolatilityIn this bonus episode of Building the Billion Dollar Business, Ray Sclafani discusses strategies for financial advisors to navigate market volatility and strengthen client relationships. He emphasizes the importance of proactive communication during uncertain times, assessing client satisfaction, and identifying at-risk clients. Sclafani also highlights the potential for growth in client acquisition during downturns and the need for strong leadership and self-care among advisors.Key TakeawaysProactive communication can strengthen client relationships.Identifying at-risk clients is crucial for retention.The top advisors grow their client base during downturns.Reassurance drives referrals and client engagement.Strategic actions...
2025-04-1015 min
Building The Billion Dollar Business12 Considerations for Building an Enduring FirmIn this episode of Building the Billion Dollar Business, Ray Sclafani discusses the essential considerations for financial advisors and leaders aiming to build enduring firms. He emphasizes the importance of strategic thinking, culture, leadership, value creation, competition, growth, focus, listening, technology, branding, financial security, and succession planning. The episode provides actionable insights and encourages leaders to assess their firms against these key areas to ensure long-term success.Key TakeawaysStrategic thinking requires dedicated time and attention.Culture sets the tone for an enduring firm.Value creation focuses on client needs and innovative solutions.Growth can be...
2025-04-0811 min
Building The Billion Dollar BusinessA Fiduciary Perspective on Organic Growth in a Legacy-Driven FirmIn this episode of Building the Billion Dollar Business, Ray Sclafani discusses the critical importance of business development for financial advisors. He shares insights from a conversation with a CEO of a $5 billion RIA who initially resisted the idea of business development. Sclafani emphasizes that growth is not merely a byproduct of market performance but requires intentional strategies and a shift in mindset. He introduces the Organic Growth 10% Rule as a benchmark for new client acquisition and stresses the need for firms to engage the next generation to ensure continuity. The episode concludes with actionable strategies for fostering growth...
2025-04-0116 min
Building The Billion Dollar BusinessThe Proven Blueprint for Building Advisory Career PathsIn this episode, Ray Sclafani discusses the critical importance of structured career paths in advisory firms. He outlines five key reasons why career paths matter, including employee retention, skill development, stronger client relationships, succession planning, and enhanced firm value. Ray then presents seven actionable steps to build effective career paths for team members, emphasizing the need for clear definitions, mentorship, measurable milestones, and ongoing conversations about career development. He concludes by addressing common challenges faced by advisors in implementing these strategies and encourages leaders to cultivate talent within their firms for long-term success.Key TakeawaysCreating...
2025-03-2518 min
Building The Billion Dollar BusinessTackling Partner Challenges with a COO’s 5-Step Playbook for SuccessIn this episode, Ray Sclafani discusses the often-overlooked topic of partner challenges within financial advisory firms. He outlines a five-step playbook for Chief Operating Officers (COOs) to effectively address these issues, emphasizing the importance of proactive communication, data-driven decision-making, and clear policies. The episode highlights the critical role of COOs in maintaining firm culture and performance, and the necessity of addressing conflicts head-on to ensure long-term success.Key Takeaways Inaction can lead to significant consequences for firms.Data-driven approaches help in addressing partner issues.Proactive policies are essential for managing partner behavior.Open communication fosters a h...
2025-03-1810 min
Building The Billion Dollar BusinessThe Intentional Growth Playbook for Financial AdvisorsIn this episode, Ray Sclafani discusses the concept of intentional growth for financial advisors, emphasizing the importance of having a clear vision, strategic planning, and understanding client needs. He outlines six critical questions that advisors should consider to align their growth strategies with their long-term business objectives. Additionally, he highlights the significance of organic growth and managing client relationships effectively to ensure sustainable success in the wealth management industry.Key Takeaways Intentional growth is about growing smart, not just for growth's sake.Advisors must define their vision and long-term objectives clearly.Strategic planning is essential for a...
2025-03-1115 minContrasting Viewpoints with Mark Hurley and Ray SclafaniLongevity Is the New Risk—Are You Ready? Featuring: Russ Hill (Ep. 12)This conversation explores the transformative impact of longevity on financial planning and wealth management. Mark Hurley, Ray Sclafani and Russ Hill discuss the need for financial advisors to rethink their approaches to planning for clients who may live significantly longer lives. Key themes include the importance of continuous learning, evaluating the return on education investments, and adapting financial conversations to different age groups.In this conversation, Mark Hurley, Ray Sclafani and Russ Hill discuss the evolving role of financial advisors in the context of longevity and wealth management. They explore how advisors can shift...
2025-03-0552 min
Building The Billion Dollar Business4 Team Communication Steps to Build Trust and a Collaborative CultureIn this episode, Ray Sclafani discusses the importance of effective communication in business, particularly within financial advisory teams. He outlines a four-step approach to enhance communication practices, which includes analyzing current communication channels, identifying gaps, building a communication framework, and strengthening communication through practice. The episode emphasizes the ripple effect of improved communication on team dynamics, client experiences, and overall business success.Key TakeawaysEffective communication is crucial for employee retention and profitability.Identifying gaps in communication can lead to significant improvements.Building a shared communication framework fosters collaboration.Training in communication can lead to higher...
2025-03-0413 min
Building The Billion Dollar Business3 More Creative Ways for Financial Advisors to Find New ClientsIn this episode, Ray Sclafani discusses three innovative strategies for financial advisors to expand their client base beyond traditional marketing methods. He emphasizes the importance of creativity in client acquisition, particularly in engaging younger generations. The episode covers starting a podcast, hosting AMA sessions, and writing a book as effective tactics to connect with clients and showcase expertise.Key TakeawaysTraditional marketing approaches are falling short, especially among younger generations.It's important to know your target audience when creating content.Live sessions can drive engagement and attendance.Successful authors find clients are more willing to refer...
2025-02-2512 minBuilding The Billion Dollar BusinessMaking Your Mission Statement Mean Something PowerfulIn this episode, Ray Sclafani discusses the significance of crafting a powerful mission statement for businesses, particularly in the wealth management sector. He emphasizes that a mission statement should reflect a firm's unique values and objectives, guiding decision-making and providing a sense of direction. He also shares examples of effective mission statements and encourages listeners to create their own concise and memorable statements. There are coaching questions provided at the end to help firms leverage their mission statements effectively.Key TakeawaysCrafting a mission statement reflects a firm's unique values.A mission statement governs the actions...
2025-02-1805 minBuilding The Billion Dollar BusinessTen Crucial Conversations for Client ReviewsIn this episode of Building the Billion Dollar Business, Ray Sclafani discusses the importance of intentional client reviews and presents a year-long playbook for financial advisors. He emphasizes the need for deeper conversations with clients beyond traditional investment management, covering topics such as tax strategies, legacy planning, budgeting, insurance, charitable giving, and dynamic financial planning. The episode highlights the significance of building trust and maintaining strong relationships with clients to ensure their financial success.Key Takeaways Intentionality in client interactions strengthens relationships.Legacy planning should evolve with clients' lives.Charitable giving aligns with clients' values and l...
2025-02-1115 minBuilding The Billion Dollar BusinessBefore Taking Any M&A Action, Make Sure To Know Your ‘Why’In this episode of Building the Billion Dollar Business, Ray Sclafani discusses the critical importance of succession planning for financial advisory firms, particularly in light of the impending retirements of senior advisors. He explores the role of mergers and acquisitions (M&A) as a strategic option for succession, emphasizing the need for a clear understanding of the motivations behind pursuing M&A. The episode highlights the challenges firms face in planning for the future, the significance of human capital in successful acquisitions, and the importance of intentional growth strategies. Sclafani concludes with coaching questions to help advisors reflect on...
2025-02-0411 minBuilding The Billion Dollar BusinessThe Blueprint for High-Performing TeamsIn this episode, Ray Sclafani discusses the blueprint for high-performing teams in financial advisory firms, emphasizing the importance of collaboration, mutual accountability, and a shared vision of success. He outlines six key components that define extraordinary success and provides coaching questions to foster team growth and reflection.Key Takeaways High-performing teams are essential for organizational success.A true team is cohesive with a shared commitment.Mutual accountability enhances team performance.Teams should co-create their vision of success.Open dialogue fosters trust and innovation.For more information click here to visit The ClientWise Blog.F...
2025-01-2812 minBuilding The Billion Dollar BusinessThe Paradox of ChoiceIn this episode, Ray Sclafani discusses the paradox of choice and how having too many opportunities can hinder decision-making and productivity. He emphasizes the importance of focus and strategic planning for leaders in wealth management, providing actionable strategies to prioritize effectively and protect team energy. The episode concludes with coaching questions to help teams align their goals and priorities for the year ahead.Key TakeawaysLeadership isn't about saying yes to everything.You cannot do it all.Saying no protects your team's energy.Fear of missing out is a silent killer.Measure success by alignment, not...
2025-01-2111 minBuilding The Billion Dollar BusinessBegin the Year with a 20-Year PerspectiveIn this episode of Building the Billion Dollar Business, Ray Sclafani emphasizes the importance of taking bold actions in the financial advising industry. He encourages listeners to reflect on their past and future, innovate client engagement models, invest in their teams, pursue personal development, and nurture client relationships. The episode concludes with actionable questions to help advisors design their legacy and align their daily actions with their long-term vision.Key Takeaways Reflect on the past to shape the future.Innovate client engagement to meet evolving expectations.Invest in your team for sustainable growth.Pursue personal development t...
2025-01-1409 minBuilding The Billion Dollar BusinessHold On! Strategies to stem the outflow of assets as they transition to the next generationIn this episode, Ray Sclafani discusses the critical strategies financial advisors must adopt to retain assets during wealth transitions to the next generation. He emphasizes the importance of building genuine connections with clients' heirs, adapting service models, enhancing technology, and integrating estate planning and philanthropy into advisory relationships. The episode also highlights the need for proactive engagement with younger clients and the significance of creating a clear succession plan to ensure long-term success in wealth management.Key TakeawaysMost advisors lose assets during wealth transfer.Building relationships with heirs is crucial.Younger clients prefer planning-focused relationships...
2025-01-0713 minBuilding The Billion Dollar BusinessThe Secret Sauce of Great LeadersIn this episode, Ray Sclafani explores the importance of professional development plans (PDPs) in leadership. He shares the story of Sarah, a high-performing leader who realized the need to empower her team rather than solely drive results herself. He emphasizes the shift in mindset required for effective leadership and the strategic framework of PDPs that align individual growth with organizational goals. Sclafani outlines a six-part framework for creating PDPs and discusses the cultural impact of fostering a learning environment within teams.Key TakeawaysProfessional development plans multiply success and build stronger teams.Great leaders empower others...
2024-12-3111 minBuilding The Billion Dollar BusinessTransfers of TrustIn this episode of Building the Billion Dollar Business, Ray Sclafani discusses the successful strategies employed by WYSIWYG Wealth Management, a high-performing advisory team generating over $10 million in annual revenue. This episode highlights the importance of developing the next generation of talent, implementing a transfer of trust model, and leveraging team capacity for growth. Key TakeawaysThe transfer of trust model enhances client relationships.Clients appreciate the involvement of younger advisors.Mentorship fosters personal connections and knowledge sharing.Forecasting opportunities helps in proactive planning.Utilizing capacity effectively can lead to strategic growth.For more information...
2024-12-2415 min
Building The Billion Dollar BusinessWishing You a Joyful Holiday & Peace in the New YearWishing You a Joyful Holiday Season and Peace in the New YearFrom all of us at ClientWise, we extend our warmest wishes to you and your families for a safe, joyful, and peaceful holiday season. We are deeply grateful for the partnerships, trust, and growth we’ve shared this year. The future is bright, and we remain committed to supporting your success every step of the way.
2024-12-2301 minBuilding The Billion Dollar BusinessTurning Failures into Fuel for Future PlanningIn this episode, Ray Sclafani discusses the importance of turning failures into valuable lessons for future planning. Using Abraham Lincoln's journey as a case study, he emphasizes the need for resilience and a structured approach to learning from setbacks. The episode outlines a four-step process for teams to reflect on failures, identify core lessons, adjust strategies, and celebrate progress. Additionally, practical exercises and coaching questions are provided to foster a culture of learning and adaptation within teams.Key TakeawaysFailures can serve as catalysts for future growth.A structured framework helps teams extract value from setbacks...
2024-12-1710 minBuilding The Billion Dollar BusinessWhen’s the Right Time to Hire a CEO?In this episode, Ray Sclafani discusses the critical decision of when and how to hire a CEO in wealth management firms. He explores the complexities of leadership transitions, emphasizing the importance of recognizing the right time to bring in professional management, the qualities to look for in a CEO, and the challenges of sourcing candidates. The conversation also covers structuring compensation packages and the emotional aspects of letting go as a founder. Through insights and studies, Ray Sclafani provides actionable guidance for firm owners considering this pivotal transition.Key TakeawaysFirms typically feel the need to...
2024-12-1014 minBuilding The Billion Dollar BusinessUnlocking Hidden OpportunitiesIn this episode, Ray Sclafani discusses the essential strategies for financial advisors to achieve sustainable growth. He emphasizes the importance of defining growth accurately, enhancing client relationships, building a robust referral system, and setting bold growth targets. Ray Sclafani highlights actionable tactics that advisors can implement to unlock hidden opportunities within their existing client base and pursue new clients effectively. Sclafani also stresses the role of technology, particularly CRM systems and AI tools, in tracking and measuring growth.The three key tactics to set your priorities straight before the new year begins:Build or enhance your...
2024-12-0316 min
Building The Billion Dollar BusinessGobble Gobble! Gratitude! 🦃As the leaves crunch underfoot and the Thanksgiving Holiday season is upon us, it’s time to hit the pause button on the chaos and soak in a little gratitude. Sure, the holiday comes with its fair share of turkey, touchdowns, and family antics, but beneath all the fanfare lies something deeper—a chance to truly appreciate the people who impact our lives and communities.For financial advisors, this time of year reminds us of the profound impact you and your team have on the lives of so many. Your work goes well beyond managing investments or even...
2024-11-2702 minBuilding The Billion Dollar BusinessShould You Stay or Step Aside? When Founders Face the CEO DilemmaIn this episode, Ray Sclafani explores the critical decision faced by founders and CEOs in the wealth management industry regarding whether to continue in their roles or step aside for new leadership. He discusses the complexities of this decision, including the emotional journey involved, the importance of developing a strong leadership team, and the role of external advisors in facilitating this transition. The conversation emphasizes the need for interdependence within teams and the significance of professional development plans to ensure sustainable growth for the firm.Key TakeawaysFounders often face the CEO dilemma as their firms...
2024-11-2617 minBuilding The Billion Dollar BusinessThe Talent Management Epidemic in Financial ServicesIn this episode of Building the Billion Dollar Business, Ray Sclafani discusses the pressing issue of talent retention in the financial services industry. He outlines a six-part blueprint for developing the next generation of leaders, emphasizing the importance of investing in human capital, creating transparent compensation structures, and fostering open communication. The episode highlights the need for financial advisory firms to adapt their practices to meet the expectations of younger professionals, ensuring they feel valued and supported in their career growth.Key TakeawaysHuman capital is often overlooked despite being a major expense.Neglecting employee engagement...
2024-11-1920 minBuilding The Billion Dollar BusinessSchwab’s 2024 RIA Benchmarking StudyIn this episode of Building the Billion Dollar Business, Ray Sclafani explores the key insights from the Schwab 2024 RIA Benchmarking Study, highlighting the factors that separate top-performing advisory firms from their peers. He covers the importance of referrals, client feedback mechanisms, strategic marketing plans, lead tracking, talent acquisition, and enhancing client experience through technology. Sclafani emphasizes the need for firms to document their strategies and focus on building high-performing teams to drive growth and success in the competitive financial advisory landscape.Key TakeawaysReferrals account for over two-thirds of new clients.A well-documented referral plan is...
2024-11-1220 minBuilding The Billion Dollar BusinessThe Multi-Tactic Marketing ApproachIn this episode, Ray Sclafani discusses the essential strategies for financial advisors aiming to grow their firms into billion-dollar businesses. He emphasizes the importance of a multi-tactic marketing approach, highlighting the need for effective client acquisition strategies, content creation, SEO, and educational events. Sclafani outlines four pillars that high-growth firms utilize to enhance their marketing efforts and discusses the significance of optimizing marketing expenditures and improving client experiences. He also stresses the importance of building a strong brand and focusing on niche markets to differentiate from competitors. The episode concludes with coaching questions for advisors to reflect on their...
2024-11-0519 minBuilding The Billion Dollar Business6 Key Insights from Fidelity's 2024 RIA Benchmarking StudyIn this episode, Ray Sclafani discusses key insights from Fidelity's 2024 RIA Benchmarking Study, highlighting challenges and opportunities for financial advisors. The episode covers declining margins and productivity, shifting client demographics, the prevalence of fee discounting, and the importance of both organic and acquisitive growth strategies. Additionally, the episode emphasizes the evolving product offerings and the critical role of technology adoption in enhancing operational efficiency. Ray Sclafani concludes with strategic initiatives that firms should prioritize for future success.6 Key InsightsBoth margins and productivity are decliningClient demographics and wealth tiers are shiftingFee discounting remains prevalent and potentially...
2024-10-2911 minBuilding The Billion Dollar BusinessHow Mission, Vision, & Values Impact Your Bottom LineIn this episode, Ray Sclafani discusses the critical role of mission, vision, and values in driving business success. He outlines seven key impacts these principles have on organizations, including improved alignment, decision-making, employee engagement, adaptability, client experience, accountability, and innovation. He emphasizes that regularly revisiting and integrating these core elements can lead to better business outcomes and a sustainable competitive advantage.Key TakeawaysMission, vision, and values are essential for business success.Employee engagement is linked to a strong sense of purpose.Adaptability is enhanced by regularly reviewing core principles.A culture of accountability fosters better...
2024-10-2213 minBuilding The Billion Dollar BusinessDitch the PitchIn this episode, Ray Sclafani discusses the significance of capability decks for financial advisors, emphasizing their role in client engagement, education, and advocacy. He outlines the eight essential components of an effective capability deck and provides insights on how to build and maintain one that resonates with clients and prospects. This episode highlights the shift from traditional sales pitches to a more value-driven approach, fostering deeper relationships and sustainable growth in wealth management.8 Essential Capability Deck ComponentsWhy You Do What You DoWho Your Firm Is Built to ServeKnown Needs of Your ClientsUnknown Needs of Your...
2024-10-1522 minBuilding The Billion Dollar Business6 Critical M&A Insights from Billion-Dollar Wealth ManagersIn this episode, Ray Sclafani discusses the evolving landscape of wealth management, focusing on the recent surge in M&A activity among billion-dollar firms. He highlights six critical insights, including the rise of mega deals, the dominance of private equity, valuation pressures, the importance of technology integration, specialization in niche markets, and the emergence of long life capital partners. The conversation emphasizes the need for firms to adapt to these trends to remain competitive and thrive in the industry.Key Takeaways The wealth management industry is experiencing unprecedented M&A activity.Mega deals are becoming more c...
2024-10-0813 minBuilding The Billion Dollar BusinessBeyond the 12-4-2In this episode, Ray Sclafani discusses the evolution of client engagement strategies for financial advisors, moving beyond the traditional 12-4-2 model to a more dynamic and episodic approach. He emphasizes the importance of understanding client preferences, leveraging AI and predictive analytics, and fostering deeper relationships through personalized communication. This episode includes practical steps for advisors to enhance their engagement strategies and improve client satisfaction.Key TakeawaysThe traditional 12-4-2 model is outdated and ineffective.A dynamic and episodic approach is more effective for client engagement.Understanding client preferences is crucial for personalized communication.AI...
2024-10-0113 minBuilding The Billion Dollar BusinessThe Stockdale ParadoxIn this episode of Building the Billion Dollar Business, Ray Sclafani discusses the Stockdale Paradox and its application in year-end planning for financial advisors. He emphasizes the importance of balancing hope with realism to maintain high performance as the year closes. The conversation covers strategic planning, effective communication, and the significance of team dynamics in achieving long-term success. Sclafani provides actionable steps for conducting productive offsite meetings and highlights the need for data-driven decision-making and alignment with the firm's mission, vision, and values.Key TakeawaysYear-end planning is crucial for maintaining momentum.Engaged teams lead to...
2024-09-2411 minBuilding The Billion Dollar Business5 Steps for Prospecting Small Business OwnersIn this episode, Ray Sclafani discusses the challenges and strategies for prospecting small business owners, emphasizing the importance of specialized expertise in exit planning. He outlines five key steps for financial advisors to effectively reach and engage potential clients in this market, highlighting the need for continuous learning and strategic networking.Key TakeawaysMillions of small businesses will change hands in the next decadeSpecialized expertise in exit planning is crucial for successDigital marketing is essential for reaching your target audienceIdentifying unique services can differentiate your firmContinuous learning is vital for staying competitiveExit Planning...
2024-09-1707 min
Building The Billion Dollar BusinessGet Out and VoteYou and your team hold a noble responsibility—guiding clients towards financial security and helping shape the current and future well-being of your community. This work leaves a lasting impact, and the duty to lead by example comes with that influence. Voting is one of the simplest yet most powerful ways to contribute to our nation’s future. Let’s honor our veterans and countless others who've sacrificed so much for our freedom, by exercising this right and encouraging others to do the same. Consider using this moment as a team building opportunity—working together to help get out t...
2024-09-1202 minBuilding The Billion Dollar BusinessUnleashing Organic GrowthIn this episode, Ray Sclafani discusses the essential truths that financial advisory firms must embrace for organic growth. He focuses on client acquisition costs and the lifetime value of a client, emphasizing the importance of understanding the lifetime value of a client (CLV) and its impact on resource allocation, marketing strategies, and client retention. Ray provides statistics and insights on CLV and highlights the need for efficient and effective spending on client acquisition. He also explores the role of client lifetime value in decision-making, marketing plans, and enhancing client experiences. The episode concludes with coaching questions for further exploration.
2024-09-1011 minBuilding The Billion Dollar Business8 Essential Qualities for Identifying NextGen Producing PartnersIn this episode, Ray Sclafani discusses the eight essential qualities for identifying next generation producing partners in a financial advisory firm. These qualities include financial acumen, business acquisition skills, leadership abilities, strategic business insight, project management skills, collaborative skills, commitment to mentorship and shared leadership, and a strong sense of personal responsibility. Sclafani emphasizes the importance of engaging potential future leaders in the firm's future plans to ensure continuity and prevent talent loss to competitors. He also highlights the need for a structured framework for collaboration and a thoughtful strategic approach to leadership development.Key Takeaways...
2024-09-0309 minBuilding The Billion Dollar Business9 Ways to Leverage the Pygmalion EffectIn this episode, Ray Sclafani discusses The Pygmalion Effect. The Pygmalion Effect is about setting high standards for your team and creating a culture of growth, innovation, and superior client service. It is a psychological phenomenon in which higher expectations lead to improved performance. This effect can enhance performance, increase client satisfaction, amplify professional development, attract like-minded professionals, foster innovation, and create a supportive environment. Nine tips for leveraging the Pygmalion Effect include leading by example, setting clear and achievable goals, communicating expectations clearly, encouraging ongoing training and development, fostering a supportive environment, recognizing and rewarding excellence, using constructive...
2024-08-2713 minBuilding The Billion Dollar Business8 Benefits of a Five-Year Strategic Plan for Your BusinessIn this episode, Ray Sclafani discusses the benefits of having a written five-year strategic plan for financial advisory businesses. He emphasizes the importance of strategic planning and how it can provide clarity of vision, goal setting and accountability, performative opportunities for next-generation leaders, risk mitigation, improved time management, enhanced client communication, competitive advantage, and personal and professional growth. Ray also provides coaching questions for listeners to reflect on and take action.Key TakeawaysA written five-year strategic plan provides clarity of vision and sets clear objectives for the business.Goal setting and accountability are crucial for...
2024-08-2012 minBuilding The Billion Dollar BusinessThe RIA Growth IllusionIn this episode, Ray Sclafani discusses the RIA growth illusion and the importance of creating a financial model for organic growth. He emphasizes the need for financial forecasting and modeling to make informed decisions and prepare for future outcomes. Sclafani suggests modeling three scenarios: a normal steady state, a worst-case crash and burn, and an optimistic moonshot scenario. He highlights the benefits of financial modeling, including identifying opportunities and challenges, assessing capacity needs, and enhancing the credibility of your plan. Sclafani also provides five considerations for generating reliable financial models.Key TakeawaysMany firms believe they...
2024-08-1316 minBuilding The Billion Dollar Business5 Strategies to Gamify Your Next-Generation Path to PartnershipIn this episode, Ray Sclafani explores five innovative strategies to gamify the path to partnership in financial advisory firms. By leveraging the principles of gamification, he reveals how career progression can become more engaging through the innate human drive for competition and rewards. The five strategies include establishing a level-based progression system, implementing points and badges, introducing leaderboards and competitions, gamifying training and development, and offering tiered partnership opportunities. These approaches make the journey to partnership more transparent, rewarding, and enjoyable, effectively attracting and retaining top talent. Key Takeaways Gamification can make career progression more engaging an...
2024-08-0609 minBuilding The Billion Dollar Business7 Powerful Reasons to Formalize Your Advisory BoardIn this episode, Ray Sclafani discusses the importance of establishing an advisory board for financial advisory firms. He highlights the benefits of having a formal advisory board, including strategic guidance, network access, accountability, specialized knowledge, risk management, long-term vision, and the development of future partners. Ray emphasizes the role of the advisory board in providing valuable insights, guidance, and support to navigate challenges and drive growth. He also provides tips on setting up an advisory board, such as investing time and money, paying board members, and creating a schedule of quarterly meetings.Key Takeaways ...
2024-07-3009 minBuilding The Billion Dollar Business6 Key Drivers to Designing Effective Compensation Programs for Future LeadersIn this episode, Ray Sclafani discusses the six key drivers to designing effective compensation programs for future leaders in financial advisory firms. These drivers include developing revenue generators, creating career paths, using performance-based incentives, paying attention to the little things, retaining key contributors, and developing future equity buyers. Ray emphasizes the importance of aligning compensation programs with firm goals and values to attract and retain top talent.6 Key Drivers to Designing Effective Compensation Programs for Future Leaders:Develop Those Who Can Grow Firm Revenue and New ClientsCreate Career Paths so Team Members are Future-FocusedMotivate with Performance-Based...
2024-07-2309 minBuilding The Billion Dollar BusinessCareer Pathing & Team IncentivesIn this episode, Ray Sclafani discusses the importance of career pathing and team incentives in building successful financial advisory teams. He shares insights from a breakout session he facilitated at the 2024 Barron's Team Summit in Las Vegas. Key insights are shared by; Jeff Brown, president of Stratos Private Wealth, Tony Parr, partner at Parr McKnight Wealth Management Group, and Jeff Price, managing director of Merrill Wealth Management, on designing clear career paths, conducting regular performance reviews, and creating a flexible work environment. The conversation also explores the use of creative incentives, such as profit sharing and referral rewards, to...
2024-07-1611 minBuilding The Billion Dollar Business7 Essential Metrics for Your CEO ScorecardIn this episode, Ray Sclafani discusses the seven essential metrics for a CEO scorecard that can help measure the performance of financial advisory firm CEOs. The metrics cover various categories such as firm performance, strategic leadership, operational excellence, stakeholder relations, personal development, adaptability and crisis management, and long-term sustainability. Ray provides detailed explanations for each metric and encourages CEOs to set specific measurable targets for each area. He also emphasizes the importance of regularly reviewing and assessing the CEO's performance using the scorecard.Key TakeawaysA CEO scorecard can help measure the performance of financial advisory...
2024-07-0907 minBuilding The Billion Dollar Business9 Trends That Will Impact the Future of Your FirmIn this episode, Ray Sclafani discusses nine trends that will impact the future of financial advisory firms. These trends include margin compression, rising labor costs, training of lead advisors, private equity investors, succession planning, next-generation partners, multiple expansion, rigorous compliance oversight, and advancing technology. Ray provides insights and recommendations for each trend, highlighting the importance of adapting and embracing innovation to thrive in the evolving advisory landscape.TakeawaysStay ahead of the curve by embracing the nine trends that will reshape the financial advisory industry.Implement the 40-30-30 rule to effectively manage resources and ensure...
2024-07-0213 minBuilding The Billion Dollar Business7 Steps to Building Your ‘Firm of Dreams’In this episode, Ray Sclafani discusses the seven steps to building your firm of dreams. He uses the metaphor of the movie 'Field of Dreams' to explain the importance of having a clear vision and taking a leap of faith. The seven steps include defining your firm's vision, creating a detailed plan, building the right team, attracting the right clients, delivering outstanding service, embracing change and innovation, and engaging with the community. Ray provides insights and strategies for each step, emphasizing the importance of client focus, continuous improvement, and community involvement.Click here to view this...
2024-06-2413 min
The Fine PrintStrategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 2 (Ep. 20)Finding talent can be hard. But you don’t always need to find it, with the right approach you can develop it within anybody.This episode is a continuation of David Grau Jr.’s conversation with Ray Sclafani, Founder and CEO at ClientWise, LLC. Join them as they’re dedicated to uncovering the secrets behind flourishing financial advisory firms as they explore the synergy of digital marketing, the power of client referrals, and the benefits of strategic partnerships. Ray’s knowledge in talent development shines as he discusses innovative onboarding and training strategies, that ensure new hires evolve in...
2024-04-0147 minThe Fine PrintStrategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 1 (Ep. 19)Finding talent can be hard. But you don’t always need to find it, with the right approach you can develop it within anybody.This episode is the first part of David Grau Jr.’s conversation with Ray Sclafani, Founder and CEO at ClientWise, LLC. Join them as they’re dedicated to uncovering the secrets behind flourishing financial advisory firms as they explore the synergy of digital marketing, the power of client referrals, and the benefits of strategic partnerships. Ray’s knowledge in talent development shines as he discusses innovative onboarding and training strategies, that ensure new hires evo...
2024-03-1855 minContrasting Viewpoints with Mark Hurley and Ray SclafaniAre You Thinking Big Enough? (Ep. 1)Mark Hurley and Ray Sclafani provide different viewpoints and insights on what is really going on in the wealth management industry as well as take an in-depth look at the immense opportunity ahead over the next ten to fifteen years and what firms will need to do to capitalize on it.For more podcasts, news, and insights, visit: https://famagazine.com
2024-03-1333 min
Loan Officer Marketing with Chris JohnstoneClientwise Founder Ray Sclafani Uncovers the Key to Better Business Partnerships!In this episode of The Loan Officer Wealth Podcast, Clientwise founder Ray Sclafani breaks down the concept of 'Framing' and how it can help us better understand our personal brand and the business partnerships we create! https://loanofficerwealth.com/ The Loan Officer Wealth Podcast | Ep. 68 Guest - Ray Sclafani from https://www.clientwise.com/ During this incredibly valuable conversation, we discuss: - The concept of FRAMING and how it affects our behaviors, actions, and ability to build professional relationships. - The dynamic b...
2023-01-1733 min
The Evolving Advisor PodcastEp 065: Ray Sclafani: Creating An Enduring Advising FirmIn this episode, Jeff and Ray discuss: What it takes to build an enduring enterprise. Options for phasing yourself out or into other positions as your firm grows. The processes and steps of a transition plan. The war for talent and how you can bring in the right talent for your firm. Key Takeaways: It is hard work building your boutique business into an enterprise. Build a next-generation team that is capable of serving your clients and their families multi-generationally. More freedom is created with each step down in a transition plan. The value for the clie...
2022-12-0143 min