Tag: Financial Advisor

FEATURE
Strategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 2 (Ep. 20)

Strategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 2 (Ep. 20)

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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 into valuable assets. Buckle up for a knowledge-filled discussion on the complexities of talent acquisition and team building to ultimately create a robust and dynamic workforce.

Listen as Ray discusses: 

  • Sustainable growth strategies for financial advisory firms
  • Digital marketing, AI, and client advocates
  • Talent acquisition and onboarding
  • And more

Resources:

Connect with David Grau Jr.:

Connect with Ray Sclafani: 

About Ray Sclafani: 

Ray Sclafani is the founder and CEO of ClientWise, which provides elite coaching programs and consulting exclusively for the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise, its unique coaching programs, and its team of credentialed coaches.

Ray’s experience as a coaching and consulting specialist in the financial sector mirrors his long and profitable history in the industry. 

As a complement to his coaching skills, he holds a Master’s Certification in Neuro-Linguistics from the International Association for Neuro-Linguistic Programming and has participated in The Strategic Coach® Program for 17 years.

Ray’s expertise as a coach and trainer is recognized and sought out by leaders within the profession. Through ClientWise, he has provided coaching or created and presented workshops for, among others, Merrill Lynch, Morgan Stanley Wealth Management, LPL, Raymond James Financial, Ameriprise, and Northwestern Mutual. In addition, he has spoken on request to major industry conferences and company events for firms such as Merrill Lynch for their Diversity & Training programs, LPL, Morgan Stanley Institutes Conferences, Raymond James, FSC Securities, as well as the FPA National Conference, John Hancock Funds Wholesaler Conference, Nationwide Financial Summit Sales Conference, MetLife Presidents’ Conference, Northwestern Mutual Forum, Northwestern Mutual Annual Meeting, Barron’s Winner’s Circle Summit, and Barron’s Top Advisory Teams Summit.

He has been interviewed and quoted in the Wall Street Journal, Financial Planning magazine, and Registered Rep, to name a few. Ray’s book, “You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships,” was published by Wiley in 2015.

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Strategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 1 (Ep. 19)

Strategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 1 (Ep. 19)

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The wealth advisory landscape is rapidly evolving, which brings the challenge of building firms that not only survive but thrive through transitions and market fluctuations.

In this enlightening installment of SRG Off-Script, David Grau Jr. engages with the founder and CEO of ClientWise Ray Sclafani in a comprehensive discussion on the keys to constructing enduring wealth for advisory firms. Advisors often grapple with the complexities of succession planning, the debate between specialization versus generalization, and the critical task of developing their businesses with intentionality. Davis and Ray address these pressing issues, offering valuable insights and actionable strategies for advisors determined to secure the future of their firms. 

Listen as Ray discusses: 

  • Specialization vs generalization in the advisory industry
  • Succession planning challenges and strategies
  • Developing new industry talent and transitioning positions effectively 
  • The importance of finding joy in your work
  • And more

Resources:

Connect with David Grau Jr.:

Connect with Ray Sclafani: 

Connect with Ray Sclafani: 

Ray Sclafani is the founder and CEO of ClientWise, which provides elite coaching programs and consulting exclusively for the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise, its unique coaching programs, and its team of credentialed coaches.

Ray’s experience as a coaching and consulting specialist in the financial sector mirrors his long and profitable history in the industry. 

As a complement to his coaching skills, he holds a Master’s Certification in Neuro-Linguistics from the International Association for Neuro-Linguistic Programming and has participated in The Strategic Coach® Program for 17 years.

Ray’s expertise as a coach and trainer is recognized and sought out by leaders within the profession. Through ClientWise, he has provided coaching or created and presented workshops for, among others, Merrill Lynch, Morgan Stanley Wealth Management, LPL, Raymond James Financial, Ameriprise, and Northwestern Mutual. In addition, he has spoken on request to major industry conferences and company events for firms such as Merrill Lynch for their Diversity & Training programs, LPL, Morgan Stanley Institutes Conferences, Raymond James, FSC Securities, as well as the FPA National Conference, John Hancock Funds Wholesaler Conference, Nationwide Financial Summit Sales Conference, MetLife Presidents’ Conference, Northwestern Mutual Forum, Northwestern Mutual Annual Meeting, Barron’s Winner’s Circle Summit, and Barron’s Top Advisory Teams Summit.

He has been interviewed and quoted in the Wall Street Journal, Financial Planning magazine, and Registered Rep, to name a few. Ray’s book, “You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships,” was published by Wiley in 2015.

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Advisor NextGen Talent Sourcing and Training Strategies (Ep. 11)

Advisor NextGen Talent Sourcing and Training Strategies (Ep. 11)

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The financial advisory industry is currently facing a significant challenge. The average age of advisors is increasing, and there is a pressing need for new talent. Many advisors struggle with building a team and transitioning their businesses to the next generation.

In this episode David Grau Jr. interviews Jon Randall, an advisor and consultant, about the importance of finding, training, and compensating next generation advisors in the financial advisory industry. They discuss the challenges of building a team and transitioning businesses to the next generation, emphasizing the need for training programs focused on the business owner aspect. They also explore the benefits of hiring and training raw talent, as well as the importance of incentives and clear career paths in retaining talent. 

David and Jon discuss: 

  • Benefits of homegrown talent and training individuals in-house
  • Strategies for finding and attracting talent, including networking events and internships
  • The importance of offering competitive salaries and incentives to attract and retain talent
  • The need for a clear career path and advancement opportunities within a firm
  • Training and developing junior advisors, including specialization and working in teams
  • The challenge of founders letting go and allowing junior advisors to take the lead
  • And more!

 

Resources:

Connect with David Grau Jr.:

About our Guest: 

XFA.COACH – eXtraordinary Financial Advisors is a distinctive coaching and consulting firm committed to providing financial advisors a specialized and proven approach to eXtraordinary growth and profitability.

 

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Succession Planning: The Secret Sauce to A Smooth Exit Strategy (Ep. 9)

Succession Planning: The Secret Sauce to A Smooth Exit Strategy (Ep. 9)

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Do you know where your practice is going once you decide to let go of the wheel? Can it survive without your direction? Do you know what processes to start implementing now to ensure a smooth transition of your business?

In this episode, David Grau Jr. is joined by Matt Cooper, the President of Beacon Pointe Advisors. They discuss the importance of succession planning for independent advisors and the process of putting deals together in the private equity industry. 

Matt discusses: 

  • Insights on Beacon Point’s growth and expansion through M&A transactions, their criteria for affiliating with other firms, and the importance of next-generation talent.
  • The need for personal connections and addressing both economic and emotional aspects in deals
  • Advice for buyers and sellers based on their experiences
  • And more

 

Connect with David:

Connect with Matt:

About our Guest: 

Matt is a founding partner of Beacon Pointe Advisors and oversees the firm’s strategic plan focused on mergers and acquisitions, creating synergistic partnerships between Beacon Pointe and other wealth managers across the country. Matt has been featured in Financial Planning Magazine, Barron’s, InvestmentNews, Citywire, Financial Advisor IQ, and Forbes, among other publications. He also regularly speaks on a host of wealth management and industry-related topics across various national conferences. Matt has a passion for continuous lifetime learning with a focus on the wealth management and financial life management industries. At a time when the RIA industry is changing more rapidly than any other point in history, his focus is on building the best possible business to serve clients and to assist other wealth advisors in meeting their lifetime goals. Matt graduated from the University of Southern California Marshall School of Business with a BS in Finance and Business Economics. While at USC, Matt served as President for the Sigma Alpha Epsilon Fraternity. He remains a supporter of both the University and the National Fraternity. Matt has served on the Advisory Committee of Serving People in Need (SPIN), is past President of Newport Mesa National Junior Basketball, past President of the Andersen Elementary School Foundation (DEANS), is a member of Legatus International, and also served on the Investment Committee of The Orange Catholic Foundation. He lives in Dallas, Texas with his wife and has three sons. Matt enjoys traveling, running and exercise, and spending time with his family.

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Expanding Your Practice: Key Tips (Ep. 6)

Expanding Your Practice: Key Tips (Ep. 6)

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There may be something comforting about selling your practice to someone you know, someone already working with you, but what makes that a better option than selling to a third party?

In this episode, David Grau Jr. dives into the complexities of expanding your business and what to consider when looking at next gen talent. He offers some tips on mentoring, training and the importance of intentionality. 

David discusses: 

  • What to consider when looking to sell or expand your practice 
  • How to create sustainable growth in the advisor space
  • Navigating the complexities of expanding across your advisors, what to consider and how 
  • What it takes to create the most well rounded team based on your expectations
  • And more!

 

Connect with David:

About David: 

David Grau Jr. is the founder and CEO of Succession Resource Group, a succession and M&A consulting company for advisors. Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy.

David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is currently one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country.

David holds a Bachelor’s Degree from Portland State University and has a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen and their three children are long-time residents of Portland, Oregon, but take every opportunity to travel.

Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business David had a beautiful head of hair. Now he doesn’t.

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The Importance of Succession Planning for Advisors (Ep. 5)

The Importance of Succession Planning for Advisors (Ep. 5)

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Many advisors often fail to plan for their eventual retirement and succession, risking their legacy and business.

Without a well-designed succession plan, they may face difficulties in finding a suitable successor, maximizing the value of their business, and securing their legacy for future generations.

In this episode, David Grau Jr. dives into the crucial topic of succession planning, emphasizing the importance of designing a plan regardless of how far away retirement may seem. Additionally, David explains three key details to avoid when creating your succession plan.

David discusses: 

  • What succession planning is
  • The value of writing down retirement and succession plans for advisors
  • The importance of starting to think about succession planning and exit strategies early on in one’s business
  • The pros and cons of internal succession planning versus third-party sales for advisors looking to maximize the value of their business
  • The value and mixed opinions of aggregators in the financial industry
  • The importance of valuing your business annually to build a better, more valuable business and to pass on something of value to your heirs
  • Three things to avoid when it comes to internal succession planning
  • And more!

 

Connect with David:

About David: 

David Grau Jr. is the founder and CEO of Succession Resource Group, a succession and M&A consulting company for advisors. Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy.

David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country.

David holds a Bachelor’s Degree from Portland State University and a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen, and their three children are long-time residents of Portland, Oregon, but take every opportunity to travel.

Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, and reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business, David had a beautiful head of hair. Now he doesn’t.

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Family & Finances: What To Expect (Ep. 4)

Family & Finances: What To Expect (Ep. 4)

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There is nothing that can divide a family faster than money issues. When merging firms and keeping them within the family, there are a number of considerations that you need to take into account. 

In this episode, David Grau Jr. discusses the ins and outs of selling your practice to a family member and how the dynamics can get strained, as well as ways to resolve conflict that can help get everyone on the same page. 

David discusses: 

  • The dynamic between leaving your practice to your children and how they can take over seamlessly 
  • How family dynamics can be strongly impacted by issues regarding money
  • What to expect when passing off your practice to a family member
  • And more

Connect with David:

About David: 

David Grau Jr. is the founder and CEO of Succession Resource Group, a succession and M&A consulting company for advisors. Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy.

David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country.

David holds a Bachelor’s Degree from Portland State University and a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen, and their three children are long-time residents of Portland, Oregon, but take every opportunity to travel.

Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, and reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business, David had a beautiful head of hair. Now he doesn’t.

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Selling Your Practice: When is the right time? (Ep. 2)

Selling Your Practice: When is the right time? (Ep. 2)

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Are you an advisor planning for the future? It’s time to take a closer look at your succession plan. In today’s market, a book of business is no longer just for inheritance and referrals – it’s a valuable asset that can be sold for a significant profit.

In this must-listen podcast, David Grau Jr., MBA, provides expert analysis of the changing industry landscape and shares invaluable insights on the true value of your books of business. With recurring revenue at stake, it’s essential to know when and how to sell your practice for maximum profit.

In this episode: 

  • Discover the key factors that contribute to the value of your practice, and how to effectively sell it for maximum profit.
  • Find out what makes a practice a prime candidate for merging, and how to avoid inflated valuations that can limit your success.
  • Learn how to overcome the biggest challenges advisors are facing today, and stay ahead of industry changes.
  • Gain valuable advice on attracting the next generation of top talent to adopt books of business, and build a successful succession plan.
  • And that’s just the beginning – there are plenty more valuable insights to explore!

Connect with David:

About David: 

David Grau Jr. is the founder and CEO of Succession Resource Group, a succession and M&A consulting company for advisors. Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy.

David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country.

David holds a Bachelor’s Degree from Portland State University and a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen, and their three children are long-time residents of Portland, Oregon, but take every opportunity to travel.

Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, and reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business, David had a beautiful head of hair. Now he doesn’t.

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Welcome to SRG Off Script With David Grau Jr. (Ep. 1)

Welcome to SRG Off Script With David Grau Jr. (Ep. 1)

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Welcome to SRG Off Script, the podcast where experts at Succession Resource Group unpack the latest industry trends, recommendations, and observations, for independent advisors managing their own financial services practice, with no fluff and a little entertainment.

In this episode:

  • Get an exclusive look into David’s early years in the financial services industry
  • Discover how the M&A landscape has evolved over the years and what it means for your business
  • Learn how the team at Succession Planning helps clients achieve their goals and maximize their value
  • Gain valuable personal and professional insights from David on what he finds most rewarding in life
  • The critical role of planning ahead in business exits: learn how to maximize the value of your business and set yourself up for a successful exit 

Don’t miss out on this incredible opportunity to learn from one of the industry’s most respected experts. Tune in now and get ready to take your financial services game to the next level!

Connect with David:

About David: 

David Grau Jr. is the founder and CEO of Succession Resource Group (SRG), a consulting firm serving independent financial advisors. . Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy.

David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country.

David holds a Bachelor’s Degree from Portland State University and a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen, and their three children recently relocated from Portland, Oregon to Austin, Texas, and take every opportunity to connect with their new community.

Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, and reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business, David had a beautiful head of hair. Now he doesn’t.

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