Contrasting Viewpoints with Mark Hurley and Ray Sclafani

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Sep 2026

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About the show

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.

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30 recent

October 23, 202652 min

Why AI Makes Human Advisors More Valuable, Not Less featuring Bryan Hyman (Ep. 30)

Ray Sclafani and Mark Hurley discuss how ownership disputes can derail a wealth management deal, why advisors should understand their agreements before signing, and how AI is changing the way prospective clients discover and evaluate firms. They also examine the risks of relying on AI for advice, emphasizing that fiduciary responsibility remains with the advisor and that AI-generated information must be verified. In the “You’ve Got to Be Kidding Me” segment, Ray and Mark consider the controversy surrounding Forbes and Shook Research and the questions it raises about the credibility of advisor rankings. Then Brian Hyman, Co-Founder and CEO of High Meadow Solutions, joins the conversation to discuss how RIAs can improve their technology and data infrastructure, prepare for AI, and compete effectively—even with smaller teams.The episode explores practical challenges including data ownership, vendor relationships, cybersecurity, and how firms can turn time saved through AI into better client service and sustainable growth. The central takeaway: technology creates opportunity, but strong data, clear processes, and leadership determine what a firm does with it. About Our Guest: Brian Hyman is the Co-Founder and CEO of High Meadow Solutions, a digital transformation consultancy tailored to the wealth and asset management industry that has completed over 100 system migrations for more than 250 organizations. With nearly two decades of experience at the intersection of financial services and technology, his career includes product leadership roles at Enso Financial Management, Adaptive Management, and Relationship Science—all three of which were subsequently acquired. A Lafayette College economics and government graduate living in New Jersey, Hyman leads High Meadow with a focus on domain fluency, trust-based relationships, and team mentorship, while dedicating his personal time to family, athletics, and veteran advocacy. https://www.highmeadowsolutions.com/ About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani Ray Sclafani is the Founder and CEO of ClientWise, a premier business and executive coaching firm serving financial advisors, advisory teams, and wealth management leaders nationwide. A recognized authority on advisory firm growth, leadership, succession, and enterprise development, Ray brings 20+ years of experience in financial services, including a distinguished tenure at AllianceBernstein where he served as one of the company's top sales professionals and executive leaders. As a Professional Certified Coach (PCC) and Master Certified Neuro-Linguistic Programmer, Ray has coached many of the industry's top-performing advisory firms and teams, including those at Merrill Lynch, Morgan Stanley, LPL, Raymond James, Ameriprise, and Northwestern Mutual. He is the host of the Building the Billion Dollar Business podcast, co-host of Contrasting Viewpoints published by Financial Advisor magazine, and author of You've Been Framed (Wiley, 2015). Ray's thought leadership and impact have been recognized through multiple 2026 awards: Finalist for Chief Executive Officer of the Year at the Wealth Management Industry Awards, Finalist for Thought Leader of the Year in the Advisory Support Platform Category at the ThinkAdvisor Luminaries Awards, and Top Financial Advisor Coaching Service 2026 from Financial Services Review. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

September 11, 202652 min

If Advisors Don't Offer Estate Planning, Clients Will Leave (Ep. 29)

Most American families procrastinate on estate planning—over 50% have no plan at all. But Cody Barbo, founder and CEO of TrustAndWill (the nation's leading digital estate planning platform), reveals why this isn't a knowledge problem. It's an anxiety problem. In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley explore the real opportunity ahead for financial advisors who make estate planning a core service. Cody shares why his startup has helped 1.3 million families—and how he got there by recognizing that clients are worried about money more than ever before. The conversation covers why traditional estate planning failed to solve this problem, how digital platforms change the equation for advisors, and why over 50% of clients would consider switching advisors if their current advisor didn't offer estate planning capability. Whether you're looking to add a competitive service, deepen client relationships, or unlock a new revenue stream, this episode reveals the business case for estate planning in your practice today. About Our Guest: Cody Barbo | Founder & CEO, TrustAndWill Cody Barbo is a serial entrepreneur and founder of TrustAndWill, the nation's leading digital estate planning platform serving 1.3+ million families. With 16 years of entrepreneurial experience and a mission to make estate planning accessible to everyday American families, Cody has built TrustAndWill into a 50+ million dollar revenue business in just seven years, with backing from strategic investors including UBS, Northwestern Mutual, American Express, USAA, and others. Before TrustAndWill, Cody built a hospitality tech platform serving restaurants and hotels, raising millions in venture capital. His personal catalyst for TrustAndWill came in late 2017 when he recognized that millions of Americans know they should address estate planning but continue to postpone—creating both a business opportunity and a human need. Today, 26,000 financial advisors use TrustAndWill as part of their client service delivery, and Cody is focused on continuing to partner with the wealth management industry to solve the estate planning gap. He speaks regularly at industry conferences and contributes research on advisor best practices and client engagement strategies. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani Ray Sclafani is the Founder and CEO of ClientWise, a premier business and executive coaching firm serving financial advisors, advisory teams, and wealth management leaders nationwide. A recognized authority on advisory firm growth, leadership, succession, and enterprise development, Ray brings 20+ years of experience in financial services, including a distinguished tenure at AllianceBernstein where he served as one of the company's top sales professionals and executive leaders. As a Professional Certified Coach (PCC) and Master Certified Neuro-Linguistic Programmer, Ray has coached many of the industry's top-performing advisory firms and teams, including those at Merrill Lynch, Morgan Stanley, LPL, Raymond James, Ameriprise, and Northwestern Mutual. He is the host of the Building the Billion Dollar Business podcast, co-host of Contrasting Viewpoints published by Financial Advisor magazine, and author of You've Been Framed (Wiley, 2015). Ray's thought leadership and impact have been recognized through multiple 2026 awards: Finalist for Chief Executive Officer of the Year at the Wealth Management Industry Awards, Finalist for Thought Leader of the Year in the Advisory Support Platform Category at the ThinkAdvisor Luminaries Awards, and Top Financial Advisor Coaching Service 2026 from Financial Services Review. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

August 3, 202645 min

Your CRM Shouldn't Be AI's Training Ground feat. Matt Halloran (Ep. 28)

AI is no longer a future consideration for advisory firms. It's an operating decision advisors are making right now, and this episode digs into what that decision actually involves. Ray Sclafani and Mark Hurley open with their usual contrasting lenses (Mark on custodial economics and market structure, Ray on talent and culture) before turning to Matt Halloran, Chief Evangelist at Zocks, for a candid look at how AI assistants are reshaping day-to-day practice management. Matt unpacks why plugging client data into consumer AI tools like ChatGPT or Claude carries real compliance risk, why connecting AI directly to a CRM can mean the AI provider learns from and effectively owns that client data, and how purpose-built platforms are designed to avoid that exposure. Mark presses him on breach liability and third-party attack vectors, while Ray challenges whether automating entry-level work strips junior advisors of the judgment they need to develop. The conversation also covers where AI should responsibly learn about clients: through structured, advisor-reviewed processes rather than open access to historical records. Listeners walk away with a clearer framework for evaluating AI tools and the compliance questions worth asking before connecting any AI system to client data. About Our Guest: Matt Halloran is Chief Evangelist at Zocks , the privacy-first AI assistant platform built for financial advisors, where he leads AI education and adoption for advisors and firms. A three-time author, TEDx speaker, and advisor coach with more than 15 years of practice management experience, Matt holds an MS in mental health and life coaching and has appeared on more than 1,000 podcasts. He's known for championing a human-centered approach to leadership and client communication, making him a credible voice on where automation should and shouldn't take over in an advisory practice. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

July 20, 202642 min

Why Bigger Deals Actually Get Worse featuring David Grau Jr. (Ep. 27)

If you're considering a merger, acquisition, or sale in the next five to ten years, this episode will challenge everything you think you know about valuations and deal structures in wealth management. David Grau Jr., founder and CEO of Succession Resource Group debates a critical question: Does bigger always mean better in M&A? Ray Sclafani and Mark Hurley explore the hard data behind deal multiples, the real economics of private equity partnerships, and why advisors are increasingly pursuing strategic mergers to achieve relevance rather than simply exit. David's core insight disrupts a widely held belief in the industry. While headlines tout 20+ times EBITDA multiples for advisory practices, the actual transaction data tells a different story. Sustainable multiples cluster around 8-10 times EBITDA, and deals that appear to offer higher valuations often shift risk and illiquidity to sellers through rolled equity and earn-out structures. This means you could be "paid back with your own money" rather than receiving the clean exit you imagined. The episode digs into why margin expansion doesn't happen as expected when firms scale, why private equity may be a "recruiting deal" disguised as a liquidity event, and what the real inflection point looks like for successful exits. Whether you're building a firm to sell or to endure, this conversation will give you the framework to evaluate your options with clear eyes. David reveals what he's actually seeing in the deal market through the term sheets on his desk, the compensation structures that trap sellers, and the demographic realities forcing advisors to think about succession now rather than later. Ray and Mark challenge him on everything, making for the kind of raw, unfiltered discussion that makes this podcast essential listening for advisors thinking about their firm's future. About Our Guest: David Grau Jr., MBA is founder and CEO of Succession Resource Group (SRG) , a specialized M&A and succession consulting firm serving advisory firms and their owners. With a deep background in advisory firm transactions and valuations, David has become one of the industry's leading voices on M&A strategy, succession planning, and the real economics of firm consolidation. Before launching SRG, David served as the leading M&A consultant for a prominent succession planning firm to RIAs, where he developed and led numerous programs and advised hundreds of advisory firm leaders on transaction strategy. His expertise spans valuations, merger structuring, and helping firms navigate the tension between growth, profitability, and succession, particularly the choice between scaling internally or pursuing strategic partnerships. David is a published author, accomplished speaker, and has been featured in dozens of industry publications. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

July 16, 202656 min

Why Team Liftouts Have Never Been More Desirable with Allan Starkie (Ep. 26)

The talent war in wealth management is intensifying. Massive consolidation has eliminated C-suite roles while creating explosive demand for advisors and teams that bring clients. Team liftouts have become more desirable than ever, but the economics, legal complexity, and retention challenges are reshaping how firms recruit, retain, and compensate talent. In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley are joined by Allan Starkie of Knightsbridge Advisors to discuss what's really happening in the battle for talent. The conversation explores team liftout pricing (from 3x revenues to 10x EBITDA), the shift from wirehouse dynamics to RIA equity economics, the portability analysis that determines success, and the legal strategies advisors and firms are using to compete. Allan shares insights from placing 47 team liftouts in the last five years and explains why 90%+ of his placements stick—while most others fail. Whether you're a firm trying to win talent, an advisor evaluating a move, or a CEO building retention strategy, this episode offers practical guidance on separating hunted business from handed business, understanding real client portability, and building the cultural fit that determines whether a move succeeds. The best decision makers start with a simple question: Are your clients loyal to you, or to your institution? This episode helps you answer it. About Our Guest: Allan R. Starkie, Ph.D., is Managing Partner of Knightsbridge Advisors and one of the most respected executive recruiters in wealth management. With more than 25 years of experience in retained search, M&A consulting, and succession transitions, Allan has become the go-to advisor on talent movement, recruiting economics, and retention strategy for elite RIAs and wealth management firms across the country. A West Point graduate and former Green Beret and Army Intelligence officer, Allan brings a unique perspective shaped by work at the Pentagon, the Defense Intelligence Agency, and the C-suite. He holds an MBA from Harvard Business School, a Master's degree in Strategic Intelligence, and a Ph.D. in Business from Oxford. He is a published author, international business advisor, and Adjunct Professor at LIU Post. Through Knightsbridge, Allan sees the full landscape of advisor movement: who's leaving, who's staying, which firms are overpaying, and which are quietly becoming talent magnets. His firm has executed 47 team liftouts in the last five years and maintains industry-leading retention—90%+ of placements stick beyond three years, far outpacing the broader market. This episode draws on those frontline insights to help advisors and firms navigate one of the most competitive talent markets in wealth management history. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

June 5, 202646 min

Before You Chase the Multiple feat. Wayne Hewett (Ep. 25)

Valuations are high. Private equity capital continues to flood the market. Advisory firm owners are hearing about eye-popping multiples and wondering if now is the time to sell, acquire, or bring on a partner. In this episode of ContrastingViewpoints, Ray Sclafani and Mark Hurley are joined by Wayne Hewett of Live Oak Bank to discuss what advisors should consider before chasing a headline valuation. The conversation explores the role of debt versus equity, internal succession planning, next-generation ownership, and the importance of understanding your firm's growth story before making a major capital decision. Wayne shares lessons from working with advisory firms across the country and explains why the best decisions start with a simple question: What's your why? Whether you're planning for succession, evaluating acquisition opportunities, or exploring growth capital, this episode offers practical guidance for advisors who want to build enterprise value intentionally. Wayne Hewett is a Senior Loan Officer in Investment Advisory Lending at Live Oak Bank . With more than 20 years of experience in financial services, including running his own advisory practice and consulting on succession and acquisitions, Wayne helps advisory firms navigate growth, ownership transitions, and access to capital. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

April 17, 202655 min

The Case for a Digital Workforce in Wealth Management with Andrei Pop (Ep. 24)

Ray Sclafani and Mark Hurley cover a full slate of industry news before sitting down with Andrei Pop, Founder and CEO of Humanity Labs. They open with a surge in cybersecurity breaches hitting major wealth management firms, the growing liquidity risks inside private credit portfolios, the ongoing war for advisor talent and the limits of non-compete enforcement, and the under appreciated challenge of serving clients who are struggling emotionally in retirement. They also weigh in on Robinhood's push upmarket and take a hard look at whether a high-profile Vanguard investment in a small startup deserves the dramatic headlines it's getting. In the main segment, Andrei Pop joins to make the case for a fundamentally different operating model in wealth management — one built around a managed digital workforce that handles client onboarding, compliance, reporting, billing and more, freeing human talent to focus on what actually differentiates a firm. Ray and Mark push back on cost, control, scalability and who this model really works for, making for one of the more honest conversations the industry is having right now about where AI is actually headed. Andrei Pop is the founder and CEO of Humanity Labs, where he partners with leading wealth management firms to transform their operating models through a managed digital workforce. Before Humanity Labs, Andrei founded Human API in 2014, building it into the nation's largest real-time health data network with over 280 million connected lives and used by eight of the ten largest insurers in the country. Human API was acquired by LexisNexis in 2024, where Andrei served as General Manager before launching Humanity Labs in 2025. He has spent his career building companies at the intersection of AI and highly regulated industries, and brings that experience directly to the unique compliance, scale and operational challenges facing wealth management firms today. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

March 13, 202648 min

The RIA M&A Frenzy with Jonathan Stern (Ep. 23)

The M&A market for RIAs continues to accelerate, fueled by record deal activity, strong valuations, and an influx of private equity capital. In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley are joined by Jonathan Stern, partner at Berkshire Global Advisors, to unpack what is driving the current deal frenzy and what it means for advisory firm owners. Jonathan shares insights from decades of advising on financial services transactions, explaining why investor demand for RIAs remains so strong and why valuations have stayed elevated. The conversation explores the forces shaping today’s market, including the appeal of recurring revenue, demographic tailwinds in wealth creation, and the growing professionalization of advisory firms. The discussion also highlights how buyers are increasingly focusing on organic growth, client demographics, and leadership depth when evaluating firms. Ray and Mark examine the rising interest in minority investments as advisors seek liquidity without giving up control, as well as the growing sense of FOMO among some founders as consolidation continues. About Jonathan Stern Jonathan Stern is a partner at Berkshire Global Advisors, a leading boutique investment bank specializing in financial services mergers and acquisitions. He co-leads the firm’s investment management practice and works extensively with wealth managers, asset managers, and financial institutions on strategic transactions and advisory engagements. Stern joined Berkshire Global Advisors in 1998 and has more than four decades of industry experience. Over the course of his career, he has advised on a wide range of transactions across wealth management, investment management, real estate, infrastructure, and capital markets. Prior to joining Berkshire, Stern spent his early career at First Union and First Fidelity Bancorporation, where he focused on corporate finance and acquisition strategy. Today, he works with leading advisory firms and financial institutions around the world, helping them navigate mergers, capital partnerships, strategic investments, and long-term growth planning. https://berkshireglobal.com/our-team/jonathan-stern-cfa/ About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

February 6, 202643 min

Wealth Management’s Tectonic Shifts in 2026 (Ep. 22)

2026 is shaping up to be a transformative year for wealth management, and the next phase of the industry is already here. In this episode, Ray Sclafani and Mark Hurley break down the seismic changes advisors need to watch from consolidation and private equity pressures to AI adoption, cybersecurity risks, and shifting client expectations. They explore why the middle market is disappearing, how top firms are pulling ahead, and what it takes to stay competitive in a rapidly evolving landscape. We also highlight the key tectonic shifts reshaping wealth management in 2026, providing actionable insights for advisors looking to protect and grow their businesses in the face of disruption. Hear what’s shaking the industry and learn how to position your firm for success in 2026. Wealth Management’s Tectonic Shifts in 2026 Disappearance of the Middle Market RIAs Mid-sized firms are being squeezed: too large to be tuck-ins, too small to scale. Only small “boutique” and large “scaled” firms are thriving. Mega Consolidation and M&A Acceleration Rollups and mergers continue, particularly among large aggregators. PE firms are driving deals, often prioritizing fees over client value. AI and Technology Revolution Only firms investing in tech, data, and operating infrastructure can sustain growth. AI-enabled solutions are reshaping investment management, client engagement, and operations. Shift in Fee Models and Client Value Traditional AUM-based fees are becoming less differentiating. Clients increasingly pay for tax efficiency, estate planning, and retirement income strategies. Advisors who clearly communicate value can raise fees. Cybersecurity and Data Risk Sophisticated breaches are increasingly likely. Firms must protect client assets, personal data, and maintain regulatory compliance. Regulatory Pressure on Consolidation and Fiduciary Oversight SEC and state regulators scrutinizing whether growth is sustainable or just for liquidity events. Non-competes and restrictive covenants may be challenged, especially in California. Polarization Between Winners and Everyone Else A handful of large, well-run firms will pull away with extraordinary organic growth. Firms that fail to integrate acquisitions or innovate will struggle or be forced to sell. Private Equity Influence Continues More firms will go private; IPOs are likely delayed. PE involvement amplifies growth strategies but also increases pressure on leadership and client outcomes. About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com

January 15, 202649 min

Why Place Planning Belongs in Financial Planning with Ryan Frederick (Ep. 21)

In this Contrasting Viewpoints episode, Ray Sclafani and Mark Hurley sit down with Ryan Frederick, an expert in place planning and author of Right Place, Right Time, to explore why housing decisions deserve a seat at the financial planning table. Ryan explains that where clients live directly influences longevity, social connection, purpose, and physical well-being, making place planning a strategic decision rather than a lifestyle preference. Drawing on his background in health, technology, and senior housing, Ryan shares insights from his research and experience on how living environments shape long-term outcomes. The conversation highlights common mistakes individuals make when it comes to place planning, including overconfidence in relocating and waiting too long to make necessary changes. Also discussed, is the evolving role of wealth advisors and why integrating place planning into advisory relationships can lead to more comprehensive guidance. By helping clients think intentionally about where they live today and in the future, advisors can better support long-term well-being alongside financial success. About Ryan Frederick: Ryan Frederick is a thought leader, keynote speaker, and author focused on place planning, which is the strategic approach to choosing the right home for each stage of life. He is Founder and CEO of Here, helping individuals and organizations understand how living environments impact health, purpose, social connection, and long-term outcomes. Ryan is the author of Right Place, Right Time and serves on the Advisory Council for the Stanford Center on Longevity. https://www.ryanfrederick.life/ About Our Hosts: Mark Hurley Mark Hurley is CEO of Digital Privacy and Protection, a cybersecurity specializing in serving clients of financial advisory firms and other professionals. Prior to that, he was CEO of Fiduciary Network, an acquirer of minority interests in RIAs. From 1998 to 2004, he was CEO of Undiscovered Managers, a mutual fund company that was sold to JP Morgan Asset Management. He began his career as an investment banker in the financial services division of Goldman Sachs, where he specialized in asset management. He is a graduate of the United States Military Academy at West Point and holds an M.B.A. from the Stanford Graduate School of Business. To learn more about Mark Hurley and Digital Privacy and Protection visit dpripro.com Ray Sclafani After 20 years at AllianceBernstein, Ray Sclafani founded and heads ClientWise, the premier coaching and training company exclusively serving the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise and its unique coaching programs and team of credentialed coaches that help advisors and companies find the next level of professional excellence and financial success with greater focus and ease. Ray’s experience as a seasoned specialist in coaching and training in the financial sector mirrors his long and profitable history in the industry. In his 20 years at AllianceBernstein, Ray was one of the company’s top sales professionals and executive leaders. His knowledge of how to create and execute on highly successful sales plans and build long lasting client connections was later utilized as founder and Managing Director of the Advisor Institute at AllianceBernstein. As a complement to his coaching skills, he also 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 book, You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships, was published by Wiley in 2015. Ray holds a BA from Baylor University. He lives in Flower Mound, Texas with his wife and true life partner, Beth. Their two sons and Beth continually inspire his work and his passion for excellence. To learn more about Ray Sclafani and ClientWise visit www.clientwise.com