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The Nobility of Financial Advisors with Ray Sclafani
• 52 minRay Sclafani is the Founder and CEO of ClientWise, a business and executive coaching firm working exclusively with high-performing financial advisory teams. He is a professional certified coach who holds a Master Certification in Neuro-Linguistics. In addition to being a public speaker sought after by industry leaders, Ray is the author of You’ve Been Framed, a step-by-step guide that helps financial firms achieve profitability and sustainability. Before founding ClientWise, Ray worked at AllianceBernstein for over 20 years, serving as its Managing Director before launching his own company. Ray joins us today to discuss the nobility of being a financial advisor. He explains how financial advisors can make an impact beyond their clients’ lives and discusses building a relationship with the next generation of clients. He reveals the questions every financial advisor should ask during their client reviews and describes the unintended consequences advisors face when they become “accidental owners.” Ray also highlights the importance of succession planning for financial advisors and underscores the power of raising powerful next-gen teams. “When an advisor makes a difference in the life of a client, they have a multigenerational impact on that client and their family. And that ripple effect is noble.” - Ray Sclafani This week on The Model FA Podcast: Ray’s background in asset management and his transition to the consulting business The multigenerational ripple effect and the nobility of financial advisors Engaging and building a relationship with the next generation of clients The ‘fee on AUM’ model and the questions financial advisors should ask in client reviews The ClientWise Risk Assessment and why it’s tough to segment clients based on revenue The “accidental owner” and how financial advisors get into the profession Succession and merger planning for financial advisors How financial advisors can communicate their succession plans for clients The shifts ClientWise had to make in the face of COVID-19 Resources Mentioned: Book: Think Again: The Power of Knowing What You Don’t Know by Adam Grant Our Favorite Quotes: “Your business grows by increasing your value proposition on things you aren’t compensated to do. People are attracted when you have a vested interest in them.” - David DeCelle “We need to help advisors think about the shifts taking place in the industry, what the next five years ahead look like, and how they can take advantage of the opportunities.” - Ray Sclafani “Your options increase the sooner you think about succession. Doing so gives you time to raise the next generation.” - David DeCelle Connect with Ray Sclafani: ClientWise Book: You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships ClientWise on LinkedIn ClientWise on Instagram ClientWise on Facebook ClientWise on Twitter Ray Sclafani on LinkedIn About the Model FA Podcast The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams. Did you like this conversation? Then leave us a rating and a review in whatever podcast player you use. We would love your feedback, and your ratings help us reach more advisors with ideas for growing their practices, attracting great clients, and achieving a better quality of life. While you are there, feel free to share your ideas about future podcast guests or topics you’d love to see covered. Our Team: President of Model FA, David DeCelle If you like this podcast, you will love our community! Join the Model FA Community on Facebook to connect with like-minded advisors and share the day-to-day challenges and wins of running a growing financial services firm.
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