In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley discuss the latest legal battles in the wealth management industry, including Merrill Lynch's TRO denial and UBS's lawsuit. They explore the impact of AI-driven RIAs and the significance of the Genius Act for stable coins. Special guest Ric Edelman shares insights on the evolving role of Bitcoin and digital assets in financial portfolios.

Takeaways:

• UBS's lawsuit underscores the intensifying battle for clients and talent.
• The Genius Act provides a regulatory framework for stable coins in the U.S.
• Stable coins offer a stable alternative to volatile cryptocurrencies.
• Financial advisors are increasingly recognizing the importance of crypto knowledge.
• The intersection of technology and finance continues to drive industry innovation.

About Our Guest:

Ric Edelman is a celebrated financial innovator, educator, and author who co-founded what is now Edelman Financial Engines. Beginning in 1986 with a mission to democratize advice, he has guided the firm to manage over $300 billion in assets and serve more than 1.4 million households.

Over four decades, Ric has built a reputation not just as a successful advisor but as a thought leader — hosting #1 financial radio shows, producing television series and PBS specials, and writing bestsellers like The Truth About Money and The Truth About Crypto. He also founded the Digital Assets Council of Financial Professionals (DACFP) and helped pioneer the Certificate in Blockchain & Digital Assets to bring crypto education into the mainstream investment community.

https://dacfp.com/finra-listed-cbda-designation/ 

https://dacfp.com/whitepaper-0625/ 

https://podcasts.apple.com/us/podcast/the-truth-about-your-future-with-ric-edelman/id1603081576 

https://dacfp.com/convince-your-firm/ 

In this episode of Contrasting Viewpoints, industry veterans Ray Sclafani and Mark Hurley unpack the most critical trends reshaping the financial advisory profession.

They explore:

• The looming advisor shortage and what it means for succession planning
• How AI is transforming client service and operational efficiency
• The evolving expectations of high-net-worth clients
• The growing importance of accurate, real-time financial data

Special guest Kevin Knull, CEO of Tax Status, joins the conversation to discuss how his company is leveraging technology to streamline access to tax and financial information—helping advisors deliver more personalized, compliant, and data-driven advice.

The episode also examines:

• The wave of M&A activity in the RIA space
• How industry consolidation is changing the competitive landscape
• What advisory firms must do to adapt and remain relevant in a fast-evolving market

Key Takeaways:

• The financial advisory industry is facing a significant advisor shortage, with predictions of a 100,000 advisor deficit by 2034.
• The trend towards family office-like services is growing among advisors catering to affluent clients.
• The importance of cybersecurity and data protection is paramount as firms handle sensitive client information.
• Advisors need to adapt their fee structures to reflect the value of the services they provide, especially as they expand their offerings.
• The future of the advisory profession will require firms to leverage technology and data to remain competitive and meet client needs.

About TaxStatus:

TaxStatus is a fintech innovator dedicated to making tax records more accessible by showing businesses and individuals exactly what the IRS sees—often in hours rather than weeks. Their mission centers on empowering users through greater transparency, streamlined IRS access, and a customer‑centric approach that delivers faster responses and competitive pricing. Built on a culture of innovation, diversity, and openness, TaxStatus continues to iterate on its platform to provide creative, high‑value solutions for financial professionals and their clients

Want to get in touch with Kevin?

[email protected]

https://www.linkedin.com/in/knull/

https://www.taxstatus.com/about/

Check out Kevin’s book: Exploring Advice: What You Need to Know About Good Financial Advice, a Quality Financial Plan and the Role of a Fiduciary

In this episode of Contrasting Viewpoints, industry veterans Ray Sclafani and Mark Hurley dive into the transformative trends shaping the future of wealth management. They explore:

• SEI’s acquisition of Stratos Wealth – What does this signal for the RIA space?
• The growing importance of tax planning – Why advisors must embrace holistic financial strategies.
• The evolving role of centers of influence (COIs) – How trusted networks are reshaping client acquisition and referral dynamics.

Mark also revisits key predictions from his influential white paper, "Welcome to the Jungle", and the duo evaluates how those forecasts are playing out in today’s environment.

Other key themes include:

• The critical need for organic growth in advisory firms
• How demographic shifts are influencing business sales and succession planning
• What firms must do now to stay competitive in a consolidating market

Whether you're an advisor, industry executive, or just curious about the forces reshaping wealth management, this conversation delivers sharp insights and actionable takeaways.

Key Takeaways:

• Market conditions are currently favorable, but change is imminent.
• Advisors must focus on adding value to retain clients.
• Specialization and brand clarity are essential for success.

Links:

Welcome to the Jungle

Podcast: Peter Mallouk talks crazy deals, declining multiples and life as a clubbie

In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley are joined by Grant Rawdin of Westcott Financial to unpack some of the most powerful shifts happening in wealth management today. From Mercer’s transition to employee ownership to the changing demands of business-owner clients and the strategic use of alternative investments, they explore what it really takes to lead in today’s evolving landscape.

At the heart of the conversation is the Net Positive Consortium—a fast-growing movement of advisory firms committed to giving more than they take. Grant shares the story behind its founding, how firms qualify, and why it's resonating with both idealists and capitalists. Together, the trio tackles tough questions about purpose, performance, and what it means to act like a true professional in a consolidating, high-stakes industry.

Whether you're scaling a firm, building culture, or rethinking your impact, this episode delivers insight, candor, and actionable ideas you can bring back to your business.

Key Takeaways

• Advisors must evolve beyond traditional asset management to support business owners.

• The rise of alternative investments indicates a shift in market dynamics.

• The Net Positive Consortium aims to create a more sustainable and impactful advisory model.

• Client relationships are paramount in retaining business and trust.

• The industry is moving towards a more values-driven approach to leadership.

• The future of wealth management will require adaptability and innovation.

The Net Positive Consortium (NPC), based at netpositivewealth.com, is a collaborative coalition of U.S. wealth management and RIA firms dedicated to becoming “net positive”—that is, creating greater well-being for everyone they touch, from clients and employees to communities and the planet. Founded in 2023 and officially launched in October 2024, NPC operates around a five-pillar framework—Community, Clients, Team Members, Industry, and Planet—and invites firms to complete an Inventory Assessment, sign a public pledge, and implement initiatives in at least three pillars. Members gain access to peer study groups, quiet sharing of best practices, webinars, case studies, an Executive Brief titled Unlocking Our True Potential, and growing influence—evidenced by invitations to speak at events like Goldman Sachs' RIA Forum—while supporting measurable impact and industry-wide change.

Click here for the white paper, written by Mark Hurley and Brian Hamburger, titled 'Are You Trying to Get Sued?'

In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley delve into the evolving landscape of wealth management, discussing the rising demand for financial advice, the implications of new custodial fee structures, the variances in M&A offers, and the critical importance of cybersecurity for advisors. They emphasize the need for advisors to prepare for growth opportunities while managing risks effectively, particularly in the face of increasing cyber threats.

Key Takeaways

• Demand for financial advice is increasing, especially among affluent clients

• Pershing's new fee model signals a shift in custodial economics.

• Cybersecurity is a critical issue that advisors cannot ignore.

• Educating clients on cybersecurity can mitigate risks and protect advisors.

• The financial services industry is experiencing a divergence in growth among firms.

Click here for the white paper, written by Mark Hurley and Brian Hamburger, titled 'Are You Trying to Get Sued?'

Featuring Parker Ence, CEO, Jump AI

In this episode, Ray Sclafani and Mark Hurley are joined by Parker Ence, CEO of Jump AI, where they discuss the evolving landscape of wealth management, focusing on the impact of AI, emotional intelligence, and the importance of differentiation in a crowded market. They explore the implications of a fee increase by the CFP board, the potential of sports franchise investments, and the future of advisory fees in light of changing client expectations. In this conversation, Mark and Ray discuss the evolving landscape of wealth management, particularly focusing on the integration of AI technologies. They explore the dichotomy between traditional wealth management practices and the need for efficiency through AI, highlighting the role of JumpAI, a company that streamlines administrative tasks for financial advisors. The discussion also delves into ethical considerations surrounding AI usage, the importance of data privacy, and the future implications of AI in the financial sector.

Key Takeaways

• The human element in wealth management is becoming more important as AI advances.

• Advisors need to differentiate themselves in a crowded market to attract clients.

• The landscape of wealth management is changing, and advisors must adapt to remain relevant.

• Advisors need to find additional revenue sources to remain profitable.

• Jump helps advisors save time by automating follow-up tasks.

• The future of AI in finance will involve more integrated and proactive tools.

• Failure to adopt AI may lead to a competitive disadvantage for advisors.

Jump is an AI-powered assistant built specifically for financial advisors to streamline their workflows and enhance client engagement. The platform automates time-consuming tasks like meeting note-taking, task creation, follow-up emails, pre-meeting summaries, and compliance documentation. It integrates seamlessly with tools advisors already use—like Zoom, Teams, Google Meet, Salesforce, Redtail, and Wealthbox—so they can stay focused on client relationships instead of administrative work. Advisors use Jump to quickly generate personalized communications, capture detailed notes in their preferred format, and ensure audit-ready compliance—all with minimal manual input. By reducing administrative effort by up to 90%, Jump helps advisors save hours each week, improve operational efficiency, and create more meaningful, uninterrupted client conversations.

Learn more about Jump AI at jumpapp.com

In this conversation, Ray Sclafani and Mark Hurley discuss the evolving landscape of the financial services industry, focusing on the rise of AI technology, the emergence of M&A refugees as a new talent pool, and the critical importance of cybersecurity. They also delve into the controversial decision by Ellevest to transition clients and the need for wealth management firms to adapt their marketing strategies to capture the next generation of clients. The discussion highlights key trends in technology usage and the expansion of wealth management services beyond traditional investment management.

Click here for the T3/Inside Information Advisor Software Survey

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 conversations with affluent clients from merely having enough wealth to considering the quality of life they wish to lead.

The discussion includes innovative financial products like tontines, the importance of addressing ageism, and the necessity for advisors to adapt their practices to better serve clients as they age. Personal habits for longevity and the future of financial advice are also highlighted, emphasizing the need for a proactive approach to financial planning in light of demographic changes.

In this conversation, Ray Sclafani and Mark Hurley are joined by Steve Ryder to discuss various pressing issues in the financial services industry, including leadership changes, the impact of AI, trends in mergers and acquisitions, the importance of specialization, regulatory challenges, and the critical need for cybersecurity measures. They provide insights into how these factors are shaping the future of wealth management and the strategies firms should adopt to navigate these changes effectively. This conversation delves into the critical importance of cybersecurity in the wealth management sector, highlighting the rising threats posed by social engineering and the need for proactive measures. Also discussed is the distinction between mere compliance and active security monitoring, emphasizing that true protection requires ongoing vigilance and education. They explore the role of technology in safeguarding client assets and the necessity of educating clients about cybersecurity risks. The conversation concludes with a call for continuous awareness and proactive strategies to mitigate potential breaches.

In this conversation, Ray Sclafani and Mark Hurley delve into the current state of the financial services industry, focusing on mergers and acquisitions (M&A), the impact of sovereign wealth funds, and the significant wealth transfer expected in the coming years. They discuss evolving business models in wealth management, the shift in pricing strategies for advisors, and the importance of succession planning. The conversation also highlights the best RIAs to work for and the dynamics of M&A activity under changing political landscapes, concluding with predictions for the future of M&A in 2025.

Key Takeaways

1. Sovereign wealth funds are becoming significant players in the wealth management space.

2. The upcoming wealth transfer presents a massive opportunity for advisors.

3. Advisors need to adapt their business models to remain competitive.

4. Succession planning is crucial for the longevity of wealth management firms.

5. The shift from AUM pricing to more transparent fee structures is underway.

6. There is a significant amount of capital waiting to be invested in the wealth management sector.

7. The future of M&A will likely see more involvement from sovereign funds and family offices.