Contrasting Viewpoints with Mark Hurley and Ray Sclafani

In this conversation, Ray Sclafani and Mark Hurley delve into the evolving landscape of wealth management, discussing the need for firms to expand their service offerings, the impact of regulatory changes, and the psychological barriers advisors face regarding retirement. They also explore the rise of breakaway brokers, legal challenges in cash sweep programs, and the absurdities in investment news. A significant focus is placed on the critical issue of cybersecurity, highlighting the threats wealth managers face and the importance of proactive strategies to mitigate risks.

Ray Sclafani and Mark Hurley discuss various topics in the financial services industry, including sovereign debt, SEC regulations, the DOL fiduciary rule, lawsuits among firms, and the challenges of organic growth. They emphasize the need for advisors to think long-term and focus on adding new clients and assets, rather than relying solely on market performance and existing clients. They also highlight the importance of institutionalizing business development and creating a culture of accountability. The conversation provides insights into the current state of the industry and offers guidance for advisors looking to build their businesses.

Ray Sclafani and Mark Hurley review a litany of current events that impact wealth managers including Supreme Court rulings, the ongoing war for talent, and whether AI will materially change the business. They also do a deep dive into the new SEC cybersecurity rules and the many changes they will force upon the industry.

Ray Sclafani and Mark Hurley discuss various topics in the financial services industry, including regulatory changes, concerns about blackstone's real estate fund, the impact of aggregation software, the decline in organic growth, and the state of M&A. They emphasize the importance of cybersecurity and the need for wealth managers to focus on organic growth. They also discuss the abundance of cash on the sidelines for acquisitions and the increasing multiples in the industry.

Topics Covered:

• Cyber

• Alarm bells sounded

• Aggregation software regulators

• Growth matters

• M&A

Takeaways:

• Cybersecurity is a top priority for wealth managers, and the SEC has proposed new rules that put wealth managers at the center of the cybersecurity issue.

• Bethany McLean's report on Blackstone's real estate fund has raised concerns about the valuation of privately placed REITs.

• Regulators are cracking down on advisors using aggregation software, particularly in relation to retirement plans.

• The industry is experiencing a decline in organic growth, and firms that focus on organic growth are more likely to succeed.

• There is a significant amount of cash on the sidelines for acquisitions, but the market is becoming more efficient and deals are driven by demographics.

• Multiples in the industry are expanding due to the stability of cash flows in the wealth management industry.

• The biggest threats to the industry are cybersecurity and the flow of assets to large firms like Vanguard, Fidelity, Schwab, and Morgan Stanley.

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 famagazine.com

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