Ray 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. 

 

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Our Team:

President of Model FA, David DeCelle

 

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