Advertise on podcast: Contrasting Viewpoints with Mark Hurley and Ray Sclafani

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

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

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

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

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

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

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

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 RIAsMid-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 AccelerationRollups and mergers continue, particularly among large aggregators.PE firms are driving deals, often prioritizing fees over client value.AI and Technology RevolutionOnly 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 ValueTraditional 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 RiskSophisticated breaches are increasingly likely.Firms must protect client assets, personal data, and maintain regulatory compliance.Regulatory Pressure on Consolidation and Fiduciary OversightSEC 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 ElseA 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 ContinuesMore 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

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

In this episode of Contrasting Viewpoints, Ian Wenik joins the show to break down what it takes to build a future-ready RIA in a rapidly changing wealth management landscape. Wenik discusses the record pace of consolidation, the influence of private equity, and how major firms like LPL and Madison-Dearborn Partners are shaping industry trends. The conversation explores why transparency, talent retention, and cultural alignment are becoming essential to successful M&A, and how the professionalization of the RIA space is creating new expectations for firm leaders. Wenik also shares insights on where the next wave of consolidation may occur and what advisory firms must prioritize to stay competitive. About Our Guest: Ian Wenik is the editor of Citywire RIA, where he covers independent wealth-management firms, industry trends, and the fast-changing world of RIA M&A. As editor of Citywire RIA, Ian has authored hundreds of articles covering major M&A deals, private-equity transactions, and evolving strategies for advisors and independent firms, giving him a sharp view of where the RIA industry is headed. 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

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 planningHow AI is transforming client service and operational efficiencyThe evolving expectations of high-net-worth clientsThe 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 spaceHow industry consolidation is changing the competitive landscapeWhat 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 firmsHow demographic shifts are influencing business sales and succession planningWhat firms must do now to stay competitive in a consolidating marketWhether 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?'