Episodes

  • Advisor Movement Data Reveals a Retention Crisis in Wealth Management

    Advisor Movement Data Reveals a Retention Crisis in Wealth Management
    Jan 27 2026

    In this episode of Building the Billion Dollar Business, Ray Sclafani breaks down why advisor movement data should be treated as an early warning system and not industry gossip. While the number of advisors changing firms has remained steady, a more concerning trend is emerging: more advisors are leaving the profession entirely than entering it.

    Ray explains that this shift isn’t driven by compensation alone. Instead, advisors are making intentional decisions based on leadership clarity, career path visibility, enterprise value, and control over their future. He outlines four critical decision points for firm leaders in 2026: rethinking retention beyond pay, recruiting for long-term fit, aligning custodian and broker-dealer relationships with strategic purpose, and putting leadership development front and center.

    The episode challenges RIA and wealth management leaders to confront strategic ambiguity, leadership bottlenecks, and platform misalignment before retention issues show up in the P&L. The message is clear: firms that provide a credible future will keep top talent and those that don’t won’t.

    Key Takeaways

    1. Advisor movement data is an early warning system that reveals where confidence in leadership and long-term value is eroding.
    2. More financial advisors are leaving the profession entirely than entering it, signaling a deeper industry challenge beyond firm-to-firm movement.
    3. The cost of replacing experienced advisors far exceeds the cost of retaining and developing existing talent.
    4. Firms overly dependent on a single founder or leader create bottlenecks that limit growth and retention.
    5. Clear leadership pathways and role clarity are essential to sustaining advisor confidence and long-term firm value.

    Questions Financial Advisors Often Ask

    Q: What does advisor movement data reveal about the wealth management industry?
    A: Advisor movement data shows where advisors believe long-term value exists and serves as an early warning system for leadership, retention, and strategic alignment issues.

    Q: Why are financial advisors leaving firms if compensation remains competitive?
    A: Advisors leave when they lack leadership clarity, role clarity, and a credible long-term career path, not simply because of pay.

    Q: Are more advisors leaving the profession entirely?
    A: Yes. In 2025, more advisors exited the profession than entered it, indicating a growing talent decline in the industry.

    Q: What is the real cost of losing experienced financial advisors?
    A: Replacing senior advisors typically costs one-and-a-half to two times their total compensation when factoring in lost productivity, recruiting time, and client disruption.

    Q: What role does leadership play in advisor retention?
    A: Advisors closely evaluate leadership development, decision-making structure, and whether firms rely too heavily on a single founder or leader.

    Q: Why do advisors say they are “voting with their feet”?
    A: Advisors move firms to gain more control over their future, their clients, and their long-term career trajectory, not because they want more change.

    Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

    To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    9 mins
  • Who Taught You That? The Power of Training in High-Performing Firms

    Who Taught You That? The Power of Training in High-Performing Firms
    Jan 20 2026
    Most high-performing advisors can point to someone who helped shape their success. Yet many firms still leave learning to chance, assuming experience alone will do the work. In this episode, Ray Sclafani makes the case that training is not a nice-to-have but a growth imperative for advisory firms that want to scale, retain top talent, and deliver a consistent client experience.Drawing on industry data and real-world examples from ClientWise, Ray breaks down six practical steps firm leaders can use to build a learning-driven culture. He explores how professional development plans, career planning guides, and intentional training budgets create clarity and momentum for individuals and teams. Ray also shares how firmwide training, visibility around learning milestones, and gamification can reinforce accountability and engagement across the organization.The episode closes with a discussion on balancing internal and external training, preparing the next generation of leaders, and using learning as a strategic advantage. If you want your firm to grow faster, retain great people, and multiply its impact, this episode offers a clear roadmap for making training a core part of how your business operates.Key TakeawaysFirms that prioritize training consistently outperform those that treat learning as optionalTraining must be budgeted intentionally, just like hiring, marketing, and technology investmentsFirmwide training builds culture, alignment, and shared language across teamsMaking learning visible through recognition and communication reinforces its importance internally and with clientsTraining is growth insurance that drives scalability, retention, and long-term firm valueQuestions Financial Advisors Often AskQ: Why is training essential for advisory firm growth? A: Training is a growth imperative. Firms with strong learning cultures are more productive, more innovative, more profitable, and better at retaining employees than firms that undervalue training.Q: How does training impact employee retention in advisory firms? A: According to LinkedIn’s Learning Report cited in the episode, 94 percent of employees say they would stay with a company longer if it invested in helping them learn.Q: What are Professional Development Plans (PDPs)? A: PDPs are co-created plans between team members and their leaders that outline skills, competencies, and experiences needed for future roles. They are reviewed regularly and tied to measurable goals rather than treated as static HR documents.Q: Why should advisory firms budget intentionally for training? A: Research from the Association for Talent Development shows that top-performing companies spend more per employee on training and are more profitable than their peers. Training should be budgeted with the same discipline as hiring, marketing, and technology.Q: How does training support future leadership and succession planning? A: Training prepares team members to step into new roles, reduces key-person risk, and builds a pipeline of future leaders who are ready to support the firm’s long-term growth.For more information click here to visit the Best in the Business Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTubeTo join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    20 mins
  • Designing Client Confidence Beyond the Advisor Through the Transfers of Trust

    Designing Client Confidence Beyond the Advisor Through the Transfers of Trust
    Jan 13 2026

    In this episode, Ray Sclafani dives into the concept of transfers of trust and how advisory firms can design client confidence beyond a single advisor. As firms scale, trust often remains concentrated around the founder or lead advisor, creating fragility and limiting growth. Ray explains how high-performing teams transition to shared advisory models, where multiple advisors and specialists collectively deliver advice, creating enduring client confidence, stability, and enterprise value.

    You’ll learn practical strategies to expand trust externally to clients, introduce advisors effectively, and build a team-centered approach that strengthens relationships and supports long-term growth.

    Key Takeaways

    1. Trust often concentrates around one advisor, which can make growth fragile.
    2. External transfers of trust occur when clients expand confidence from one advisor to the broader team.
    3. Internal transfers of trust involve founders delegating authority, credibility, and leadership to the next generation.
    4. Shared advisory models create client experiences that feel stable and enduring, rather than dependent on one person.
    5. Designing trust intentionally improves client retention, referrals, and long-term firm stability.

    Questions Financial Advisors Often Ask

    Q: What is a transfer of trust?
    A: Transfers of trust describe the process of moving client confidence from a single advisor to the broader advisory team. It ensures the client experiences multiple advisors as capable, credible, and worthy of trust.

    Q: Why is it important to transfer trust beyond the lead advisor?
    A:     When trust is concentrated with one person, the firm is vulnerable. Expanding trust to the team creates stability, scale, and endurance, ensuring clients continue to feel supported even if the lead advisor is unavailable.

    Q: How do high-performing advisory teams expand trust?
    A: They operate as interdependent ensembles, with distinct roles such as lead advisor, planning specialist, investment partner, and relationship manager. Each advisor contributes advice and expertise, allowing clients to experience the team’s credibility collectively.

    Q: How can advisors identify which clients need more exposure to the team?
    A: Advisors can categorize clients into advocates, engaged clients, and at-risk clients. Advocates can help reinforce the team’s credibility, engaged clients adapt naturally to new advisors, and at-risk clients may need more time and attention for trust to expand.

    Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

    To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    16 mins
  • The Five-Part Kickoff Meeting Framework Used by High-Performing Advisory Teams

    The Five-Part Kickoff Meeting Framework Used by High-Performing Advisory Teams
    Jan 6 2026
    In this episode of Building the Billion Dollar Business, Ray Sclafani explores why New Year’s resolutions fail inside advisory firms and what high-performing advisory teams do differently when designing kickoff meetings. Drawing on behavioral research and real-world coaching experience, Ray explains that the early breakdown of resolutions is not a motivation problem, it is a design problem.Ray introduces the concept of positive intent, a practical leadership approach that replaces vague resolutions with clear statements of what a team will do, how it will do it, and why it matters. He emphasizes that effective kickoff meetings begin before the meeting itself, with leaders building trust through one-on-one conversations that connect personal goals to professional alignment.The Five-Part Kickoff Meeting Framework for High-Performing Advisory TeamsRefine Annual OKRs to Align Advisory Team Outcomes Define clear objectives and measurable key results that improve client experience, advisory firm performance, and team effectiveness—starting with outcomes, not activity.Set Clear Advisory Firm Priorities With a Strong “Why” Identify the top priorities for the year and state each with positive intent, linking daily decisions to client value and long-term advisory firm strategy.Celebrate the Prior Year to Reinforce Team Performance Recognize wins, reflect on lessons learned, and reinforce behaviors that contributed to advisory team success and sustainable growth.Reinforce Advisory Firm Values Through Shared Team Experiences Bring firm values to life by highlighting real behaviors and building trust through meaningful shared experiences that strengthen advisory team culture.Align Individual Growth and Development With Team Objectives Encourage team members to state clear personal and professional growth intentions that directly support advisory firm priorities and client outcomes.Key TakeawaysMost New Year’s resolutions fail within the first six to eight weeksPositive intent provides operational clarity around what will be done, how, and whyLeaders strengthen teams by connecting personally before aligning professionallyKickoff meetings should start with outcomes, not activitiesTeams grow sustainably when individual development aligns with team goalsQuestions Financial Advisors Often AskQ: Why do New Year’s resolutions fail in advisory firms?A: Resolutions tend to fail early because they are often vague, reactive, and focused on avoidance rather than progress. According to research referenced in the episode, most resolutions break down within the first six to eight weeks, indicating a design problem rather than a lack of motivation.Q: What is “positive intent” in a kickoff meeting?A: Positive intent is a clear statement of what the team will do, how it will do it, and why it matters. Unlike resolutions, positive intent provides operational clarity and helps teams sustain momentum throughout the year.Q: What should be included in an advisory firm kickoff meeting?A: High-performing advisory teams include five parts: refining OKRs, setting clear priorities with a clear why, celebrating the previous year, reinforcing values through shared experiences, and aligning individual growth with team objectives.Q: Why is celebrating the previous year important?A: Recognition reinforces effective behavior, and reflection turns experience into learning. High-performing teams take time to acknowledge what worked and what did not before moving forward.Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTubeTo join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    16 mins
  • How to Grow in 2026 Without Losing the Team That Got You Here

    How to Grow in 2026 Without Losing the Team That Got You Here
    Dec 30 2025

    As advisory firms close out a strong year and look ahead to 2026, many leaders are focused on hiring, capacity, and AI-driven efficiency. In this episode of Building the Billion Dollar Business, Ray Sclafani challenges leaders to pause and ask a more important question: How does growth actually feel to the people doing the work?

    Drawing on research from Arthur C. Brooks, Adam Grant, Gallup, Korn Ferry, and Harvard Business Review, Ray explains why burnout is rarely caused by long hours alone and why meaning, progress, and connection to impact are far more predictive of performance and retention. He explores the hidden strain rapid growth can place on teams, long before headcount catches up, and why most voluntary turnover in advisory firms is preventable.

    Ray shares four practical, research-backed ways advisory firm leaders can strengthen team engagement and retention by making client impact more visible across the organization. From rethinking case studies to expanding team participation in client meetings, this episode offers actionable strategies to help firms scale without eroding culture, energy, or purpose.

    Key Takeaways

    • Burnout is driven more by futility and lack of meaning than by long hours
    • Only ~16% of employees report being very satisfied at work, despite fair compensation
    • Meaningful work predicts performance, persistence, and retention better than incentives
    • Replacing key talent can cost 1.5–2x annual compensation in advisory firms
    • Growth without connection is fragile; growth with meaning is durable
    • The firms that win in 2026 will help people feel the impact of their work, not just measure it

    Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

    To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    13 mins
  • A Year End Leadership Reflection for Financial Advisors Building an Enduring Wealth Management Firm

    A Year End Leadership Reflection for Financial Advisors Building an Enduring Wealth Management Firm
    Dec 23 2025

    As the year comes to a close and ClientWise marks 20 years in business, Ray Sclafani shares a thoughtful year-end leadership reflection on what it truly takes to build an enduring wealth management firm.

    In this short, reflective episode of Building the Billion Dollar Business, Ray explains why long-term thinking has become a competitive advantage for financial advisors and why leadership depth is no longer optional. He introduces a practical three-year planning framework that helps advisory firm leaders balance reset, execution, and compounding growth while the business remains in motion.

    This episode is designed to help financial advisors step back, clarify priorities, and think beyond the next quarter without losing momentum. Ray also shares powerful coaching questions to guide year-end reflection, leadership growth, and intentional planning for the years ahead.


    Key Takeaways

    1. Enduring advisory firms are built through long-term leadership thinking, not short-term reactions
    2. A three year time horizon is far enough to create clarity but close enough to remain actionable
    3. Strong leaders reset, execute, and harvest results simultaneously
    4. Planning does not require pausing the business; leadership happens while moving forward
    5. The future of wealth management remains strong for firms willing to invest with intention

    Questions Financial Advisors Often Ask

    Q: What is the three year planning cycle for financial advisors?
    A: The three year planning cycle is a leadership framework that encourages advisors to plant seeds in year one, execute in year two, and see visible impact in year three, allowing for clarity without losing momentum.

    Q: Why is long term thinking important for advisory firm growth?
    A: Long term thinking helps advisory firm leaders make better trade-offs, avoid reactive decisions, and invest in people, systems, and leadership depth that compound over time.

    Q: How does leadership depth impact advisory firm success?
    A: Leadership depth is now a competitive advantage because enduring firms rely on strong teams and next-generation leaders, not just a single founder or rainmaker.

    Q: How can financial advisors plan while still running the business day to day?
    A: Effective leaders plan while the business is in motion by resetting what no longer works, executing current initiatives, and benefiting from prior investments all at once.

    Q: What should financial advisors reflect on at year end?
    A: Advisors should reflect on who they need to become as leaders, what they must stop tolerating, where to invest earlier, and who deserves recognition for their impact.

    Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

    To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    7 mins
  • A Sorkin-Style Approach to Strategy and Execution for Financial Advisors

    A Sorkin-Style Approach to Strategy and Execution for Financial Advisors
    Dec 16 2025

    In this episode of Building the Billion Dollar Business, Ray Sclafani dives into how financial advisors can turn strategy into action using a Sorkin-style approach. Rather than relying on thick slide decks or polished documents, Ray emphasizes that strategy should be a story your team can act on today. Learn how to identify a single strategic intention, confront uncomfortable truths, and facilitate productive team dialogue that drives execution. Discover practical steps to align your team, prioritize high-impact decisions, and build a scalable, enduring advisory firm.

    Listeners will walk away with four actionable coaching questions to guide their next strategic moves and insights on developing leadership, succession, and enterprise growth in their advisory firm.

    Key Takeaways

    1. Choose one clear strategic intention for your firm.
    2. Identify the top 2–3 obstacles threatening that strategy.
    3. Focus on execution, not perfect documents.
    4. Develop leadership and bench strength within your team.

    Questions Financial Advisors Often Ask

    Q: What is a Sorkin-style approach to strategy?
    A: A Sorkin-style approach treats strategy like a compelling story, focusing on dialogue, decisions under pressure, and clear stakes. For financial advisors, it emphasizes team involvement, prioritization, and actionable direction rather than lengthy slide decks or abstract documents.

    Q: How can financial advisors turn strategy into execution?
    A: Advisors can turn strategy into execution by choosing one strategic intention, identifying top obstacles, confronting uncomfortable truths with their team, and facilitating structured retreats or discussions to make decisions and assign responsibility.

    Q: Why is single-intention strategy important for advisory firms?
    A: Focusing on one strategic intention prevents confusion, ensures alignment across the team, and allows advisors to make high-impact decisions that drive measurable growth and sustainable leadership.

    Q: How does this approach help build a scalable advisory firm?
    A: By clarifying priorities, delegating responsibilities, and developing leadership within the team, advisors create capacity for growth, reduce founder dependency, and build a firm that can endure and thrive over time.

    Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

    To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    10 mins
  • Level Up Your Advisory Team

    Level Up Your Advisory Team
    Dec 9 2025

    In this episode of Building the Billion Dollar Business, Ray Sclafani dives into the strategies that top advisory firms use to level up their teams. Discover how feedback, self-reflection, and merit-based career paths drive engagement, performance, and growth. Ray shares actionable ideas for both leaders and team members to create a culture where ambition, curiosity, and development are rewarded.

    Learn why high-performing advisory teams invest in clear career paths, regular feedback, and stretch opportunities, and how these practices can accelerate talent development and firm growth. Whether you’re a firm leader or an advisor aiming to maximize your impact, this episode is packed with insights backed by research from Gallup, Harvard, Deloitte, McKinsey, and more.

    Key Takeaways:

    1. Career paths and performance expectations fuel engagement and development.
    2. Employees receiving meaningful feedback develop 3–4x faster.
    3. Challenging assignments cultivate skills that formal training alone cannot.
    4. Open communication about goals, learning needs, and strengths creates high-performing teams.
    5. Employees who actively manage their own development are more likely to become leaders.

    Questions Financial Advisors Often Ask

    Q: How can financial advisors level up their team?
    A: Advisors can level up their team by providing regular feedback, creating clear career paths, promoting merit-based performance, and offering stretch opportunities for skill growth.


    Q: Why is feedback important for team development?
    A: Meaningful feedback accelerates employee growth, improves performance, and increases engagement, helping advisors develop high-performing teams.

    Q: How can team members take ownership of their growth?
    A: Team members can take ownership by reflecting on their performance, asking for feedback, volunteering for stretch responsibilities, and actively pursuing development opportunities.

    Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube

    To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.
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    10 mins