The ClientWise Blog

How Successful Wealth Transfers are Built

Posted by Ray Sclafani on Nov 28, 2016 3:20:00 PM

It’s a statistic you’ve all heard repeatedly and one that understandably sends a shudder through most firms: 90-95% of inheritors fire their parents’ advisor once the intergenerational wealth transfer has occurred. However, what’s far less frequently discussed, and directly related to both asset retention, is that upwards of 70% of wealth transfers ultimately fail. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Engagement

Advisor Growth Strategies Pt. 2: The Hunt for New Relationships

Posted by Ray Sclafani on Nov 15, 2016 3:30:00 PM

In my last blog, we explored strategies that can help drive a greater share of wallet from your existing clients. Now, we will take a look outside at some potential strategies to drive “inorganic growth” by bringing new clients into the firm. Before you turn your eyes outside to the challenge of acquisition, there are two critical areas that will require a significant amount of strategic thought: your value proposition and your niche. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition

Veterans Day: 21 Patriotic Quotes Honoring Our Heroes

Posted by Ray Sclafani on Nov 11, 2016 3:33:15 PM

Veterans Day is an incredibly important day for our nation. It is designated as a day to honor all who have served in the military and to celebrate the sacrifices of our veterans. In honor of these men and women, and all others who have protected our freedom, we’d like to ask you to take a moment to personally thank those in your life who have sacrificed everything to serve for our country.

We wanted to show our gratitude to our Veterans around the nation by collecting our top 21 quotes that celebrate the brave heroes fighting for the freedom of our nation. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Advisor Growth Strategies: Part One

Posted by Ray Sclafani on Nov 4, 2016 11:57:24 AM

Ask any advisor about their strategy for growth and nine times out of ten their response will focus on the acquisition of new clients either through loyal client advocates, professional advocates or the acquisition of one or more practices. While all are certainly viable approaches to building your business, far too many practices miss the low-hanging fruit – the opportunity that’s right there in plain sight…organic growth realized through the expansion of existing relationships.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, client acquisition strategies

Is Your Next-Gen Talent Here to Stay?

Posted by Ray Sclafani on Oct 12, 2016 8:30:00 AM

With nearly half of the advisor population (43% according to Cerulli) over the age of 55, it raises two critical questions. Who’s going to take care of all your clients when you finally decide to retire? And how are you going to be able to successfully monetize your life’s work? The short and simple answer for the vast majority of advisors is to step up and do a far better job at cultivating and nurturing the next generation. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Succession Planning

Unlocking the Door to Acquisitive Growth

Posted by Ray Sclafani on Oct 4, 2016 3:30:00 PM

It’s a well understood reality that there is a veritable army of advisors in today’s marketplace who covet the idea of super-charging the growth of their business with an acquisition to augment their slower-paced organic growth. The obvious question then is why do so few of these potential acquirers ultimately pull the trigger? While there are a host of factors – from clashing cultures to operational incompatibility to unrealistic seller demands – by and large the single greatest impediment has been access to capital to finance these deals. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition

When’s The Right Time to Sell Your Business?

Posted by Ray Sclafani on Sep 27, 2016 11:50:00 AM

A mere 3% of today’s advisors have a written continuity plan to protect their business (and more importantly their clients’ best interests) in the event of their death or disability. Fewer than one in three (31%) advisors age 60 or older have a formal written succession plan in place. For a profession that prides itself on planning and preparing clients for the future, most of you are doing a pretty horrible job when it comes to planning your own.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Business and Operations Management, Succession Planning

Finding the Right Buyer for Your Business

Posted by Ray Sclafani on Sep 20, 2016 3:45:00 PM

We’ve all seen the statistics that there are roughly 30-50 buyers lined up for every advisory practice that comes onto the market. It certainly seems to bode well for those advisors either beginning to contemplate an exit strategy or well down the road towards identifying a potential buyer. It’s critical to understand that very often the “right” acquirer for your business is NOT the apparent highest bidder on paper. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Business and Operations Management

7 Tips for Creating a More Interdependent Team

Posted by Ray Sclafani on Sep 13, 2016 1:33:58 PM

At ClientWise, we often stress the critical importance of developing an interdependent team rather
than an autonomous work group. But how do you objectively determine which of those two you currently have, and if the latter, how do you evolve them into a true team?

 

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Team Development

5 Lessons from the Wisdom of Steve Jobs

Posted by Ray Sclafani on Sep 9, 2016 11:57:33 AM

As we approach the 5-year anniversary of the death of Steve Jobs, he continues to remain one of the world’s most respected business visionaries and innovators. A creative genius and passionate non-conformist who never accepted conventional wisdom at face value, but instead rebelled against the inherent laziness of “business as usual.” 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Organizing Priorities, Marketing Approach, Team Development

Benchmarking the Beach House

Posted by Ray Sclafani on Sep 7, 2016 11:29:23 AM


As an industry, we’ve made great strides over the years towards aligning compensation with client interests – steadily migrating from transaction-based to fee-based models. With the implementation date for the DOL Fiduciary Rule looming on the horizon, that pendulum will continue to swing even further. However, are asset-based fees truly the BEST approach to compensation?

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Business and Operations Management, Client Engagement, DOL ruling, DOL Fiduciary Ruling

Preparing Your Practice for NextGen Clients

Posted by Ray Sclafani on Aug 25, 2016 12:29:35 PM

While they may currently only control 4% of the nation’s wealth, there’s absolutely no doubt that if you’re not preparing your firm to address the needs and preferences of millennials, you’re destined to be left behind. By 2030 (less than 15 years down the road) the investable financial assets of U.S. households should approach $65 trillion. The millennial generation’s share of those assets will grow the fastest, tripling from its current 4% to 16%. That’s over $10 trillion in millennial wealth that will need to be managed. Combined with their Gen-X predecessors, the two groups will hold nearly half (47%) of the nation’s entire wealth. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Client Engagement

Want to Attract New Female Clients?

Posted by Ray Sclafani on Aug 23, 2016 10:10:29 AM

Over the last few years, there have been many articles published about the increasing economic power of women both here in the U.S. and globally. By 2020 (essentially right around the corner) women will control two-thirds of this country’s $22 trillion in private wealth, along with two-thirds of our $12 trillion in annual spending. However, few wealth managers have made any efforts to meaningfully adapt their service model to the unique needs and preferences of women clients. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Client Acquisition, Team Development, Client Engagement

4 Ways to Take Team Leadership From Good to Great

Posted by Ray Sclafani on Aug 15, 2016 9:55:17 AM

There’s an old adage that states, “Great leaders don’t tell you what to do; they show you how it’s done.” It’s a point we try to strongly emphasize anytime we work with advisors looking to evolve from Lone Ranger to Leader™.

As team leader, it’s your responsibility to model the behaviors, habits and attitudes that will foster a more cohesive and interdependent team. Often, these are behaviors and habits that may not be a natural part of your team’s DNA. Therefore, they must be cultivated through repetition and practiced by all team members, especially you. The following are four quick rules that can help you become the type of leader who leads by example. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Leadership, Team Development

Hiring for Fit: Why character can matter more than capability

Posted by Ray Sclafani on Aug 10, 2016 12:16:58 PM

You sit at your desk and review a pile of resumes. For the most part, you can quickly make a determination as to whether or not individual candidates have the requisite skills and experience needed to be the right fit. Therefore, from a purely technical ability perspective, personal interviews more often than not merely serve to validate your preconceptions – very infrequently raising a competency red flag. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Team Development