The RIA M&A Frenzy with Jonathan Stern (Ep. 23)

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