Contrasting Viewpoints with Mark Hurley and Ray Sclafani

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 SternJonathan 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 HurleyMark 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.comRay SclafaniAfter 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 2026Disappearance 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 HurleyMark 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 SclafaniAfter 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 HurleyMark 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.comRay SclafaniAfter 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 dataSpecial 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 marketKey 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 clientsWant to get in touch with Kevin?kevin@taxstatus.comhttps://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 JunglePodcast: Peter Mallouk talks crazy deals, declining multiples and life as a clubbie

Grant Rawdin, CEO of Westcott Financial Advisory Group and key advocate for the Net Positive Consortium, joins the discussion to explore transformative shifts in wealth management. He highlights the industry's transition towards values-based leadership and the rise of alternative investments. The conversation delves into the importance of fostering genuine client relationships and adapting advisory practices to meet evolving demands. Rawdin emphasizes the power of community engagement and ethical stewardship, inspiring firms to create a sustainable impact in today's competitive landscape.

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?'

Featuring Parker Ence, CEO, Jump AIIn this episode, Ray Sclafani and Mark Hurley are joined by Parker Ence, CEO of Jump AI, where they discuss the evolving landscape of wealth management, focusing on the impact of AI, emotional intelligence, and the importance of differentiation in a crowded market. They explore the implications of a fee increase by the CFP board, the potential of sports franchise investments, and the future of advisory fees in light of changing client expectations. In this conversation, Mark and Ray discuss the evolving landscape of wealth management, particularly focusing on the integration of AI technologies. They explore the dichotomy between traditional wealth management practices and the need for efficiency through AI, highlighting the role of JumpAI, a company that streamlines administrative tasks for financial advisors. The discussion also delves into ethical considerations surrounding AI usage, the importance of data privacy, and the future implications of AI in the financial sector.Key Takeaways• The human element in wealth management is becoming more important as AI advances.• Advisors need to differentiate themselves in a crowded market to attract clients.• The landscape of wealth management is changing, and advisors must adapt to remain relevant.• Advisors need to find additional revenue sources to remain profitable.• Jump helps advisors save time by automating follow-up tasks.• The future of AI in finance will involve more integrated and proactive tools.• Failure to adopt AI may lead to a competitive disadvantage for advisors.Jump is an AI-powered assistant built specifically for financial advisors to streamline their workflows and enhance client engagement. The platform automates time-consuming tasks like meeting note-taking, task creation, follow-up emails, pre-meeting summaries, and compliance documentation. It integrates seamlessly with tools advisors already use—like Zoom, Teams, Google Meet, Salesforce, Redtail, and Wealthbox—so they can stay focused on client relationships instead of administrative work. Advisors use Jump to quickly generate personalized communications, capture detailed notes in their preferred format, and ensure audit-ready compliance—all with minimal manual input. By reducing administrative effort by up to 90%, Jump helps advisors save hours each week, improve operational efficiency, and create more meaningful, uninterrupted client conversations.Learn more about Jump AI at jumpapp.com