Subscribe
Share
Share
Embed
Hosted by Financial Advisor Coach, Ray Sclafani, "Building The Billion Dollar Business" is the ultimate podcast for financial advisors seeking to elevate their practice. Each episode features deep dives into actionable advice and exclusive interviews with top professionals in the financial services industry. Tune in to unlock your potential and build a successful, enduring financial advisory practice.
Ray Sclafani (00:00.142)
you
Welcome to Building the Billion Dollar Business, the podcast where we dive deep into the strategies, insights and stories behind the world's most successful financial advisors and introduce content and actionable ideas to fuel your growth. Together, we'll unlock the methods, tactics and mindset shifts that set the top 1 % apart from the rest. I'm Ray Sclafani and I'll be your host.
A little over six years ago, the founder of a billion dollar advisory firm approached us seeking leadership coaching. The business at that time centered around him. Every client, every decision, every success, he was the driving force behind it all. What he wanted to do was increase the enterprise value of his firm, but he just couldn't see the paradox. The more the firm relied on him, the less valuable it became.
As Jim Collins describes, he was a leader with a thousand helpers and he had a great team. What he didn't yet realize was that even leaders need to be part of a team, not just leading one, but to be in one. And that's where his transformation began. He shifted from being the soloist to building an ensemble, developing leaders who could play their parts with confidence and accountability. And believe it or not today,
that very same team now runs the firm and he's preparing for his next act. You know, this experience reminded me of something I learned years ago, don't laugh, while sitting in the low brass section of my high school band. That's when I discovered an important lesson about teamwork. You see, from elementary school, all through my high school years, I played an instrument called the euphonium, also known as the baritone. It's a deep.
Ray Sclafani (01:53.3)
warm-voiced instrument that most people only recognize when they hear it. I was part of a section whose sound was rarely in the spotlight, but was always essential. We provided the foundation, carrying the harmonies that added depth and weight to the melody, supporting the rhythm, and even giving power to the crescendos. One of the proudest moments of those high school years for me was when our band had the opportunity to perform at the Myers Symphony Center here in Dallas.
In fact, if you haven't been to the Meyerson Symphony, it's one of the best acoustic rooms in the world. And the symphony there is outstanding. Well, that high school day when I was standing on that stage surrounded by sound that seemed to swirl through the air, I remember feeling both invisible and essential. I still get goosebumps thinking about it today. Every note mattered, not because it stood out, but because it fit perfectly within the larger sound.
I can still remember what we played. was El Salon Mexico by Aaron Copeland, which was a piece he wrote after visiting a lively dance hall in Mexico City bearing the same name. That experience many years later still influences my view of what great teams are made of. When everyone understands their role, respects other responsibilities, and gives their best effort, the outcome becomes exceptional.
That's what we talk about at ClientWise. It's this total team leadership topic that we've coined that phrase. It's that ability of a team to operate with clarity, respect and accountability where leadership is shared and distributed. Every member leads from their position contributing to the strengths toward the team's collective success. In a symphony, no single instrument carries the entire performance. The strings, brass, low brass.
Woodwinds, percussion, all have distinct roles and distinct voices. Each one adds something vital. The same applies to advisory teams. The strategist sets the direction, much like a conductor interpreting a score. Relationship managers add warmth and tone, forming emotional connections with clients. Operations professionals and client associates maintain the rhythm of service, keeping it steady and precise.
Ray Sclafani (04:10.626)
business development and marketing leaders introduce new themes that drive the firm forward. You see, each person's expertise operates at a different frequency. When every player concentrates on perfecting their own instrument and listens for the ensemble's balance, well, that's when the music comes together. When teams work this way, they foster harmony that clients can sense. In the band, our conductor often reminded us that volume does not equal impact.
the best performances occurred when every section played confidently and with restraint, each trusting others to do their part. That lesson still applies to leaders. Staying in your lane isn't about playing small, it's about knowing your unique voice and how it contributes to the bigger performance. When each team member leads from their seat, taking responsibility for their role and respecting others' expertise, clarity
takes the place of chaos. You don't need to overshadow others to be heard. You just have to perform your part with excellence and consistency. In the best ensembles, listening makes the difference between noise and music. Each musician learns to tune not only to their own instrument, but also to the sound of the entire group. You can hear it in how the brass adjusts to the strings or how the percussion responds to the conductor's smallest cue.
For teams, listening works the same way. It involves being aware of what others contribute to the performance. When leaders listen intentionally, paying attention to each other's insights, experiences, and perspectives, well, they stay on track. They prevent confusion and anticipate each other's moves. Listening fosters respect and respect fosters trust. Before any concert, there are countless rehearsals. That's where the hard work happens.
Musicians debating phrasing, questioning timing and experimenting with new interpretations. The conversations can often be spirited, but they are always in service to the music. Leadership teams conduct their own rehearsals when making decisions. They challenge assumptions. They bring out differing opinions and wrestle with direction. These behind the scenes moments are where alignment is built. At ClientWise, one of the valuable tools within our coaching programs,
Ray Sclafani (06:37.666)
called the decision making problem solving model, where we help teams develop that discipline. It offers a structure to engage every voice, clarify what truly matters and make confident, shared decisions and solve problems together. The process itself builds trust and enhances accountability. Like excellent rehearsals, it prepares the team for a perfect performance when it counts the most. Leadership change is not a matter of if
It's a matter of when, especially if you're building a lasting company, transition is unavoidable. Whether it's disability, death, or a desire to retire, at some point in the future, there will be a transition. And as the firm expands and matures, that baton must eventually be passed on. The founder steps back, a new CEO and leadership team takes the helm, key responsibilities are handed over to emerging leaders.
Each transition shifts the rhythm of the business. The tempo feels different. The cues sound new. Even silence between notes gains a new significance. These moments can be both inspiring and sometimes kind of tough. For the founder or controlling owner, stepping down is rarely about relinquishing control. It's about making space for others to take the lead. It requires trust that the people you've developed can now carry the rhythm
on their own. For emerging leaders, it involves stepping up, stepping forward with humility and confidence, honoring the legacy of what came before while also shaping what's to come. And for the rest of the team, it requires patience and grace as everyone adjusts to a new sound. Transitions like these are the truest test of total team leadership. The very best ensembles, while they don't stop playing when the conductor changes, they lean in.
They listen more carefully. They depend on each other's strengths to keep the music flowing until the new rhythm feels familiar. In advisory firms, the same principle holds true. When leadership shifts, clarity and communication set the tone everyone follows. Respect maintains the rhythm and trust, the deep earned trust among team members becomes the melody that moves the firm forward. Stepping down and stepping up are both acts of leadership. One creates space.
Ray Sclafani (09:02.594)
the other fills it with fresh energy. Both are crucial for a team that wants its music to endure. When leadership changes, the company's tone doesn't stop, it evolves. In every exceptional performance, subtle harmonies often go unnoticed by most listeners, but those layers are what complete the music. Grace and support serve the same quiet purpose within teams. Grace provides patience for growth, support,
builds confidence when someone's learning a new skill or adapting to change. And together, they maintain the rhythm of progress. High performing teams blend grace with high standards, and they allow each other the space to grow without sacrificing expectations. They correct thoughtfully, they adapt rapidly, and advance as one. That is what it means to trust the ensemble. When I think back to that founder and those years in the band,
The lesson remains the same. Every great performance relies on trust, clarity, and shared responsibility. No single instrument carries the entire piece and no leader can stand alone. Leadership isn't about volume or control. It's about making space for others to take charge. And total team leadership focuses on fostering an environment where leadership is shared across the entire team. Each member leveraging their strengths while trusting others to do the same. And in this kind of culture,
clarity replaces confusion, accountability replaces blame, and respect replaces competition. The conductor no longer controls every note. Instead, the team takes shared ownership of the music. And whenever leadership changes, and it always will, the ensemble continues performing with precision and pride because every player understands the score and trusts the musicians next on their left and their right. That's how lasting organization sound.
So as you consider your own team, ask yourself, are we leading solo or are we part of an ensemble? And what will our clients value most in our future? With each episode, we introduce a few coaching questions for reflection, self-reflection, reflection with the team, or perhaps even your leadership. Today, there are three questions. First, how clearly has your team defined each member's part? Not only the today part, but maybe how they're evolving and
Ray Sclafani (11:26.862)
improving and acquiring new skills, experiences, and competencies. And how do those roles complement each other today and into the future? Number two, where can listening and trust improve your ability to make better decisions together? And third, how can your leadership team rehearse disagreements privately and present unity publicly? If you enjoy this episode, please feel free to give us a five star.
and share it with somebody that you care about deeply. I hope you enjoyed today's episode. Well, thanks for tuning in. And that's a wrap. Until next time, this is Ray Sclafani. Keep building, growing and striving for greatness. Together, we'll redefine what's possible in the world of wealth management. Be sure to check back for our latest episode and article.
Ray Sclafani (12:20.417)
you