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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 (00:00.366)
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 Schlaffani, and I'll be your host.
Let's begin 2025 with a 20 year perspective and connect the dots back to the power of the actions we plan on taking right now this year. So as the new year begins, reflecting on the past and considering the future, well, it's only natural. One of my favorite authors is Mark Twain. He provides some timeless wisdom. He says, 20 years from now, you're going to be more disappointed by the things that you did not do than by the things that you did.
This offers an inspiring lens through which we can all set our intentions for the year ahead. So what steps are you going to take this year that your future self will thank you for? In this fast-paced competitive world, certainly in financial advising, the choices you make right now can significantly shape your career trajectory, maybe the impact on your clients, and even your legacy. So a long view, why does 20 years actually matter? Take your current age.
and add 20 years. imagine yourself 20 years from now. Looking back at this very moment, what achievements fill you with pride? Will it be the relationships that you've deepened with clients, the innovative ideas that you've implemented, or the personal growth that you pursued? Will it be the risks that you took despite their uncertainties, which led to unparalleled growth for your practice?
All too often we see financial advisors falling into the trap of staying in their comfort zones, delivering reliable services, but not really stretching into creative new bold actions. So this year resolve yourself to think beyond today's demands and stretch into the future. Ask yourself these three questions. What can I do differently to elevate the client experience?
Ray Sclafani (02:20.354)
What relationships should I strengthen or build to amplify my impact and shape my legacy? And what systems or processes or structures can I improve for long-term scalability and sustainability? One of the most significant challenges is overcoming the routine inertia. Yet, as Twain reminds us, inaction often breeds the deepest regret. So consider these four steps that
20 years from now, as you reflect upon the current moment, will bring you great fulfillment rather than disappointment. The first, innovate your client engagement model. Client expectations are ever evolving. What new services or technologies can you implement to stay ahead, but also make that long-term 20-year type impact? I was visiting with one of our clients over the holidays, and we were having lunch together and discussing
the year, thinking about the year ahead. And I asked him the thing that he was most proud of achieving in 2024 that would carry forward for the next 20 years. And his answer was remarkable. He said, Ray, I began in the business with investment management. And then that evolved and we became more financial planning focused. He said, what I'm finding is as we added tax services for our clients and tax mitigation services,
And we got more involved in estate planning and some of the trust work. we provided more insurance services for our clients because we, we sort of ran out of all of the services that the client needed. And it became much more about the wealth transfer and the family dynamic. He said, with all of our clients, whether they're ultra high net worth, high net worth, affluent, said, Ray, the truth of the matter is
Most families don't have discussions about their wealth and about how that wealth is going to transfer. He says, I've been asking my clients, all of them, when do you plan on having the larger conversation with your clients about the hard work that you put in to build the wealth and what your vision of that future wealth is going to look like? What their relationship with money is all about. says, it's the best conversation we could be having with our clients. And his words.
Ray Sclafani (04:44.898)
This is the future of wealth management. That's an example of innovating a client engagement model in new and different ways. I've seen countless examples of advisors doing this, whether it's partnering with local universities, bringing on a psychologist onto the team to talk about the family dynamics. There's lots of new and creative ways to think about this topic. But I think that's a really good example. The second is invest in your team. People really matter.
If you're to build a sustainable practice requires something more than just individual success. So what steps are you taking to train the next generation of advisors within your firm? How much time are you dedicating to mentoring and powering the team to share the vision that they have for the firm? How are you growing the business in partnership with the next generation leaders in your organization? And this investment in team advisors tell me is the greatest payoff.
that when we got into the business, it was all about the lone ranger attitude, bet a bunch on a hunch, smile and dial one client at a time. And the most successful advisors who are committed to building that billion dollar business, whether that's a billion dollars in asset center management, 10 million or more in revenues or evaluation of a billion dollars. What is it that you're doing to invest more effectively in team 2025 will be all about
the effort you put into the people in your organization and helping them achieve their own vision for success. The third, I'd encourage you to think about pursuing your own development. As financial advisors, we encourage clients to invest in themselves, but do we always follow that advice? What courses will you take this year? What new certifications? What mastermind groups will you join? Expanding your skills and competencies and experiences today
will open doors for opportunities you can't even yet imagine. The fourth would be nurturing client relationships. In 20 years, the stories you'll cherish most will be about the lives that you've touched. Make 2025 the year you double down on proactive communication, host client appreciation events, deepen your role as a trusted advisor. I often keep a running list, a good
Ray Sclafani (07:11.992)
friend of mine, he's since passed away. He's one of the greatest financial advisors. In fact, he was one of Barron's first ranked top advisors, Harold Rubin. Harold said to me, every year, update the list of people you plan on knowing in 20 years. Which clients do you plan on building those relationships with and spending time with that you'll want to know 20 years from now? Okay, a year of bold choices. This year is your canvas.
The decisions you make right now will become the brushstrokes for your 20 year masterpiece. Take risks, embrace challenges and step outside your comfort zone. In doing so, you'll achieve personal growth and profoundly impact the lives of your clients, your colleagues and your community and ultimately shape your legacy. When 2045 arrives, wow, I can't believe I just said that, when 2045 arrives and you reflect on today, what will you see?
A year of significance or one of missed opportunities. The choice is ultimately yours. Let this year be the one you acted boldly inspired by Twain's words and built a future that will make you proud. With every episode, we provide a series of coaching questions. If you've been listening to the episodes, you're familiar with these. They're future oriented, they're open-ended, and they're really designed as reflection questions. As you think about the episode that we've just talked about, the topic that we just discussed,
you'll be able to create some actionable steps coming out of each of these episodes. So a couple of questions. If you could design your legacy as a financial advisor starting right now, what steps would you take this year to align those daily actions with that vision? What systems, relationships, or innovations can you invest in today that will still be creating value for your clients and your team 20 years from now?
And the last question, what qualities or actions would reflect your most authentic and impactful self as you envision your growth as a leader? Well, thanks for tuning in and that's a wrap. Until next time, this is Ray Sglafani. 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 (09:36.238)
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