Building The Billion Dollar Business podcast

#Entrepreneur #Business #Ray Sclafani #Coaching #Financial Advisor Coach #Enduring Firm #Strategic Planning #Business Plan

26:18

How do you know when it’s time to make your next big career move? With International Women’s Day around the corner, we are excited to feature Avni Patel Thompson, Founder and CEO of Milo. Avni is building technology that directly supports the often overlooked emotional and logistical labor that falls on parents—especially women. Milo is an AI assistant designed to help families manage that invisible load more efficiently. In this episode, Avni shares her journey from studying chemistry to holding leadership roles at global brands like Adidas and Starbucks, to launching her own ventures. She discusses how she approaches career transitions, the importance of unpleasant experiences, and why she’s focused on making everyday life easier for parents. [01:26] Avni's University Days and Early Career [04:36] Non-Linear Career Paths [05:16] Pursuing Steep Learning Curves [11:51] Entrepreneurship and Safety Nets [15:22] Lived Experiences and Milo [19:55] Avni’s In Her Ellement Moment [20:03] Reflections Links: Avni Patel Thompson on LinkedIn Suchi Srinivasan on LinkedIn Kamila Rakhimova on LinkedIn Ipsos report on the future of parenting About In Her Ellement: In Her Ellement highlights the women and allies leading the charge in digital, business, and technology innovation. Through engaging conversations, the podcast explores their journeys—celebrating successes and acknowledging the balance between work and family. Most importantly, it asks: when was the moment you realized you hadn’t just arrived—you were truly in your element? About The Hosts: Suchi Srinivasan is an expert in AI and digital transformation. Originally from India, her career includes roles at trailblazing organizations like Bell Labs and Microsoft. In 2011, she co-founded the Cleanweb Hackathon, a global initiative driving IT-powered climate solutions with over 10,000 members across 25+ countries. She also advises Women in Cloud, aiming to create $1B in economic opportunities for women entrepreneurs by 2030. Kamila Rakhimova is a fintech leader whose journey took her from Tajikistan to the U.S., where she built a career on her own terms. Leveraging her English proficiency and international relations expertise, she discovered the power of microfinance and moved to the U.S., eventually leading Amazon's Alexa Fund to support underrepresented founders. Subscribe to In Her Ellement on your podcast app of choice to hear meaningful conversations with women in digital, business, and technology.…

Building The Billion Dollar Business

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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.

43 episodes

Building The Billion Dollar Business

updated 4 days ago

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43 episodes

#Entrepreneur #Business #Ray Sclafani #Coaching #Financial Advisor Coach #Enduring Firm #Strategic Planning #Business Plan

All episodes

1
The Proven Blueprint for Building Advisory Career Paths 18:36

4 days ago18:36

18:36

In this episode, Ray Sclafani discusses the critical importance of structured career paths in advisory firms. He outlines five key reasons why career paths matter, including employee retention, skill development, stronger client relationships, succession planning, and enhanced firm value. Ray then presents seven actionable steps to build effective career paths for team members, emphasizing the need for clear definitions, mentorship, measurable milestones, and ongoing conversations about career development. He concludes by addressing common challenges faced by advisors in implementing these strategies and encourages leaders to cultivate talent within their firms for long-term success. Key Takeaways Creating structured career paths boosts employee satisfaction. 94% of employees are willing to stay longer with career development. Firms with strong career development report higher client retention. Career paths enhance firm value during ownership changes. Compensation should align with career growth. Encourage ongoing career conversations for continuous development. Click here for the CFP Board Financial Planning Career Paths download For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Tackling Partner Challenges with a COO’s 5-Step Playbook for Success 10:06

11 days ago10:06

10:06

In this episode, Ray Sclafani discusses the often-overlooked topic of partner challenges within financial advisory firms. He outlines a five-step playbook for Chief Operating Officers (COOs) to effectively address these issues, emphasizing the importance of proactive communication, data-driven decision-making, and clear policies. The episode highlights the critical role of COOs in maintaining firm culture and performance, and the necessity of addressing conflicts head-on to ensure long-term success. Key Takeaways Inaction can lead to significant consequences for firms. Data-driven approaches help in addressing partner issues. Proactive policies are essential for managing partner behavior. Open communication fosters a healthier work environment. Documenting issues is crucial for accountability. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
The Intentional Growth Playbook for Financial Advisors 15:31

18 days ago15:31

15:31

In this episode, Ray Sclafani discusses the concept of intentional growth for financial advisors, emphasizing the importance of having a clear vision, strategic planning, and understanding client needs. He outlines six critical questions that advisors should consider to align their growth strategies with their long-term business objectives. Additionally, he highlights the significance of organic growth and managing client relationships effectively to ensure sustainable success in the wealth management industry. Key Takeaways Intentional growth is about growing smart, not just for growth's sake. Advisors must define their vision and long-term objectives clearly. Strategic planning is essential for achieving desired business outcomes. Organic growth involves better serving existing clients and tracking opportunities. Building a strong value proposition is key to attracting ideal clients. Intentional growth requires both intention and attention. Click here for a complimentary download of "Intentional Growth: 6 Questions and 4 Key Considerations" For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
4 Team Communication Steps to Build Trust and a Collaborative Culture 13:38

25 days ago13:38

13:38

In this episode, Ray Sclafani discusses the importance of effective communication in business, particularly within financial advisory teams. He outlines a four-step approach to enhance communication practices, which includes analyzing current communication channels, identifying gaps, building a communication framework, and strengthening communication through practice. The episode emphasizes the ripple effect of improved communication on team dynamics, client experiences, and overall business success. Key Takeaways Effective communication is crucial for employee retention and profitability. Identifying gaps in communication can lead to significant improvements. Building a shared communication framework fosters collaboration. Training in communication can lead to higher team satisfaction. Clear agendas in meetings keep discussions productive. Clients notice and appreciate aligned and collaborative teams. Creating a culture of trust enhances overall business performance. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
3 More Creative Ways for Financial Advisors to Find New Clients 12:51

5 weeks ago12:51

12:51

In this episode, Ray Sclafani discusses three innovative strategies for financial advisors to expand their client base beyond traditional marketing methods. He emphasizes the importance of creativity in client acquisition, particularly in engaging younger generations. The episode covers starting a podcast, hosting AMA sessions, and writing a book as effective tactics to connect with clients and showcase expertise. Key Takeaways Traditional marketing approaches are falling short, especially among younger generations. It's important to know your target audience when creating content. Live sessions can drive engagement and attendance. Successful authors find clients are more willing to refer others. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Making Your Mission Statement Mean Something Powerful 5:54

6 weeks ago5:54

5:54

In this episode, Ray Sclafani discusses the significance of crafting a powerful mission statement for businesses, particularly in the wealth management sector. He emphasizes that a mission statement should reflect a firm's unique values and objectives, guiding decision-making and providing a sense of direction. He also shares examples of effective mission statements and encourages listeners to create their own concise and memorable statements. There are coaching questions provided at the end to help firms leverage their mission statements effectively. Key Takeaways Crafting a mission statement reflects a firm's unique values. A mission statement governs the actions of the organization. Effective mission statements are compact, convincing, and inspirational. A six-word mission statement can be powerful and memorable. Mission statements should answer fundamental questions about purpose. For a complimentary download of 25 Powerful Six-Word Mission Statements click here . For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Ten Crucial Conversations for Client Reviews 15:25

7 weeks ago15:25

15:25

In this episode of Building the Billion Dollar Business , Ray Sclafani discusses the importance of intentional client reviews and presents a year-long playbook for financial advisors. He emphasizes the need for deeper conversations with clients beyond traditional investment management, covering topics such as tax strategies, legacy planning, budgeting, insurance, charitable giving, and dynamic financial planning. The episode highlights the significance of building trust and maintaining strong relationships with clients to ensure their financial success. Key Takeaways Intentionality in client interactions strengthens relationships. Legacy planning should evolve with clients' lives. Charitable giving aligns with clients' values and legacy goals. Building trust through consistent communication is vital. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Before Taking Any M&A Action, Make Sure To Know Your ‘Why’ 11:21

8 weeks ago11:21

11:21

In this episode of Building the Billion Dollar Business, Ray Sclafani discusses the critical importance of succession planning for financial advisory firms, particularly in light of the impending retirements of senior advisors. He explores the role of mergers and acquisitions (M&A) as a strategic option for succession, emphasizing the need for a clear understanding of the motivations behind pursuing M&A. The episode highlights the challenges firms face in planning for the future, the significance of human capital in successful acquisitions, and the importance of intentional growth strategies. Sclafani concludes with coaching questions to help advisors reflect on their strategic goals and succession plans. Key Takeaways Less than 40% of RIAs have a written succession plan. Only a third of RIA leaders are confident in succession. Acquisition will not address your human capital needs. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
The Blueprint for High-Performing Teams 12:01

9 weeks ago12:01

12:01

In this episode, Ray Sclafani discusses the blueprint for high-performing teams in financial advisory firms, emphasizing the importance of collaboration, mutual accountability, and a shared vision of success. He outlines six key components that define extraordinary success and provides coaching questions to foster team growth and reflection. Key Takeaways High-performing teams are essential for organizational success. A true team is cohesive with a shared commitment. Mutual accountability enhances team performance. Teams should co-create their vision of success. Open dialogue fosters trust and innovation. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
The Paradox of Choice 11:45

10 weeks ago11:45

11:45

In this episode, Ray Sclafani discusses the paradox of choice and how having too many opportunities can hinder decision-making and productivity. He emphasizes the importance of focus and strategic planning for leaders in wealth management, providing actionable strategies to prioritize effectively and protect team energy. The episode concludes with coaching questions to help teams align their goals and priorities for the year ahead. Key Takeaways Leadership isn't about saying yes to everything. You cannot do it all. Saying no protects your team's energy. Fear of missing out is a silent killer. Measure success by alignment, not just output. Success comes from clarity and commitment. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Begin the Year with a 20-Year Perspective 9:45

11 weeks ago9:45

9:45

In this episode of Building the Billion Dollar Business , Ray Sclafani emphasizes the importance of taking bold actions in the financial advising industry. He encourages listeners to reflect on their past and future, innovate client engagement models, invest in their teams, pursue personal development, and nurture client relationships. The episode concludes with actionable questions to help advisors design their legacy and align their daily actions with their long-term vision. Key Takeaways Reflect on the past to shape the future. Innovate client engagement to meet evolving expectations. Invest in your team for sustainable growth. Pursue personal development to unlock new opportunities. Create value for clients that lasts 20 years. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Hold On! Strategies to stem the outflow of assets as they transition to the next generation 13:27

12 weeks ago13:27

13:27

In this episode, Ray Sclafani discusses the critical strategies financial advisors must adopt to retain assets during wealth transitions to the next generation. He emphasizes the importance of building genuine connections with clients' heirs, adapting service models, enhancing technology, and integrating estate planning and philanthropy into advisory relationships. The episode also highlights the need for proactive engagement with younger clients and the significance of creating a clear succession plan to ensure long-term success in wealth management. Key Takeaways Most advisors lose assets during wealth transfer. Building relationships with heirs is crucial. Younger clients prefer planning-focused relationships. Involve the next generation in financial planning. Succession planning is vital for retaining clients. Women will inherit a significant portion of wealth. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
The Secret Sauce of Great Leaders 11:57

13 weeks ago11:57

11:57

In this episode, Ray Sclafani explores the importance of professional development plans (PDPs) in leadership. He shares the story of Sarah, a high-performing leader who realized the need to empower her team rather than solely drive results herself. He emphasizes the shift in mindset required for effective leadership and the strategic framework of PDPs that align individual growth with organizational goals. Sclafani outlines a six-part framework for creating PDPs and discusses the cultural impact of fostering a learning environment within teams. Key Takeaways Professional development plans multiply success and build stronger teams. Great leaders empower others to take responsibility. PDPs align individual development with organizational goals. Leadership is about creating an environment where others can thrive. Collaboration is key to effective professional development. Investing in team members drives engagement and retention. Creating a culture of learning benefits the entire organization. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Transfers of Trust 15:06

14 weeks ago15:06

15:06

In this episode of Building the Billion Dollar Business , Ray Sclafani discusses the successful strategies employed by WYSIWYG Wealth Management, a high-performing advisory team generating over $10 million in annual revenue. This episode highlights the importance of developing the next generation of talent, implementing a transfer of trust model, and leveraging team capacity for growth. Key Takeaways The transfer of trust model enhances client relationships. Clients appreciate the involvement of younger advisors. Mentorship fosters personal connections and knowledge sharing. Forecasting opportunities helps in proactive planning. Utilizing capacity effectively can lead to strategic growth. For more information click here to visit The ClientWise Blog. Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTube To join one of the largest digital communities of financial advisors, visit exchange.clientwise.com .…

1
Wishing You a Joyful Holiday & Peace in the New Year 1:24

14 weeks ago1:24