In this episode of Building the Billion Dollar Business, host Ray Sclafani highlights the vital role of succession planning in financial advisory firms and redefines business value as the ability to develop and elevate future leaders. He outlines eight essential qualities every future owner should embody and shares practical strategies for fostering an ownership mindset across your team. With coaching questions to guide meaningful conversations and steps to create real growth opportunities, this episode offers a clear path to building confident, capable leaders who will carry your firm's vision forward.

Key Takeaways

1. Succession planning is a leadership responsibility, not just an exit strategy.
2. The most successful leaders build future leaders.
3. Leadership development requires investment and intentionality.
4. Modeling ownership thinking is key to leadership development.
5. Start investing in future leaders now for long-term success.

Download our Successful Next Generation Leaders: 8 Essential Qualities checklist to help identify, develop, and cultivate the right future leaders.

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.

In this special July 4th episode of Building the Billion Dollar Business, Ray Sclafani steps away from strategies and frameworks to reflect on the deeper meaning of patriotism for business owners and leaders in wealth management. He shares a heartfelt message about the privilege of building something that lasts, the responsibility leaders carry, and why true patriotism is found not just in celebration—but in the work we choose to do each day. Whether you're leading a firm, developing the next generation, or simply navigating a tough quarter, this episode will inspire you to lead with purpose and pride.

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.

In this episode of Building the Billion Dollar Business, Ray Sclafani explores the often-overlooked truth about mentorship: it has an expiration date. Drawing on real-world experience coaching top financial advisors and entrepreneurial leaders, Ray unpacks why mentorship is not just about support, but strategic growth. He shares how the most successful leaders choose their mentors with intention, regularly reassess their relevance, and seek out guidance that aligns with their current leadership challenges. You’ll learn how to identify your learning gaps, test for alignment, and structure mentoring relationships that sharpen your thinking—not just affirm it. Whether you're scaling a firm, stepping into succession, or simply craving sharper perspective, this episode will help you build a mentorship model that evolves with you.

Key Takeaways

1. 75% of executives attribute their success to mentors.
2. Not all mentors are meant to stay with you forever.
3. Mentors ask better questions than you're asking yourself.
4. Mentorship is not blind obedience; it's perspective.
5. Review your mentors annually to ensure alignment with growth.
6. Mentorship is a strategy, not a favor.

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.