In this episode, Jeff and Ray discuss:
- What it takes to build an enduring enterprise.
- Options for phasing yourself out or into other positions as your firm grows.
- The processes and steps of a transition plan.
- The war for talent and how you can bring in the right talent for your firm.
Key Takeaways:
- It is hard work building your boutique business into an enterprise.
- Build a next-generation team that is capable of serving your clients and their families multi-generationally.
- More freedom is created with each step down in a transition plan.
- The value for the client is still going to be in the human aspect of advising, even as technology becomes more common in the advising field.
- To find top talent, you have to be flexible. That was true 17 years ago, and it is still true today.
"The longer the time we have, the longer the transition, but the advisors can speed that freedom date up if they want, they just need to be really effective at stepping down and letting others step up and choosing those people wisely. " — Ray Sclafani
Episode References:
Book: Turn the Ship Around by L. David Marquet
https://www.amazon.com/Turn-Ship-Around-Turning-Followers/dp/1591846404
Video: “Greatness” by David Marquet: https://www.youtube.com/watch?v=OqmdLcyES_Q
Connect with Ray Sclafani:
Website: https://www.clientwise.com/
LinkedIn: https://www.linkedin.com/in/raysclafani/
Twitter: https://twitter.com/raysclafani
Twitter: https://twitter.com/ClientWise
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth