In this episode of Contrasting Viewpoints, Ray Sclafani and Mark Hurley discuss the latest legal battles in the wealth management industry, including Merrill Lynch's TRO denial and UBS's lawsuit. They explore the impact of AI-driven RIAs and the significance of the Genius Act for stable coins. Special guest Ric Edelman shares insights on the evolving role of Bitcoin and digital assets in financial portfolios.

Takeaways:

• UBS's lawsuit underscores the intensifying battle for clients and talent.
• The Genius Act provides a regulatory framework for stable coins in the U.S.
• Stable coins offer a stable alternative to volatile cryptocurrencies.
• Financial advisors are increasingly recognizing the importance of crypto knowledge.
• The intersection of technology and finance continues to drive industry innovation.

About Our Guest:

Ric Edelman is a celebrated financial innovator, educator, and author who co-founded what is now Edelman Financial Engines. Beginning in 1986 with a mission to democratize advice, he has guided the firm to manage over $300 billion in assets and serve more than 1.4 million households.

Over four decades, Ric has built a reputation not just as a successful advisor but as a thought leader — hosting #1 financial radio shows, producing television series and PBS specials, and writing bestsellers like The Truth About Money and The Truth About Crypto. He also founded the Digital Assets Council of Financial Professionals (DACFP) and helped pioneer the Certificate in Blockchain & Digital Assets to bring crypto education into the mainstream investment community.

https://dacfp.com/finra-listed-cbda-designation/

https://dacfp.com/whitepaper-0625/

https://podcasts.apple.com/us/podcast/the-truth-about-your-future-with-ric-edelman/id1603081576

https://dacfp.com/convince-your-firm/

In this episode of Contrasting Viewpoints, industry veterans Ray Sclafani and Mark Hurley unpack the most critical trends reshaping the financial advisory profession.

They explore:

• The looming advisor shortage and what it means for succession planning
• How AI is transforming client service and operational efficiency
• The evolving expectations of high-net-worth clients
• The growing importance of accurate, real-time financial data

Special guest Kevin Knull, CEO of Tax Status, joins the conversation to discuss how his company is leveraging technology to streamline access to tax and financial information—helping advisors deliver more personalized, compliant, and data-driven advice.

The episode also examines:

• The wave of M&A activity in the RIA space
• How industry consolidation is changing the competitive landscape
• What advisory firms must do to adapt and remain relevant in a fast-evolving market

Key Takeaways:

• The financial advisory industry is facing a significant advisor shortage, with predictions of a 100,000 advisor deficit by 2034.
• The trend towards family office-like services is growing among advisors catering to affluent clients.
• The importance of cybersecurity and data protection is paramount as firms handle sensitive client information.
• Advisors need to adapt their fee structures to reflect the value of the services they provide, especially as they expand their offerings.
• The future of the advisory profession will require firms to leverage technology and data to remain competitive and meet client needs.

About TaxStatus:

TaxStatus is a fintech innovator dedicated to making tax records more accessible by showing businesses and individuals exactly what the IRS sees—often in hours rather than weeks. Their mission centers on empowering users through greater transparency, streamlined IRS access, and a customer‑centric approach that delivers faster responses and competitive pricing. Built on a culture of innovation, diversity, and openness, TaxStatus continues to iterate on its platform to provide creative, high‑value solutions for financial professionals and their clients

Want to get in touch with Kevin?

kevin@taxstatus.com

https://www.linkedin.com/in/knull/

https://www.taxstatus.com/about/

Check out Kevin’s book: Exploring Advice: What You Need to Know About Good Financial Advice, a Quality Financial Plan and the Role of a Fiduciary

In this episode of Contrasting Viewpoints, industry veterans Ray Sclafani and Mark Hurley dive into the transformative trends shaping the future of wealth management. They explore:

• SEI’s acquisition of Stratos Wealth – What does this signal for the RIA space?
• The growing importance of tax planning – Why advisors must embrace holistic financial strategies.
• The evolving role of centers of influence (COIs) – How trusted networks are reshaping client acquisition and referral dynamics.

Mark also revisits key predictions from his influential white paper, "Welcome to the Jungle", and the duo evaluates how those forecasts are playing out in today’s environment.

Other key themes include:

• The critical need for organic growth in advisory firms
• How demographic shifts are influencing business sales and succession planning
• What firms must do now to stay competitive in a consolidating market

Whether you're an advisor, industry executive, or just curious about the forces reshaping wealth management, this conversation delivers sharp insights and actionable takeaways.

Key Takeaways:

• Market conditions are currently favorable, but change is imminent.
• Advisors must focus on adding value to retain clients.
• Specialization and brand clarity are essential for success.

Links:

Welcome to the Jungle

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