The Fine Print

Regulatory scrutiny is evolving, and RIAs involved in acquisitions or succession transitions are starting to see a new area of exam focus: how the SEC’s Marketing Rule endorsement provision may apply to certain client transition communications.In this episode of The Fine Print, SRG General Counsel Todd Fulks is joined by Christine Ayako Schleppegrell, Partner at Morgan Lewis and former SEC attorney, for a timely discussion on what firms are seeing in exams and deficiency letters, and why this issue is emerging now.You will hear how a rule many advisors associate with testimonials and advertising is beginning to surface in the M&A transition context, and what firms can do to stay prepared.

Employment agreements are often treated as a formality, until a key employee leaves, client relationships walk out the door, or a succession plan starts to unravel.In this episode of The SRG Exchange, SRG’s consulting team and General Counsel break down the real-world role of restrictive covenants in advisory firms, and why the biggest risk is often having no agreement in place at all. The group explores the difference between non-competes, non-solicits, and no-serve provisions, why enforceability varies state by state, and how firms can create protections that are both practical and reasonable.

Entity structure is not just paperwork. It shapes how your firm grows, shares ownership, and eventually transitions.In this episode of The SRG Exchange, SRG’s consulting team and general counsel break down what advisors need to know about entities and entity maintenance, and why firms often outgrow the structure they set up years ago.You’ll learn:How entity design affects internal succession and equity transfersWhy S-corp rigidity can create hidden obstaclesWhat ownership classes, voting rights, and governance terms actually changeWhat entity maintenance looks like in practice and why it mattersCommon mistakes that create risk during growth, M&A, or exitWhether you are building your first entity or planning for future owners, this episode offers practical clarity on structuring your firm for long-term flexibility and value.

What does a real contingency plan actually look like—and why are so many advisors still unprotected when something goes wrong? In this inaugural episode of The SRG Exchange, SRG’s consulting team sits down for a candid, unscripted conversation about one of the most overlooked areas in an advisor’s business: contingency planning. Pulling from real client experiences, the team breaks down what “good” looks like, what’s missing in most firms, and how to create a plan that truly protects clients, revenue, and family in the event of death, disability, or unexpected disruption. They explore common misconceptions (“My BD form covers me, right?”), share firsthand stories of plans that worked—and plans that didn’t—and outline the essential steps every advisor should be taking long before a crisis ever occurs. Whether you're reviewing your current plan or starting from scratch, this episode offers clear, practical insight into building continuity where it matters most.

How do top advisors win at both organic and inorganic growth? In this episode of The Fine Print, SRG President David Grau Jr. sits down with Jeff Concepcion, Founder & CEO of Stratos Wealth, to unpack practical strategies for building a sustainable advisory business. From turning referrals into repeatable growth systems to competing in today’s crowded M&A market, Jeff shares actionable insights on what it takes to scale, reinvest, and position your firm for long-term success.

In this episode of SRG's The Fine Print, host David Grau is joined by Saša Mirkovic from Inspire Network to explore the art of building self-leading teams. Saša shares his journey from financial advisor to a leader in developing teams that thrive independently. Discover the importance of transitioning from advisor to CEO, the concept of being a 'multiplier,' and the role of humility in leadership. Whether you're an advisor or a business owner, learn how to create a business that can exist without you, ensuring long-term success and growth. Tune in for insights on talent density, team-based compensation, and the power of mentorship. Get ready to cut through the noise and examine the real fine print.

In this episode of The Fine Print, David Grau Jr., President of Succession Resource Group, unpacks the critical—yet often overlooked—relationship between valuation and deal terms in today’s advisor M&A landscape. Building on previous discussions around private equity and industry aggregators, David dives into the real mechanics of how deals are financed, structured, and negotiated.From historical norms of “one-third cash, one-third note, one-third earnout” to today’s increasingly creative term sheets boasting eye-popping valuations, this episode sheds light on how sellers can command higher prices, if they’re willing to take on more risk. David outlines the modern deal menu, including bank financing, stock-based compensation, clawback provisions, and performance-based earnouts, and explains how each option shifts risk between buyer and seller.Whether you’re planning an internal succession, preparing for an external sale, or fielding offers from aggregators, this episode will help you understand the trade-offs that impact the final outcome. Tune in to learn why it’s no longer just about the headline valuation, but how you get paid that makes all the difference.Key themes:Creative deal structures vs. traditional modelsHow risk allocation influences valuationThe rise of stock-based offers and performance contingenciesWhen “highest price” doesn’t mean “best deal”Get ready to cut through the noise and examine the real fine print.

David Grau Jr. discusses the increasing influence of private equity (PE) and industry aggregators on the valuations and consolidation trends within the Registered Investment Advisor (RIA) industry. He explores historical developments, the rise of aggregators, how their unique deal terms to boost the appearance of value is impacting advisors, as well as the long-term implications for succession planning. Grau highlights how PE's focus on high multiples and creative deal terms is shifting advisor priorities from client fit to maximizing sale value, and advises caution when engaging with PE-backed firms. Tune in to discover the intricacies of PE deals in the advisory space, the evolving M&A market and priorities, and why maintaining a focus on fit over price is crucial for your client's long-term welfare.

In this episode, David discusses strategies to keep top talent in the financial advisory industry and protect client relationships. He emphasizes the importance of creating a happy, healthy work culture and providing career tracks and mentorship opportunities. David also explores the use of equity-sharing programs to incentivize employees and build a sense of ownership. On the topic of protecting client relationships, he suggests focusing on the client experience and institutionalizing relationships within the firm. He advises against relying solely on restrictive covenants and instead recommends implementing buyout terms in case an advisor leaves with clients. David also highlights the importance of understanding broker protocol and the enforceability of restrictive covenants.

In this episode, David Grau discusses the importance of death and disability planning for independent advisors and small business owners. He emphasizes the need to separate succession planning from contingency planning and suggests dividing and conquering these two subjects. Grau explains the different agreements and funding mechanisms that can be used in death and disability planning, including life insurance, promissory notes, and revenue sharing. He also highlights the key considerations in setting the price, determining the triggers, and addressing tax implications. Grau concludes by emphasizing the importance of post-agreement best practices and practical elements in implementing the plan.

Finding talent can be hard. But you don’t always need to find it, with the right approach you can develop it within anybody.This episode is a continuation of David Grau Jr.’s conversation with Ray Sclafani, Founder and CEO at ClientWise, LLC. Join them as they’re dedicated to uncovering the secrets behind flourishing financial advisory firms as they explore the synergy of digital marketing, the power of client referrals, and the benefits of strategic partnerships. Ray’s knowledge in talent development shines as he discusses innovative onboarding and training strategies, that ensure new hires evolve into valuable assets. Buckle up for a knowledge-filled discussion on the complexities of talent acquisition and team building to ultimately create a robust and dynamic workforce.Listen as Ray discusses: Sustainable growth strategies for financial advisory firmsDigital marketing, AI, and client advocatesTalent acquisition and onboardingAnd moreResources:Strategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 1 (Ep.19)Measure What Matters by John DoerThe Newsroom – Prime VideoConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com Connect with Ray Sclafani: LinkedIn: Ray SclafaniClientwise.com800-732-0876About Ray Sclafani: Ray Sclafani is the founder and CEO of ClientWise, which provides elite coaching programs and consulting exclusively for the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise, its unique coaching programs, and its team of credentialed coaches.Ray’s experience as a coaching and consulting specialist in the financial sector mirrors his long and profitable history in the industry. As a complement to his coaching skills, he holds a Master’s Certification in Neuro-Linguistics from the International Association for Neuro-Linguistic Programming and has participated in The Strategic Coach® Program for 17 years.Ray’s expertise as a coach and trainer is recognized and sought out by leaders within the profession. Through ClientWise, he has provided coaching or created and presented workshops for, among others, Merrill Lynch, Morgan Stanley Wealth Management, LPL, Raymond James Financial, Ameriprise, and Northwestern Mutual. In addition, he has spoken on request to major industry conferences and company events for firms such as Merrill Lynch for their Diversity & Training programs, LPL, Morgan Stanley Institutes Conferences, Raymond James, FSC Securities, as well as the FPA National Conference, John Hancock Funds Wholesaler Conference, Nationwide Financial Summit Sales Conference, MetLife Presidents’ Conference, Northwestern Mutual Forum, Northwestern Mutual Annual Meeting, Barron’s Winner’s Circle Summit, and Barron’s Top Advisory Teams Summit.He has been interviewed and quoted in the Wall Street Journal, Financial Planning magazine, and Registered Rep, to name a few. Ray’s book, “You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships,” was published by Wiley in 2015.

Finding talent can be hard. But you don’t always need to find it, with the right approach you can develop it within anybody.This episode is the first part of David Grau Jr.’s conversation with Ray Sclafani, Founder and CEO at ClientWise, LLC. Join them as they’re dedicated to uncovering the secrets behind flourishing financial advisory firms as they explore the synergy of digital marketing, the power of client referrals, and the benefits of strategic partnerships. Ray’s knowledge in talent development shines as he discusses innovative onboarding and training strategies, that ensure new hires evolve into valuable assets. Buckle up for a knowledge-filled discussion on the complexities of talent acquisition and team building to ultimately create a robust and dynamic workforce.Listen as Ray discusses: Sustainable growth strategies for financial advisory firmsDigital marketing, AI, and client advocatesTalent acquisition and onboardingAnd moreResources:Strategies for Building Enduring Wealth Advisory Firms With Ray Sclafani Part 1 (Ep.19)Measure What Matters by John DoerThe Newsroom – Prime VideoConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com Connect with Ray Sclafani: LinkedIn: Ray SclafaniClientwise.com800-732-0876About Ray Sclafani: Ray Sclafani is the founder and CEO of ClientWise, which provides elite coaching programs and consulting exclusively for the financial services industry. Ray’s passion for serving leaders, advisors, and companies in the financial services sector is reflected in ClientWise, its unique coaching programs, and its team of credentialed coaches.Ray’s experience as a coaching and consulting specialist in the financial sector mirrors his long and profitable history in the industry. As a complement to his coaching skills, he holds a Master’s Certification in Neuro-Linguistics from the International Association for Neuro-Linguistic Programming and has participated in The Strategic Coach® Program for 17 years.Ray’s expertise as a coach and trainer is recognized and sought out by leaders within the profession. Through ClientWise, he has provided coaching or created and presented workshops for, among others, Merrill Lynch, Morgan Stanley Wealth Management, LPL, Raymond James Financial, Ameriprise, and Northwestern Mutual. In addition, he has spoken on request to major industry conferences and company events for firms such as Merrill Lynch for their Diversity & Training programs, LPL, Morgan Stanley Institutes Conferences, Raymond James, FSC Securities, as well as the FPA National Conference, John Hancock Funds Wholesaler Conference, Nationwide Financial Summit Sales Conference, MetLife Presidents’ Conference, Northwestern Mutual Forum, Northwestern Mutual Annual Meeting, Barron’s Winner’s Circle Summit, and Barron’s Top Advisory Teams Summit.He has been interviewed and quoted in the Wall Street Journal, Financial Planning magazine, and Registered Rep, to name a few. Ray’s book, “You’ve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships,” was published by Wiley in 2015.

Do you ever look at some of the industry’s most successful advisory firms and wonder, “Where are they finding top talent?”After looking under the hood, guess what we found? They don’t find top talent. They build it!Get ready to adapt to a new paradigm of talent management, as David Grau Jr. encourages listeners to rethink how they mentor, train, and compensate the next generation of talent. You will discover a systematic and scalable approach to cultivating talent and building a seamless succession plan.Key Discussion Points:How compensation and recruiting have evolved over the past 20 yearsBuilding an integrated team and what it means to hire “hunters” vs. “farmers”The uncomfortable, but incredibly rewarding, transition from advisor to CEOThe BBP (base, bonus, profits) compensation model that is relevant todayAn actionable plan to nurture new interns into your most trusted advisorsAnd much more!Connect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com 

Many Advisors dedicate their lives to building their companies. But what happens after they exit their business?The transition can be fraught with unexpected emotional challenges that are often overlooked!Get ready to address the “founder’s exit paradox” with David Grau Jr. and guest Jerome Myers, founder of DreamCatchers and The Myers Development Group. They shed light on the difficulties that come with stepping away from a business you’ve poured your heart into and how to navigate the journey toward a fulfilling post-exit life.Key Discussion Points:Jerome’s story of exiting Corporate AmericaWhat is the “founder’s exit paradox” and how does it affect business ownersWhy it’s normal to feel empty or lost after a business exitSix centers of doubt that every business owner may experience after selling a businessThe N.E.X.T. formula to find purpose post-exitProactive measures to seamlessly navigate the different stages of exitAnd much more!Resources:Dreamcatchers Podcast“Your N.E.X.T.?: Finding Fulfillment After Your Exit” by Jerome MyersConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com Connect with Jerome Myers:LinkedIn: Jerome MyersJerome Myers WebsiteThe Exit ParadoxAbout Our Guest:Jerome Myers aka “J” is a developer of people and places. He is the founder and Chief Inspiration Officer of DreamCatchers and The Myers Development Group. Through these entities, he gets to live out his childhood dreams of helping people manifest the things they imagine and create social proof that dreams should be real. Since leaving corporate America after building a 20MM division at a Fortune 550 company, J has become one of the most sought-after thought leaders in the multifamily development space. His company, The Myers Development Group, built a multi-million-dollar portfolio following the principles of Myers Methods.Unlike other coaching programs, they will go beyond strategy, assessments, and encouragement. Jerome pioneered Holistic Transformational Life Coaching more than 15 years ago. Up until about two years ago, it was only used with his closest friends and family. They repeatedly urged him to share his techniques with others and laid the foundation for introducing his methods to the world.

Whether it’s M&A or succession planning, a critical challenge advisors face is navigating the lending process for equity purchases.It’s not just about the access to capital, but also the intricacies of the deal structure!Recognizing this struggle, David Grau Jr. sits down with Dustin Mangone and Aaron Racino from PPC Loan to simplify advisor financing. They highlight the current state of M&A and share insights into securing loans and finding a deal that aligns with your business goals.Key Discussion Points:PPC Loan’s 10+ years of experience serving the advisory lending spaceHow PPC Loan differs from a traditional bank loanWhat loan solutions may look like for an internal succession to the next-genHow to evaluate loan terms beyond interest rates (i.e., understanding the “fine print”)Factors that can make or break a deal in the eyes of lenders2024 outlook for M&A trendsAnd much more!Connect with PPC Loan:PPC LoanConnect with Dustin Mangone:LinkedIn: Dustin MangoneConnect with Aaron Racino:LinkedIn: Aaron RacinoConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com About Our Guests:Dustin Mangone, as the Managing Partner and Director of the Investment Advisor Program, spends 100% of his time focused on the acquisition financing needs of investment advisors nationwide. With over 14 years of experience as a cash-flow lender, Dustin has evaluated and underwritten more than $500 million in funded loans supporting hundreds of business owners across the country who are looking to grow their business by way of acquisition. From the initial phone call to the funding of your loan, Dustin takes a hands-on approach to make sure your needs are properly met throughout the entire process.Aaron Racino, during his time with PPC LOAN, has worked with hundreds of current and aspiring small business owners to accommodate their various business financing needs. He relies on his experience to help his clients through not only the lending process but also offers his insight and advice to clients who might be navigating an acquisition for the first time. With a background in sales, Aaron truly knows the importance of tailoring products to suit the needs of his customers and takes a hands-on approach to ensure an enjoyable experience from underwriting throughout the life of the loan.

Ever wondered how top financial firms plan for the future?Discover the secrets of scaling your financial advisory business in this engaging episode of The Fine Print. Host David Grau Jr. and guest expert Caleb Brown, co-founder of New Planner Recruiting, dive into effective succession planning strategies for independent advisors.Key Discussion Points:The pitfalls of succession planning Understanding the evolving roles in advisory firmsNavigating the challenges of recruitment and compensation in financial advisoryThe evolution of a CEO’s role in financial advisory firmsViability and efficiency of smaller, lifestyle practicesEmphasizing salary-based compensation models with growth opportunitiesThe balance between investing in employee development and managing turnover risksAnd much more!Resources:LinkedIn: Caleb Brown, MBA, CFP®NewPlannerRecruiting.comNew Planner PodcastBook: Finding Your Path: The Roadmap from Student to Successful Financial PlannerBook: Successful Hiring for Financial Planners: The Human Capital AdvantageJocko Willink Video: GoodConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com About Caleb Brown: Caleb Brown is a renowned expert in the financial planning sector, specializing in connecting emerging financial planners with growth-oriented firms across the USA. As a CERTIFIED FINANCIAL PLANNER and a Kolbe Certified Consultant, he plays a pivotal role in mentoring and integrating new talents into the industry. Caleb is recognized for creating the FPA Career Day program and actively contributes to the financial planning community as a member of the FPA New Professionals Advisory Council and Chairman of NexGen. His experience includes over five years in an RIA firm and he’s been acknowledged as the Next Generation Influencer by Financial Planning magazine.

Ever wondered how CRM can redefine your advisory firm?Join us on The Fine Print, where Rick Williamson, Director of Brand Experience at Redtail/Orion Advisor Technology, brings his dynamic personality and industry expertise to explore the transformative role of Customer Relationship Management (CRM) systems in enhancing advisory business value.Key Discussion Points:The Impact of CRM Systems: Explore how CRM systems can transform business efficiency, profitability, and client relationships in the financial advisory sectorEffective CRM Usage for Client Relationships: Understand the crucial need for not only possessing a CRM system but also leveraging it effectively to forge strong, personalized client relationships – a key to business successStandardization in Business Processes: Discover the importance of having consistent processes, especially in client onboarding and interactions, to boost efficiency and enhance client experiencesCRM’s Role in Compliance and Risk Management: Learn about how CRM systems like Redtail are instrumental in supporting compliance and mitigating risks, vital for preserving the integrity and value of financial advisory businessesProactive CRM Application: Gain insights into adopting a proactive approach in using CRM systems to amplify client engagement, streamline operations, and drive a firm’s success and client satisfactionAnd much more!Resources:LinkedIn: Rick WilliamsonX: RickyRedtailConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com About Rick Williamson: Rick Williamson, better known as Ricky Redtail, is proud to celebrate his 10th year at Redtail, where his role of Director of Training allows him to lead, as well as oversee, all training and education resources, presentations, and content. With a background peppered with stints in film production, public speaking, and working at Walt Disney World, Rick has been able to make a significant impact at both Redtail and in the FinTech industry. His experience in numerous Marketing, Media, Training, and Presentation projects makes him an exciting and entertaining voice in FinTech and Practice Management.

Want to know what sets successful businesses apart? Join us in the latest Fine Print episode, where Julia Sexton, Director of Strategic Organizational Planning at Succession Resource Group, unravels the complexities of strategic organizational planning. David and Julia’s conversations offer invaluable insights for independent advisors aiming to boost their business value, growth, and sustainability.Key Highlights:Discover how nurturing talent fuels business expansionDive into the secrets of effective compensation plans that drive successUncover how the right mix of incentives can keep top talent thrivingFind out how intangible rewards can drive real business impactExplore innovative strategies for employee motivation and engagementLearn how smart vesting aligns with company growth and employee loyaltyDiscover the transformative potential of equity plans in shaping business futuresAnd much more! Connect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com Connect with Julia Sexton:LinkedIn: Julia Sexton (Sullivan), CVAAbout Julia Sexton: Julia, SRG’s Director of Strategic Organizational Planning since 2023, specializes in guiding clients toward long-term success through tailored contingency and employment programs. With a comprehensive approach, she crafts individualized employee and owner compensation plans, structures equity rewards for sustained business goals, and supports growth initiatives through entity formation and M&A. Drawing on 5 years of experience as a certified business appraiser, Julia has completed over 2,000 valuations and facilitated 200+ successful mergers. Holding a CVA designation and a Bachelor of Science in Business Administration from the University of New Hampshire, Julia is a member of NACVA. Based in Providence, Rhode Island, she enjoys outdoor activities with her husband and golden retriever, engaging in competitive CrossFit, and unwinding on the beach with a good book.

Ever wondered why some deals soar while others sputter? From backdoor metrics to surprising valuations, we’re spilling industry secrets.David Grau Jr. and Parker Finot from SRG invite you to join them as they unravel the mysteries of deal-making in the financial advisory world. Dive into the hidden metrics, unexpected valuations, and behind-the-scenes dynamics that shape business transitions.Listen in as David and Parker reveal:What really separates Deal Support from Succession PlanningWhy full sales through asset acquisition are so prevalentHow consulting can make or break client relationships during transitionsWhy some peer-to-peer deals seem undervalued, while others skyrocket 20-30% above expectationsWhy sellers stay on post-sale and the evolving dynamics of peer-to-peer dealsAnd much more! Resources:LinkedIn: Parker FinotConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com About our Guest: Parker Finot, an M&A and Succession Plan Consultant at SRG, has nearly a decade of financial experience. He previously served as a San Diego financial advisor and was a pioneering Virtual CFO at LPL Financial. Educated at San Diego State University with a Professional Accounting Certification from UCSD Extension, Parker excels in corporate finance and business consulting.

The financial advisory industry is currently facing a significant challenge. The average age of advisors is increasing, and there is a pressing need for new talent. Many advisors struggle with building a team and transitioning their businesses to the next generation.In this episode David Grau Jr. interviews Jon Randall, an advisor and consultant, about the importance of finding, training, and compensating next generation advisors in the financial advisory industry. They discuss the challenges of building a team and transitioning businesses to the next generation, emphasizing the need for training programs focused on the business owner aspect. They also explore the benefits of hiring and training raw talent, as well as the importance of incentives and clear career paths in retaining talent. David and Jon discuss: Benefits of homegrown talent and training individuals in-houseStrategies for finding and attracting talent, including networking events and internshipsThe importance of offering competitive salaries and incentives to attract and retain talentThe need for a clear career path and advancement opportunities within a firmTraining and developing junior advisors, including specialization and working in teamsThe challenge of founders letting go and allowing junior advisors to take the leadAnd more! Resources:LinkedIn: Jon RandallXFA CoachConnect with David Grau Jr.:Succession Resource GroupLinkedIn: David Grau Jr, MBA david.graujr@successionresourcegroup.com About our Guest: XFA.COACH – eXtraordinary Financial Advisors is a distinctive coaching and consulting firm committed to providing financial advisors a specialized and proven approach to eXtraordinary growth and profitability.