The Fine Print

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: Get ready to cut through the noise and examine the real fine print.

David Grau Jr. discusses the increasing influence of private equity (PE) on the valuations and consolidation trends within the Registered Investment Advisor (RIA) industry. He explores historical developments, the rise of aggregators, and evolving succession planning strategies. 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: Resources: 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, MBAdavid.graujr@successionresourcegroup.comConnect with Ray Sclafani: LinkedIn: Ray SclafaniClientwise.comAbout 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: Resources: 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, MBAdavid.graujr@successionresourcegroup.comConnect with Ray Sclafani: LinkedIn: Ray SclafaniClientwise.comAbout 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: Connect with David Grau Jr.: Succession Resource GroupLinkedIn: David Grau Jr, MBAdavid.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: Resources: Dreamcatchers Podcast“Your N.E.X.T.?: Finding Fulfillment After Your Exit”Connect with David Grau Jr.: Succession Resource GroupLinkedIn: David Grau Jr, MBAdavid.graujr@successionresourcegroup.comConnect 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: 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, MBAdavid.graujr@successionresourcegroup.comAbout 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: 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, MBAdavid.graujr@successionresourcegroup.comAbout 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: Resources: LinkedIn: Rick WilliamsonX: RickyRedtailConnect with David Grau Jr.: Succession Resource GroupLinkedIn: David Grau Jr, MBAdavid.graujr@successionresourcegroup.comAbout 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: Connect with David Grau Jr.: Succession Resource GroupLinkedIn: David Grau Jr, MBAdavid.graujr@successionresourcegroup.comConnect 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: Resources: LinkedIn: Parker FinotConnect with David Grau Jr.: Succession Resource GroupLinkedIn: David Grau Jr, MBAdavid.graujr@successionresourcegroup.comAbout 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: Resources: LinkedIn: Jon RandallXFA CoachConnect with David Grau Jr.: Succession Resource GroupLinkedIn: David Grau Jr, MBAdavid.graujr@successionresourcegroup.comAbout 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.

Ever wondered why top financial advisors stay loyal to their firms or jump ship? Dive into this episode where David Grau Jr. unravels the mysteries of compensation in the financial advisory industry. Discover the pitfalls of traditional revenue-based models and the power of intentional design in compensation plans. Don’t miss this deep dive if you want to ensure your business’s success! David discusses: About David: David Grau Jr. is the founder and CEO of Succession Resource Group, a succession and M&A consulting company for advisors. Prior to launching SRG, David was the leading M&A consultant for a well-known succession planning firm to advisors where he led and developed numerous programs for RIAs. Prior to this role, David served in the United States Navy. David is a published author and accomplished speaker and has been interviewed and cited in dozens of publications over the last decade. He is currently one of the leading speakers in the financial services industry on M&A and next-gen building strategies, with over 200 presentations to his credit. In the past five years, he has spoken at a variety of the industry’s leading firms, including LPL Financial Services, Wells Fargo, Ameriprise Financial, ING, Independent Financial Group, Geneos, Swan Global, Advisor Group, Fidelity, Jackson National, Prudential, Raymond James, and regularly volunteers his time speaking for the Financial Services Institute (FSI) and FPA chapters around the country. David holds a Bachelor’s Degree from Portland State University and has a Master’s Degree from Willamette University’s Atkinson Graduate School of Management. David, his wife Kristen and their three children are long-time residents of Portland, Oregon, but take every opportunity to travel. Fun Facts: David enjoys spending time with his family, reading, running, is an avid wine enthusiast and developing a taste for cigars, loves traveling, reading, he also enjoys snow and water sports and loves basketball (playing or watching). Prior to having three children and starting a business David had a beautiful head of hair. Now he doesn’t.

Do you know where your practice is going once you decide to let go of the wheel? Can it survive without your direction? Do you know what processes to start implementing now to ensure a smooth transition of your business? In this episode, David Grau Jr. is joined by Matt Cooper, the President of Beacon Pointe Advisors. They discuss the importance of succession planning for independent advisors and the process of putting deals together in the private equity industry. Matt discusses: Connect with David: Succession Resource GroupLinkedIn: David Grau Jr, MBAConnect with Matt: Beacon Pointe Advisors: Matt Cooper LinkedIn: Matt CooperAbout our Guest: Matt is a founding partner of Beacon Pointe Advisors and oversees the firm’s strategic plan focused on mergers and acquisitions, creating synergistic partnerships between Beacon Pointe and other wealth managers across the country. Matt has been featured in Financial Planning Magazine, Barron’s, InvestmentNews, Citywire, Financial Advisor IQ, and Forbes, among other publications. He also regularly speaks on a host of wealth management and industry-related topics across various national conferences. Matt has a passion for continuous lifetime learning with a focus on the wealth management and financial life management industries. At a time when the RIA industry is changing more rapidly than any other point in history, his focus is on building the best possible business to serve clients and to assist other wealth advisors in meeting their lifetime goals. Matt graduated from the University of Southern California Marshall School of Business with a BS in Finance and Business Economics. While at USC, Matt served as President for the Sigma Alpha Epsilon Fraternity. He remains a supporter of both the University and the National Fraternity. Matt has served on the Advisory Committee of Serving People in Need (SPIN), is past President of Newport Mesa National Junior Basketball, past President of the Andersen Elementary School Foundation (DEANS), is a member of Legatus International, and also served on the Investment Committee of The Orange Catholic Foundation. He lives in Dallas, Texas with his wife and has three sons. Matt enjoys traveling, running and exercise, and spending time with his family.

As the founder of an advisory firm, it’s your moment to embrace the mantle of true leadership and propel your firm towards unprecedented success. While it may seem like a natural progression for a founder, the transition is often more challenging than it appears. In this episode, David Grau Jr. dives into the shift from being a producer to a CEO in the industry. David underscores the indispensable role of exemplary leadership in thriving firms, emphasizing the need to metamorphose from an owner-operator to a CEO for a sustainable enterprise’s development. David discusses: Connect with David: Succession Resource GroupLinkedIn: David Grau Jr, MBA

Unleash the true value of your business and pave the path to lasting success! Selling your business requires more than just looking at profits and client numbers. Join us as we uncover the key to understanding what truly makes your business successful and how future owners can sustain that triumph. In this episode, David Grau Jr. and Ryan Grau, CVA, CBA explore the reality of evaluating a business as a financial advisor and how to determine the value of a business even after selling it. They dive into key performance indicators a buyer focuses on when the future of a business and its value after the sale. In this episode, you’ll gain invaluable insights on: Connect with David: Succession Resource GroupLinkedIn: David Grau Jr, MBAConnect with Ryan Grau: LinkedIn: Ryan Grau, CVA, CBAAbout our Guest: Ryan Grau earned his Certified Valuation Analyst (CVA) credential and Certified Business Appraiser (CBA) credential from the National Association of Certified Valuators and Analysts (NACVA) and Institute of Business Appraisers respectively. He’s currently a candidate for the Accredited Senior Appraiser (ASA) credential. Ryan’s also certified by the Appraisal Foundation on the Uniform Standards of Professional Appraisal Practice (USPAP) and has been admitted multiple times as an expert witness by the Financial Industry Regulatory Authority (FINRA) as well as various state judicial authorities. Ryan’s an industry authority on value and valuation of investment advisory, wealth management, and insurance-based businesses. He’s performed thousands of valuation in the last ten years for various purposes such as mergers, acquisitions, charitable gifting, granting shares, divorces, damage claims resulting from breach of contract, C-S Corp. election, estate tax, and institutional lending. Ryan authored, as well as contributed to, various industry publications and best-selling books on the topics of succession planning, valuation, and acquisition of independent financial service and advisory practices. In 2018, Ryan was recognized as one of the NACVA’s top 40 Under Forty honorees for his accomplishments and contributions to the profession.