In this conversation, Ray Sclafani and Mark Hurley discuss the current state of the wealth management industry, focusing on significant changes such as CEO transitions, the rising costs of talent acquisition, the impact of technology, and the concept of synthetic equity. They also address compliance challenges with the SEC, insights from Schwab's 2024 Independent Advisor Outlook, and the pressing need for new talent in the industry. The discussion emphasizes the importance of adapting to market changes and developing strategies for sustainable growth. Key TakeawaysTalent acquisition costs are rising, making retention crucial.Synthetic equity is becoming a common alternative to real ownership.The SEC's changes may impact compliance costs for firms.Schwab's study shows a strong focus on technology among advisors.The industry faces a significant talent shortage.Firms must create compelling environments to attract talent.Equity value is a major concern for advisors considering moves.Building a pipeline for talent is as important as client acquisition. White Paper: Confronting the Realities of Cyber Threats: A Framework and Cybersecurity Protocol for Wealth Management Firm CEOs

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