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