Solving the Biggest Tech Problem in Wealth Management by Creating True Ownership of Your Firm’s Data
Jud Mackrill, Co-Founder of Milemarker joins Mike Langford for a conversation about the challenges financial firms face regarding data ownership and integration. They discuss the concept of data lakes, the mission of Milemarker to empower financial advisors with better data control, and the evolution of technology in the financial services industry.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Jud, shoot him an email.
Key Takeaways From This Episode
True ownership of data is a significant challenge for financial firms.
Milemarker aims to connect various systems for better data management.
The term 'data lake' has gained traction in the financial advisory space.
Having centralized data allows firms to understand their business better.
Milemarker's origin story is rooted in solving industry-wide problems.
The financial services industry is often slow to adopt new technologies due to regulations.
Data will be central to enhancing client experiences in the future.
Milemarker simplifies operational processes for financial advisors.
Private equity involvement in the industry is increasing.
Advisory firms need to prepare for data transparency and reporting. Our system actually delivers that to people and it's super fun.
You need to work on your business, not just in your business.
Adoption just never takes off or is really small because it's hard.
Milemarker is not a DIY service.
You need to own your data because you need to have your data in a way that you can control it.
You're going to be an AI company, not a matter of if, it's a matter of when.
Having that data together is going to be really imperative.
You want to be able to use the tooling that's important to you.
The war for talent is ongoing.
It helps you articulate your thoughts better.
Resources Mentioned In This Episode:
Orion - Jud Mackrill shares the story of being employee number 20 at Orion and how getting to work alongside the company's founder, Eric Clarke, shaped his career.
Skience - As part of Jud's recalling the origin story of Milemarker he reflects on meeting his co-founder Kyle Van Pelt when Kyle was still working at Skience.
Zapier - Mike mentioned how his sees some high-level parallels between what Milemarker is doing for wealth management firms and how Zapier has created the ability for businesses to connect a variety of other web services.
Holistiplan - Jud mentioned how Milemarker is working to make it easier for advisors to adopt solutions like Holistiplan, a tax planning softwares tool and
Wealth.com - An estate planning tool that benefits from deeper integration and ease of use with the advisor's existing workflow.
Stefan Ludlow - Jud mentioned Stefan and his role as the CTO at Cerity Partners as an example of what a CTO at a modern financial advisory firm hopes their job will look like versus what life is like for most tech leaders in wealth management.
The Connected Advisor - The Milemarker team are producing Podcast and Newsletter to connect with their prospects, clients, and the wider wealth management community. A side benefit is it helps them better articulate their thoughts about the space.
Chapters:
00:00 Introduction to Data Ownership Challenges
02:28 Understanding Milemarker's Mission
04:25 The Concept of Data Lakes
08:08 The Origin Story of Milemarker
14:06 The Evolution of Technology in Financial Services
19:02 Practical Applications of Milemarker
22:50 Unlocking Insights with Technology
23:19 Working on Your Business vs. In Your Business
24:18 Challenges of Technology Adoption in Advisory Firms
25:15 The Role of Milemarker in Technology Implementation
29:07 The Importance of Data Quality for AI
32:23 Preparing for the AI Revolution in Advisory Firms
36:30 Core Building Blocks for RIAs in 2025
41:29 The Value of Content Creation for Advisors
Strategies For Growing a Financial Advisory Business Without Adding New Clients
Sound Bites
"SMAs and UMAs are making investment solutions available to a wider range of people, not just the ultra high net worth individuals."
"Dimensional's UMA platform has allowed the firm to scale and serve a larger number of accounts with a small increase in headcount."
"The UMA platform allows advisors to offer customized solutions while also having scalability and operational efficiency."
Jon Randall of XFA.Coach joins Mike Langford for an innovative exploration of strategies for growing financial advisory businesses. The conversation delves into the unique approach of XFA, the common constraints faced by advisors, and the importance of client optimization and segmentation.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Jon, shoot him an email.
Key Takeaways From This Episode
XFA.Coach focuses solely on helping financial advisors grow their business.
Many advisors face constraints due to having too many clients.
Growth strategies differ significantly for practices under and over a million in revenue.
Client optimization can lead to significant revenue increases.
Segmentation of clients is crucial for effective service delivery.
Advisors must transition from client-facing roles to leadership roles as they grow.
The skills required for managing a business differ from those needed for advising clients.
Community and mentorship can accelerate growth for financial advisors.
Understanding the constraints at different revenue tiers is essential for growth.
Letting go of clients can be difficult but is sometimes necessary for business health.
Resources Mentioned In This Episode:
Most Advisors Are Not Growing Their Business - Here's Why That's A Problem and How To Fix It - Kieran Bol of PriceMetrix by McKinsey shares data that illustrates the lack of organic growth for financial advisory businesses.
How Financial Advisors Can Grow Beyond a Plateau - Jon Randall joined Aaron Hasler of SkyView Partners and Mike Langford for an episode of the Advisor Financing Forum podcast to explore strategies for growth at varies levels of business for financial advisors.
Chapters
00:00 Introduction to Financial Advisory Growth
02:14 Understanding XFA.Coach and Its Unique Approach
04:40 Common Constraints in Financial Advisory Growth
09:20 Revenue Tiers and Their Challenges
18:01 Client Optimization as a Growth Strategy
25:58 The Importance of Client Segmentation
36:23 Transitioning from Advisor to Coach
44:51 The Journey from Advisor to Performance Coach