Mike Langford Mike Langford

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

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Mike Langford Mike Langford

How Financial Advisors Can Build Better Client Relationships by Leveraging Technology

Patrick Spencer, Managing Director of Moneytree Software, joins Mike Langford to explore how financial advisors can enhance client relationships through technology. They discuss the evolution of Moneytree, the importance of goals-based planning and Monte Carlo simulations, and the critical role of communication in building trust with clients. The conversation emphasizes the need for advisors to understand their clients' objectives and to use technology to facilitate better engagement and decision-making.

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 Patrick, shoot him an email.

Key Takeaways From This Episode

  • Financial advisors can build better relationships through technology.

  • Money Tree has evolved significantly since its inception in 1981.

  • Goals-based planning has transformed the financial advisory landscape.

  • Monte Carlo simulations provide critical insights for financial planning.

  • Frequent communication is essential for maintaining client relationships.

  • Clients desire personalized communication about their portfolios.

  • Understanding client objectives is key to effective advising.

  • Data quality directly impacts the effectiveness of financial planning tools.

  • Visual tools can enhance client understanding and engagement.

  • The ultimate goal is to instill confidence in clients about their financial futures. Advisors should provide clients with choices within structured frameworks.

  • Visual communication is essential for effective client engagement.

  • Scenario planning helps clients envision different life paths and outcomes.

  • Understanding client scenarios can lead to deeper conversations and insights.

  • Generational differences influence how clients view retirement and financial planning.

  • Business ownership should be treated as a valuable asset in financial planning.

  • Advisors need to ask probing questions to uncover client aspirations and concerns.

  • Technology is reshaping the way financial advisors interact with clients.

  • Clients increasingly prefer interactive and visual tools for financial analysis.

  • The financial advisory landscape is evolving, requiring adaptability from advisors.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction and Personal Connections

04:29 The Evolution of Money Tree

10:20 Goals-Based Planning and Monte Carlo Simulations

18:24 Building Better Client Relationships

25:15 Conclusion and Future Directions

25:42 Client Engagement and Tools for Advisors

26:40 The Importance of Visual Communication

30:00 Scenario Planning in Financial Advisory

35:41 Understanding Client Scenarios and Life Changes

41:20 Generational Perspectives on Retirement

49:06 Business Ownership as an Asset

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Mike Langford Mike Langford

How An Innovative New Solution For Donor Advised Funds Is Helping Financial Advisors Build Deeper Relationships With Client Households

Adam Nash, the co-founder and CEO of Daffy joins Mike Langford to explore the power of donor advised funds for creating opportunities for your clients and their families to make the kind of meaningful impact they want on the world.

Daffy, which is short for "Donor Advised Funds For You" is an innovative solution designed to make it easier for financial advisors and their clients to collaborate on plans for charitable giving.

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 Adam, shoot him an email.

Key Takeaways From This Episode

  • Donor advised funds are a powerful tool for charitable giving and tax planning.

  • Financial advisors should incorporate charitable giving into their clients' financial plans and understand their clients' values.

  • Daffy offers a family plan that allows multiple generations to participate in charitable giving and have meaningful conversations about their values.

  • Technology can make it easier for people to give to charity and automate their giving goals. Daffy offers features for financial advisors to use with their clients, including multi-user support and the ability for advisors to perform financial actions on behalf of their clients.

  • Advisors are encouraged to talk to their clients about their charitable giving goals and help them create a plan.

  • Daffy provides content and tools to support advisors in these conversations.

  • The surprising benefits of Daffy include the support and collaboration from other donor advised funds and the ability to offer integrated charitable matching programs for companies.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction to Donor Advised Funds and Charitable Giving

02:23 The Need for Innovation in Donor Advised Funds

05:41 The Importance of Setting Goals for Charitable Giving

11:20 The Lack of Innovation in the Donor Advised Fund Industry

15:26 Engaging Multiple Generations in Charitable Giving

19:12 The Universal Value of Giving

21:06 Using Technology to Make Giving Easier

22:32 Incorporating Charitable Giving into Financial Plans

22:45 Using Daffy Features with Clients: A Guide for Financial Advisors

26:22 Incorporating Charitable Giving into Financial Planning: Tips for Advisors

32:03 Tax Strategies and Charitable Giving: A Winning Conversation for Advisors

38:38 Collaboration and Surprising Benefits in the Donor Advised Fund Industry

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Mike Langford Mike Langford

Why Long-Term Care Insurance Should Likely Be A Part Of Every Client’s Financial Plan

Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.

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 Larry, shoot him an email.

Key Takeaways From This Episode

  • The probability that clients will need long-term care is high, and the cost of securing long-term care is also high.

  • Financial advisors often shy away from discussing long-term care insurance due to headline risk and negative perceptions of the product.

  • Having conversations about long-term care insurance is crucial for financial advisors to provide holistic financial advice and plan for potential long-term care needs.

  • Including long-term care planning in financial advice can help retain assets and build relationships with clients and their beneficiaries.

  • Financial advisors should document discussions about long-term care insurance to protect themselves from potential litigation. Long-term care is an important consideration in financial planning, and it is crucial to plan for the potential costs involved.

  • Aging in place is a desirable option for many individuals, but it requires modifications to homes and additional expenses.

  • Financial advisors can use projection tools and financial planning software to help clients prepare for long-term care expenses.

  • It is never too early to start discussing long-term care options, and advisors should consider the needs of family caregivers as well.

  • For child-free clients, long-term care insurance can still be a valuable asset to protect their legacy and ensure their desired level of care.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction: Unlocking Tied-Up Value

02:25 The Opportunity for Financial Advisors

04:21 Partnering with Financial Advisors

09:31 Understanding the Scale of Small Businesses

17:45 The Benefits of Organizing a Competitive Process

23:23 Having Conversations with Business Owner Clients

25:19 Maximizing the Outcome of Selling a Business

35:27 The Importance of Succession Planning

41:34 Building Trust as a Resource for Business Owners

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Mike Langford Mike Langford

How To Grow Your Financial Advisory Business By Helping Business Owners Sell Theirs

Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. The conversation explores the opportunity for financial advisors to partner with investment banks to assist business owners in selling their companies. They discuss the scale of the opportunity, the average value of small businesses, and the importance of having conversations with business owner clients about their future plans for their businesses.

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 Tim, shoot him an email.

Key Takeaways From This Episode:

  • Many wealthy individuals in communities are private business owners with a significant portion of their net worth tied up in their businesses.

  • Financial advisors have the opportunity to partner with investment banks to help business owners sell their companies and unlock their tied-up value.

  • Having conversations with business owner clients about their future plans for their businesses is crucial for advisors to understand their clients' needs and provide relevant advice.

  • Organizing a competitive process to sell a company can result in better valuations and terms for business owners. Financial advisors can help business owners maximize the outcome of selling their businesses by providing education and guidance.

  • Building a strong network of professionals who can solve business owners' problems is crucial for advisors.

  • Succession planning and creating a transferable business are important for attracting potential buyers.

  • Advisors should focus on solving business owners' problems and building trust to establish themselves as a resource in the community.

Chapters

00:00 Introduction: Unlocking Tied-Up Value

02:25 The Opportunity for Financial Advisors

04:21 Partnering with Financial Advisors

09:31 Understanding the Scale of Small Businesses

17:45 The Benefits of Organizing a Competitive Process

23:23 Having Conversations with Business Owner Clients

25:19 Maximizing the Outcome of Selling a Business

35:27 The Importance of Succession Planning

41:34 Building Trust as a Resource for Business Owners

Read More