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

A New Unified Managed Account Platform Making It Easy For Financial Advisors To Customize and Scale

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."

Katie Hendrix, Vice President and Director of Asset Allocation Research at Dimensional Fund Advisors, joins Mike Langford to discuss the firm's newly unveiled UMA platform, which provides access to personalized and tax-efficient investment solutions.

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."

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 Katie, shoot her an email.

Key Takeaways From This Episode

  • Dimensional Fund Advisors has launched a UMA platform that combines the benefits of SMAs and ETFs, providing advisors with personalized and tax-efficient investment solutions.

  • The UMA platform offers operational efficiency, flexible asset allocation, and multifaceted tax management, allowing advisors to outsource the day-to-day management to Dimensional.

  • Dimensional plans to expand the UMA platform to include mutual funds and enhance its model management capabilities.

  • Advisors can learn more about the UMA platform on Dimensional's website and request a demo.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction to the UMA Platform

14:17 Difference Between UMA and SMA

18:05 Development Process of the UMA Platform

30:06 Future of the UMA Offering

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