wealth management

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.

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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

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

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