Have you ever wondered why you don’t paint your own house, change your own oil or do your own taxes?
It’s not that you couldn’t—you probably could.
But would you really want to? And would it be done with excellence? You pay someone to help you because they’ve got the experience, the tools and the know-how. They make it easy.
Now, think about the current state of wealth management. Clients today could handle their own investments. Fidelity, Vanguard, Schwab, UBS, et al.—they provide research, tools and partnerships. They’ve got reports from Bain, BCG, Deloitte and EY stacked to the ceiling. Data is more accessible than ever. Investment products? They’re a dime a dozen.
That’s the thing. The basics? They’re table stakes.
The real game has shifted to something bigger.
“Providing” wealth management is no longer enough. It’s about curating a unique experience that makes clients feel taken care of, in a way they can’t replicate on their own.
Let’s get real: the “what” of wealth management is turning into a commodity. But the how? That’s the new frontier.
How are you making wealth management not just an investment but an experience?
How are you doing for your clients what they could never do for themselves, no matter how many pie charts and bar graphs they have access to?
How do you deliver perspective to help your clients understand where the puck is going and why the moves you’re suggesting today will make even more sense years from now?
This is where the industry is heading. We are crafting, curating, creating. As of today, most of us aren’t where we want to be.
For the firms who are paying attention, this is the opportunity of the next decade.
Curation Or Bust
If we can become scalable curators—not just advisors—of personalized, transformative experiences, we’ll no longer compete with online advice and one-size-fits-all portfolios. Instead, we’ll build real relationships and loyalty that transcend numbers.
McKinsey did a study (McKinsey & Company (2021) called The value of getting personalization right—or wrong—is multiplying that found that companies that excel at personalization generate 40% more revenue than average players. In case you’re wondering, personalization is not just using your clients name in a canned email you send once a month.
Curation is one of the keys to real personalization.
It’s fundamentally rooted in customer empathy and a deep dedication to delivering an ever-changing value to customers with the desired goal of impact.
It’s no wonder the firms who accomplish it grow.
Curators are simply better businesses because they do more good and continue to iterate on it.
Every detail matters. The moment your client interacts with you, from the first phone call to the last report, should feel like it was crafted just for them. It’s about making wealth management a full-on experience—one they can’t get anywhere else.
So ask yourself: what are you curating today?
What do your clients feel, see, and experience that’s beyond just the numbers?
Because that’s your identity, that’s your value, and that’s where the future lies.
Jud Mackrill, is co-founder and managing partner of Milemarker, the driving force behind the next evolution in wealth management technology, empowering advisory firms to break free from fragmented data and disjointed systems. The Firm Intelligence platform synthesizes insights, automates workflows and puts advisors back in control—amplifying the value of their tech stack.
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What kind of magazines do financial advisors read?
Financial advisors often read industry-specific magazines such as InvestmentNews, Financial Planning, and WealthManagement. These publications provide insights on market trends, investment strategies, regulatory updates, and industry news essential for staying informed and making informed decisions for their clients.
Who is the editor of Financial Advisor Magazine?
The editor of Financial Advisor Magazine is David Armstrong.
How do financial advisors stay informed?
Financial advisors stay informed by regularly attending industry conferences, networking with peers, reading financial publications, utilizing online resources, and participating in continuing education programs. Staying updated on market trends, regulations, and investment strategies is crucial for providing clients with sound financial advice.
What topics interest financial advisors most?
Financial advisors are most interested in topics like investment strategies, retirement planning, tax-efficient investing, risk management, and market trends. They also focus on client communication, regulatory updates, technology advancements, and professional development to enhance their services and stay competitive in the industry.
Who contributes to Financial Advisor Magazine?
Financial Advisor Magazine contributors include financial experts, industry professionals, analysts, and thought leaders. These contributors provide insights, analysis, and advice on various financial topics, including investments, retirement planning, wealth management, and market trends. The magazine features articles authored by these contributors to educate and inform readers on important financial matters.
What events do financial advisors attend?
Financial advisors attend various events such as conferences, seminars, workshops, and networking events. These gatherings provide opportunities for professional development, industry updates, networking with peers, and staying informed about the latest trends and regulations in the financial sector.
How often is Financial Advisor Magazine published?
Financial Advisor Magazine is published monthly, providing readers with up-to-date insights and analysis on financial trends, strategies, and industry news. This regular publication schedule ensures that subscribers receive timely and relevant information to help them navigate the ever-changing financial landscape.
What awards has Financial Advisor Magazine won?
Financial Advisor Magazine has won multiple awards, including recognition for excellence in editorial content, design, and overall quality within the financial industry. These accolades highlight the publication's commitment to providing valuable insights and information to financial professionals and readers.
How do advisors submit articles to magazines?
Advisors can submit articles to magazines by following these steps:
Research magazines that align with their expertise.
Review submission guidelines on the magazine's website.
Craft a compelling article that meets the magazine's requirements.
Submit the article through the specified channel, such as email or online submission form.
Follow up if necessary and be patient during the review process.
What trends are impacting financial advising now?
Currently, key trends impacting financial advising include the rise of robo-advisors, increased focus on sustainable and socially responsible investing, the shift towards personalized financial planning, and the growing importance of digital tools for client engagement and communication. Additionally, regulatory changes and advancements in artificial intelligence are shaping the landscape of financial advising.
Who are the top financial advisor influencers?
Some of the top financial advisor influencers include Suze Orman, Dave Ramsey, and Ramit Sethi. These individuals have built a strong reputation in the financial industry through their books, podcasts, and online presence, offering valuable insights and advice on personal finance and investing.
How do magazines select financial advisor profiles?
Magazines select financial advisor profiles based on expertise, industry reputation, client testimonials, and unique approaches to financial planning. They prioritize advisors with a strong track record, specialized knowledge, and a compelling story to engage readers. Additionally, magazines consider advisors who align with their target audience and editorial focus to provide relevant and valuable content.
What research do financial advisors rely on?
Financial advisors rely on a variety of research sources, including market data, economic indicators, company financial reports, and industry trends. They also use tools like financial analysis software, investment research reports, and expert opinions to make informed decisions for their clients. Staying updated on current events and market developments is crucial for effective financial advice.
How do financial advisors find new clients?
Financial advisors find new clients through networking, referrals, digital marketing, and partnerships with other professionals. They often leverage social media, attend industry events, and offer educational seminars to attract potential clients. Building a strong reputation and providing excellent service also lead to client referrals and retention.
What regulations affect financial advisor practices?
Financial advisor practices are regulated by various laws and standards, including the Investment Advisers Act of 1940, the Securities Exchange Act of 1934, and the fiduciary duty to act in the best interest of clients. Compliance with these regulations is crucial for maintaining ethical and legal standards in the financial advisory industry.
How has financial advising changed recently?
Financial advising has evolved with technology, offering online platforms for advice and investment management. Robo-advisors provide automated services, while human advisors focus more on personalized guidance and holistic financial planning. Regulatory changes emphasize transparency and fiduciary responsibility, shaping the industry's future direction.
What technology do financial advisors use?
Financial advisors use a variety of technologies to assist clients, including financial planning software, customer relationship management (CRM) systems, investment analysis tools, and secure communication platforms. These technologies help advisors streamline processes, analyze data, communicate effectively, and provide personalized financial advice to their clients.
How do financial advisors manage risk?
Financial advisors manage risk by diversifying portfolios, conducting risk assessments, and implementing strategies like asset allocation and hedging. They also stay informed about market trends, adjust investments based on risk tolerance, and provide guidance on risk management techniques to help clients achieve their financial goals.
What investment strategies do advisors recommend?
Advisors often recommend a diversified investment portfolio to mitigate risk and maximize returns. This typically includes a mix of stocks, bonds, and other assets tailored to the investor's goals and risk tolerance. Regularly reviewing and adjusting the portfolio is also advised to align with changing market conditions and financial objectives.
How do advisors approach client education?
Advisors approach client education by assessing individual needs, creating personalized plans, and using clear communication. They prioritize understanding clients' goals, providing relevant information, and offering ongoing support to ensure clients make informed financial decisions. By fostering a collaborative and educational relationship, advisors empower clients to take control of their financial future.
What are common financial advising challenges?
Common financial advising challenges include market volatility, client communication, regulatory changes, and staying updated on financial products. Advisors must navigate these challenges while providing personalized advice, managing client expectations, and ensuring compliance with industry regulations. Continuous education and adapting to market trends are crucial for success in financial advising.
How do advisors plan for market shifts?
Advisors plan for market shifts by conducting thorough research, diversifying portfolios, staying informed on economic indicators, and adjusting strategies based on market conditions. They may also utilize hedging techniques, asset allocation models, and regularly review and rebalance investments to mitigate risks and capitalize on opportunities.
What retirement planning advice do advisors give?
Advisors commonly recommend diversifying investments, starting early, setting clear goals, regularly reviewing and adjusting the plan, considering healthcare costs, and maximizing retirement account contributions. They also stress the importance of creating an emergency fund, managing debt, and seeking professional guidance for personalized strategies.
How do advisors tailor client portfolios?
Advisors tailor client portfolios by assessing individual goals, risk tolerance, and time horizon. They diversify investments across asset classes, rebalance regularly, and adjust strategies based on market conditions. Communication with clients is key to understanding their needs and ensuring alignment with their financial objectives.
What ethical standards guide financial advisors?
Financial advisors are guided by ethical standards such as fiduciary duty, transparency, and integrity. They must prioritize clients' interests, disclose potential conflicts of interest, and maintain professional competence and confidentiality. Compliance with regulations like the SEC's rules and codes of conduct from organizations like CFA Institute is crucial.
How do financial advisors measure success?
Financial advisors measure success by assessing client satisfaction, portfolio performance, and meeting financial goals. They also track client retention rates, referrals, and adherence to ethical standards. Additionally, advisors evaluate their own growth in certifications, industry recognition, and client trust to gauge overall success.
What are the latest financial advising tools?
The latest financial advising tools include AI-powered robo-advisors, budgeting apps like Mint and YNAB, investment platforms such as Robinhood and Betterment, and financial planning software like eMoney Advisor and MoneyGuidePro. These tools offer automated investing, personalized budgeting, and comprehensive financial planning capabilities to help individuals manage their finances effectively.
How do financial advisors build trust?
Financial advisors build trust by demonstrating expertise, being transparent about fees, listening actively to clients' needs, providing personalized advice, and maintaining open communication throughout the financial planning process. Building a strong reputation, adhering to ethical standards, and delivering consistent results also contribute to establishing trust with clients.
What continuing education do advisors pursue?
Advisors pursue continuing education in areas such as financial planning, investment strategies, tax laws, and regulatory compliance. They may also seek certifications like CFP, CFA, or CPA to enhance their expertise and credibility. Staying updated on industry trends and technologies is crucial for advisors to provide quality service to clients.
How do financial advisors handle downturns?
Financial advisors handle downturns by diversifying portfolios, focusing on long-term goals, and staying informed about market trends. They may recommend adjusting investments, maintaining a balanced approach, and providing reassurance to clients during turbulent times. Communication, risk management, and strategic planning are key elements in navigating downturns successfully.
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The Importance of Personalized Experiences in Wealth Management
As the financial advisory industry continues to evolve, the importance of personalized experiences in wealth management cannot be overstated. Clients are looking for more than just financial advice—they want a tailored, unique experience that makes them feel valued and understood. By focusing on curating personalized experiences, advisors can differentiate themselves from online platforms and traditional one-size-fits-all approaches.
Creating a full-on experience for clients, from the first interaction to the last report, is key to building lasting relationships and loyalty. It's about going beyond the numbers and truly understanding what makes each client tick. By embracing the role of a scalable curator, advisors can position themselves as trusted partners who provide value that goes beyond just financial returns.
The Role of Technology in Crafting Personalized Experiences
Technology plays a crucial role in helping advisors craft personalized experiences for their clients. Tools and platforms like Milemarker's Firm Intelligence Sync Content Management System can empower advisory firms to streamline their operations, break free from fragmented data, and deliver seamless, tailored experiences. By leveraging innovative technology solutions, advisors can enhance their ability to curate unique experiences that set them apart from the competition.
From data analytics to digital experiences, technology enables advisors to personalize every touchpoint with clients and create a cohesive, customized journey. By embracing technology as a tool for crafting personalized experiences, advisors can stay ahead of the curve and meet the evolving needs of their clients in today's digital age.
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Frequently Asked Questions
What does Milemarker do?
Milemarker simplifies data centralization, unifying advisors for business growth. Clients Control Data. Connects Systems. Automates Insights. Compliance & Reporting.
How does technology enhance wealth management?
Technology enhances wealth management by centralizing data, providing insights, automating processes, improving efficiency, and enabling informed decision-making for advisors. It also facilitates scalability, compliance, and client satisfaction through data-driven strategies. By leveraging technology like Milemarker, firms can streamline operations, increase productivity, and deliver personalized services to clients, ultimately driving growth and success in the wealth management industry.
What tools do finance advisors recommend?
Finance advisors recommend using Milemarker to centralize data, simplify business operations, and gain valuable insights. Milemarker allows for easy access and management of data, integrates with various systems, and provides efficient workflows for scalability and growth. Milemarker enhances operational efficiency, billing processes, and overall business performance, making it a preferred tool for finance advisors.
What is the role of fintech in advisory?
In advisory, fintech plays a crucial role in simplifying operations, centralizing data, and providing valuable insights for better decision-making. It helps automate processes, enhance efficiency, and improve client experience through digital solutions and analytics tools. By leveraging fintech, advisors can streamline workflows, access real-time data, and deliver more personalized services to clients.
How do tech platforms improve client advising?
Tech platforms enhance client advising by centralizing data, automating insights, and simplifying workflows. They ensure real-time access to information, support compliance, enable scalability, and facilitate collaboration among advisors. Through customizable models and efficient billing processes, platforms like Milemarker empower advisors to deliver tailored and informed guidance to clients.
Can technology streamline wealth management processes?
Technology, like Milemarker, can streamline wealth management by centralizing data, automating insights, enhancing efficiency, improving billing processes, and enabling easy access to crucial information for advisors. Milemarker enhances connectivity, simplifies data management, and empowers firms to scale operations effectively.
What technologies are changing investment advising?
Technologies changing investment advising include data centralization platforms like Milemarker for insights, workflow efficiency, and compliance. Business Intelligence tools such as PowerBI, Tableau, Sigma Computing, and Looker enhance data analysis. Automation and connectivity solutions streamline operations and improve client service.
How do advisors utilize data analytics?
Advisors leverage data analytics through Milemarker to centralize and unify data, automate insights, and enable informed decision-making. They can access customized models, scaling capabilities, and enhanced billing processes for efficient operations and growth. Milemarker's approach ensures data ownership, connectivity with various systems, and seamless integration with BI tools for comprehensive data utilization.
What are the benefits of advisor software?
Advisor software, like Milemarker, provides data centralization, automation, and insights for improved business operations. It simplifies workflows, increases efficiency, and promotes growth. Additionally, it enhances collaboration, scalability, and compliance, all while giving advisors better access to crucial information.
How does technology impact financial planning?
Technology greatly impacts financial planning by automating data analysis, enhancing insights, improving efficiency, and ensuring compliance. It enables advisors to centralize data, streamline operations, and provide more personalized and efficient services to clients. Additionally, technology facilitates real-time monitoring, risk management, and the ability to adapt to changing market conditions swiftly, ultimately leading to better decision-making and outcomes in financial planning.
What are the latest trends in wealthtech?
The latest trends in wealthtech include data centralization, automation of insights, customizable business logic, efficient billing processes, and seamless system integrations. Wealthtech solutions like Milemarker aim to simplify operations, enhance data accessibility, and drive scalability for advisory firms, ultimately fostering growth and client satisfaction.
How do digital solutions support wealth advisors?
Digital solutions support wealth advisors by centralizing data, providing insights, automating processes, and enabling better decision-making. These solutions streamline operations, enhance scalability, improve efficiency, and offer access to valuable analytics tools like PowerBI, Tableau, and more for enhanced client service and growth.
What are the key features of advisory tech?
Advisory tech key features include centralizing data, streamlining workflows, automating insights, and providing control over data access and management. Milemarker facilitates data connectivity with various systems, efficient billing processes, and customizable business rules for easy advisor adoption, enhancing overall advisory efficiency and growth.
How is client data used in wealthtech?
Client data in wealthtech is utilized by Milemarker to centralize, simplify, and unify business operations. Through automation, data is unlocked for insights, shared with teams, and aligned with individual firms' unique insights. Milemarker enables firms to control their data, connect systems, and digitize business rules, enhancing efficiency and scalability.
What security measures do financial platforms employ?
Financial platforms employ robust security measures such as encryption protocols, multi-factor authentication, regular security audits, and secure data storage to protect sensitive financial information from unauthorized access and cyber threats.
How is artificial intelligence applied in advising?
Artificial intelligence is applied in advising through automated data analysis, personalized recommendations, risk assessment, and predictive modeling. AI algorithms sift through vast amounts of data to provide insights, improve decision-making, and offer customized financial strategies to clients, enhancing overall advisory services.
What role does data play in wealthtech?
Data is central in wealthtech for driving insights, streamlining operations, and enhancing client experiences. Wealthtech solutions like Milemarker leverage data to simplify businesses, unify advisors, and provide clarity for better decision-making and growth. Through data centralization and automation, firms can optimize processes, enhance compliance, and scale operations effectively in the wealth management industry.
How do advisors customize tech solutions for clients?
Advisors customize tech solutions for clients by leveraging Milemarker's scalable deployment of unique sorting, business logic, and associations. They can build bespoke models, access SMAs, and Alts all in one centralized platform, simplifying the process and enhancing client outcomes.
What are the challenges of adopting new tech?
Adopting new tech can present challenges such as integration issues, training needs, data security concerns, and potential resistance from team members. It's essential to address these obstacles proactively to ensure a smooth transition and maximize the benefits of the technology.
How do regulatory changes affect wealthtech solutions?
Regulatory changes impact wealthtech solutions by requiring compliance adjustments, data security enhancements, and transparency measures. Providers must adapt their platforms to ensure adherence to evolving regulations, potentially leading to increased costs and implementation challenges for users. Additionally, regulatory changes may necessitate updates to functionality and reporting capabilities within wealthtech solutions to maintain compliance standards and mitigate risk for users and firms.
What is the future of digital wealth advising?
The future of digital wealth advising involves centralizing data, automating insights, and scaling operations efficiently. Advisors will leverage technology like Milemarker to unify data sources, streamline workflows, and empower advisors with actionable insights for growth and client success. Embracing connectivity, automation, and digitization will drive innovation and enhance client experiences in the digital wealth advisory landscape.
How can advisors leverage tech for growth?
Advisors can leverage tech for growth by utilizing Milemarker to centralize data, automate processes, gain insights, and enhance collaborations. This platform offers seamless connectivity, scalability, and control over data, enabling advisors to streamline operations, improve efficiency, and focus on client growth while leveraging advanced Business Intelligence tools for analysis and decision-making.
What tech skills should financial advisors have?
Financial advisors should have tech skills such as proficiency in financial software, data analysis tools, CRMs, and cybersecurity awareness. Additionally, knowledge of automation, digital communication platforms, and basic coding can enhance their efficiency and client service.
How does cloud computing benefit wealth managers?
Cloud computing benefits wealth managers by providing access to centralized data, enabling efficient workflows, ensuring data security and compliance, and facilitating scalability. It also allows for seamless integration with various systems, real-time collaboration, cost-effectiveness, and enhanced agility in adapting to market changes.
What are effective data visualization tools for advisors?
Effective data visualization tools for advisors include PowerBI, Tableau, Sigma Computing, and Looker. These tools help advisors make informed decisions, track performance, and communicate insights effectively to clients. They offer interactive dashboards, advanced analytics, and customizable reporting capabilities, enhancing overall data understanding and decision-making processes.
How do mobile apps assist financial advisors?
Mobile apps assist financial advisors by providing access to real-time data, client information, and financial tools on-the-go. These apps enhance communication with clients, simplify workflows, and enable advisors to stay organized and responsive. Additionally, mobile apps often offer secure access to investment platforms and portfolio management tools, promoting efficiency and client satisfaction.
What analytics software do advisors prefer?
Advisors prefer using analytics software like PowerBI, Tableau, Sigma Computing, or Looker, which Milemarker seamlessly integrates with to provide comprehensive insights for their businesses. These tools enable advisors to access, analyze, and visualize data effectively to make informed decisions and drive growth.
How does tech enable real-time financial advice?
Tech enables real-time financial advice by providing instant access to centralized data, insights, and workflows through platforms like Milemarker. Advisors can make informed decisions, analyze trends, and offer personalized recommendations efficiently, fostering growth and control for businesses and their clients.
What are the compliance considerations for advisor tech?
Compliance considerations for advisor tech include data security, data ownership, system integration with existing tools, and adherence to industry regulations like GDPR and SEC guidelines. It's essential to ensure that advisor tech solutions prioritize data protection, user access controls, and seamless data sharing capabilities to meet compliance standards effectively.
Milemarker's platform is designed to simplify your business operations by centralizing and unifying your data. With easy access to insights and workflows that actually work, you can say goodbye to chaos and hello to clarity, control, and growth.
Our client success stories speak for themselves, with industry leaders like Laura Hubbell, Christopher Horvath, and Kevin Cuff praising Milemarker for its ability to provide greater access to data, scalability, and efficiency in operations. Discover the power and value of your data with Milemarker today.
Cutting-Edge Wealth Management Solutions
Designed specifically for modern wealth management firms, Milemarker's platform is built to meet the unique needs of advisors, employees, and firm leaders. From automating data insights to connecting with best-in-class Business Intelligence tools, Milemarker simplifies the process of digitizing business rules and unlocking the full potential of your data.
With Milemarker, you have full ownership and control of your data, ensuring compliance, reporting, and analysis are easy to manage. Connect with us today and join our growing community of clients benefiting from efficient data connections and powerful insights to drive your firm's success.
