Data is the lifeblood of modern advisory firms, yet many are constrained by outdated systems and the daunting prospect of overhauling their technology infrastructure. The wealth management industry is experiencing significant fatigue from constant system changes, complex implementations, and mixed outcomes. However, a transformative shift is on the horizon, and early adopters are already reaping the benefits.

The Cloud Revolution in Wealth Management

The integration of cloud computing platforms like Snowflake and Databricks is set to revolutionize how advisory firms handle data. More analytics systems, accounting engines, and essential tools are becoming accessible through cloud computing, offering unprecedented flexibility and scalability.

Overcoming System Constraints

Traditionally, firms had to choose between sticking with outdated systems or undertaking massive overhauls that disrupt operations. Cloud computing changes this paradigm by allowing firms to:

• Run Redundant Systems: Maintain multiple systems without negatively impacting client experience.

• Own and Control Data: Gain full ownership and control over data assets, enhancing security and compliance.

• Integrate Seamlessly: Connect disparate systems and data sources effortlessly.

Transformative Results for Early Adopters

Firms that have embraced cloud computing platforms are experiencing:

• Improved Outcomes and Analytics: Enhanced data processing capabilities lead to better insights and decision-making.

• Peace and Discipline: Streamlined operations provide stability and allow for strategic business evolution.

• Significant ROI: Investments in cloud computing pay for themselves through efficiency gains and increased revenue opportunities.

The Numbers Speak for Themselves

The growth of cloud computing in the financial services sector is undeniable. Let’s look at some key metrics:

Snowflake’s Meteoric Rise

• Revenue Growth: Snowflake reported a year-over-year revenue increase of over 100% in recent fiscal years.

• Customer Expansion: The company boasts thousands of customers, including a significant number of Fortune 500 firms.

• Financial Services Adoption: Financial institutions are among the fastest-growing segments for Snowflake, leveraging its platform for data warehousing and advanced analytics.

Databricks’ Impressive Growth

• Valuation and Investment: Databricks has reached a valuation exceeding $38 billion, attracting substantial investment from industry leaders.

• Customer Base: Over 7,000 organizations use Databricks, including more than 40% of the Fortune 500.

• Industry Impact: The platform is widely adopted in financial services for big data processing and machine learning applications.

Cloud Computing’s Expanding Footprint

• Market Growth: The global cloud computing market is projected to reach $832 billion by 2025.

• Financial Sector Investment: Banks and financial firms are expected to spend over $500 billion on cloud services by 2030.

• Adoption Rates: A significant majority of financial institutions have a cloud strategy in place or are in the process of developing one.

Sources: Snowflake and Databricks Company financial reports, industry analyses.

The Future is Cloud Computing-Based—and It’s Closer Than You Think

Given these trends, it’s evident that every advisory firm will likely be running on cloud platforms like Snowflake or their equivalents within the next 18 to 36 months. This shift is not just about adopting new technology; it’s about fundamentally changing how firms operate, compete, and serve their clients.

Benefits Beyond Technology

• Strategic Flexibility: Firms can adapt quickly to market changes without overhauling their entire IT infrastructure.

• Enhanced Client Experience: Better data management leads to more personalized and responsive client services.

• Competitive Advantage: Early adopters position themselves as industry leaders, attracting more clients and top talent.

Milemarker: Your Partner in Cloud Transformation

Transitioning to cloud computing can seem overwhelming, especially when considering the human capital, project management, and resource allocation required. That’s where Milemarker comes in.

Our Done-for-You Approach

At Milemarker, we specialize in helping:

• Advisors

• Wealth Management Firms

• Independent Broker-Dealers

• Registered Investment Advisors (RIAs)

• Roll-Up Providers

• Trust and Banking Companies

We provide a comprehensive, done-for-you solution that allows you to embrace cloud computing without the usual headaches. Our services include:

• Data Lakes and Warehouses: We set up and manage your data infrastructure using cutting-edge platforms.

• Cloud Computing Integration: Seamlessly integrate cloud technologies like Snowflake into your operations.

• No Direct Procurement Needed: You don’t need to establish a direct relationship with providers like Snowflake—we handle that for you.

Transformative ROI

Our clients have seen:

• Projects Paying for Themselves: Efficiency gains and new opportunities offset initial investments.

• Massive Business Impact: Enhanced capabilities lead to better decision-making and growth.

• Peace of Mind: With Milemarker managing the technical aspects, you can focus on your core business.

Take the Next Step Towards Cloud Empowerment

The shift towards cloud computing is not a question of if, but when. Firms that act now will position themselves for success in an increasingly competitive landscape.

Milemarker is here to make your transition smooth and rewarding.

Let’s Start the Conversation

Ready to explore how cloud computing can transform your firm? Contact us today to learn more about our services and how we can tailor a solution to meet your needs.

Milemarker—Empowering financial services through effortless cloud computing.