Data is the lifeblood of our economy and it will shape the future of independence. The dawn of the digital age has given rise to a new era of data-driven decision-making and financial advisors are at the forefront of this shift. With access to more data than ever before, financial advisors are able to make better-informed decisions about their client’s portfolios but as we move into an increasingly data-driven world, it is important to remember that data is not a panacea. It has its own risks and challenges. In this blog post, we’ll explore how data will shape the future of independence for financial advisors and how, with careful consideration, data can be used to their advantage.

What Exactly is Data Streaming?

Data streaming is the process of continuously transmitting data over a network. This process allows data to be delivered as it is created and eliminates the need for a large, up-front download. It’s a valuable tool for financial advisors to access real-time data and make decisions based on up-to-the-minute information. By harnessing data streaming, financial advisors can stay ahead of the curve and make better decisions for their clients.


Historically financial data has been transmitted by FTP (File Transfer Protocol) transmissions. Custodians, Insurance Providers, and tech companies have come to rely on this method of transmission to deliver data to billions of consumers each day. Major data providers like DTCC and DST have built their entire platforms on FTP or SFTP (Secure File Transfer Protocol) transmissions. These types of transmissions power a large portion of wealth management technology today.


Transmitting financial data this way is a labor-intensive process. Financial advisors have to download large files from a custodian or other provider to get the latest data. This process is slow and often leads to outdated information. With the advent of data streaming, this is no longer the only option. Streaming data as it is created reduces labor, expedites the process, and eliminates out-of-date information.


Salesforce is a pioneer of data streaming today and they have been a leader in the field for over 20 years. Most recently, Salesforce partnered with Snowflake to provide a cloud-based data streaming platform. This platform has significantly improved the speed and accuracy of financial data transmissions providing financial advisors with an invaluable resource.


Companies like Orion have embraced data streaming by partnering with Amazon (AWS). With Orion’s partnership and Milemarker’s support, advisors can leverage their data in a near real-time sense – better analyzing transactions, new accounts, and advisor information to shape their customer experience for the best possible outcome.

The Future of Data Streaming

As more and more financial institutions move to a data streaming platform, the speed at which financial advisors can make decisions will drastically increase. What exactly does this look like in a practical sense?


Financial advisors will be able to analyze far more information far more quickly. They’ll be able to decide on investment strategies when a few seconds of extra wait time can be a defining factor. This could lead to improved portfolio performance and better-informed decisions about when and how to move between investments.


This can also lead to direct interaction with data subscriptions to enhance things like ESG screenings or fund ratings. Research and analytics from companies like FactSet and Morningstar will become more accessible as these companies leverage the power of data streaming.


Today most advisors are looking through the third-party lens on their data. And if they are looking for something specific, it can take a lot of time to find. In the future, advisors can interact with their data directly and quickly access insights that would have taken days or even weeks to compile.


Finally, data streaming will enable financial advisors to provide their clients with more personalized advice and services. Rather than looking at high-level client archetypes, advisors can use key data insights to connect with the clients based on individual needs.

How can you get started with Data Streaming?

If you’d like to jump into the data stream, the team at Milemarker is happy to help. Our team will work with you to understand your data today and how you would like to shape it into the future of your internal and external service model and customer experience.