What’s one thing you’ve always been afraid of?

For me, it’s caves. I’ve got a little bit of claustrophobia. Add acrophobia, the fear of heights, to my list too. Thankfully, I never thought much about galeophobia, a fear of sharks, before last week, but we’ll get into that a little bit later.

Here’s what we’ll be talking about in this week’s edition of Connected:

Helping Your Clients Safely Make It Through Shark Week 🦈

Take a Charter – Milemarker’s Latest Offering 🛳

The Six Rules for Building Better Connections – Shannon Rosic 🎧

You’re Invited: Forging the Future of Financial Advice 📍

Oppenheimer & Christopher Nolan 🎥

Mike Tomlin on Reasonable Expectations 🏈

Helping Your Client’s Safely Make it Through Shark Week

Last week, a buddy of mine texted me and asked if I wanted to go fishing.

One of the general rules I live by is that unless I’m sick or have prior plans that are immovable, if you ask me to go fishing, I will say yes.

So, the two of us and a guide headed out on a boat early the next morning.

No distractions.

Peaceful water, a bit of fog, and the beauty of the South Carolina coast.

As the fog burned off, the activity of the water turned on – dolphins, rays, and all sorts of fish surrounded us. The peaceful water gave way to the life that teems just below the surface. The activity had picked up, but the peace remained.

Until it happened.

Suddenly, the calmness of the air was broken by a violent splashing noise 20 yards away.

As I quickly looked to my right, a 5-foot shark was thrashing its prey violently back and forth.

In that split-second moment, I was reminded that even if I’ve never been afraid of sharks before, they are very real predators whose existence is predicated on hunting and killing.

So what does a shark enjoying its breakfast have to do with all of us?

Not much, unless the fear of something statistically improbable is keeping you or your clients from making good decisions.

According to the Florida Museum of Natural History’s International Shark Attack File (ISAF)’s 2020 report, there were 129 confirmed, unprovoked shark attacks worldwide, with 57 of these occurring in the U.S.

Out of ~332M people in the United States, 25.4% are afraid of Sharks, based on a 2018 Chapman University Study.

Meaning 84M people are afraid of shark attacks.

Leading your business, your team, and your clients from a place of fear, is always a bad idea, but it’s even worse when it’s uninformed fear.

It’s our job to not join in with the 84M others who are frozen when they face the waves. Our job is to understand the information in front of us and navigate with clarity and confidence.

What’s Feeding Your Confidence and Clarity?

When I look at the most successful disciplined firms, I see them grounding themselves in data and making decisions based on the most salient points of their business.

Those numbers are not necessarily the market for the day.

The numbers that do matter are directly related to what matters most for their clients, for their team, and for their individual goals.

Using the standard KPIs of a successful business, you can build dashboards and reports around the data your firm tracks – Milemarker builds these for RIAs and BDs all the time. And while you should have those things in front of you regularly (or even displayed on TV dashboards, slack channels or daily emails), the information itself is just your starting point. The decisions you make based on the real data will reveal where you need to take action and keep you from staying nervous about what lies beneath a calm surface.

Post Script: Deer kill nearly 200 people for every 1 death by Shark attack.

Take a Charter. Milemarker Launches Outsourced CTO & Managed Back Office for Wealth Management Firms.

This week, we announced the launch of Charter. With this new offer, we are helping firms through all sorts of key situations that are prohibiting scale and hindering the ability to focus on the business.

Charter tackles common challenges facing wealth management firms, including:

Managing Fee Billing: Charter simplifies the complex fee billing process, ensuring your firm runs efficiently and professionally.

Creating Automated Billing Forecasts: Charter provides intuitive automated solutions to predict future billing, accurately enhancing your financial planning process.

Supporting Your New Account Process: With Charter, onboarding for new accounts becomes streamlined and manageable, improving client experiences.

Managing Capital Market Assumptions: We understand the market complexities and help your firm navigate and manage capital market assumptions effectively.

Report Construction: Charter empowers your team to create insightful, relevant, customized reports with ease.

Data Analytics Configuration: Gain a competitive edge with data-driven insights as Charter configures your firm’s data analytics for maximum effectiveness.

Custom Integration Support: Our team of experts ensures your tech stack is well-integrated, reducing redundancy and improving workflow.

Milemarker’s ‘Charter’ Brings Outsourced CTO Service To Advisors

The service works with an advisors’ tech stack to automate client onboarding and billing and marks a new growth area for the data analytics startup.

Milemarker Unveils Charter: Your Ultimate Managed Back Office and Outsourced CTO to Power Scalability in Wealth Management

Milemarker announces next-level solutions to help wealth management firms scale and streamline their technology and operations.


On the Pod

The Six Rules for Building Better Connections with Shannon Rosic

In this week’s episode of Milemarker’s Connected Podcast, Kyle sits down with Shannon Rosic, Director of WealthStack Content and Solutions for Informa. Their conversation focuses on some of the hottest topics within the wealth management industry – digitization, AI and the changing role of advisors in the retirement phase. Shannon also shares her six rules for building connections.

The episode is available now on your favorite podcast platform. While there, please don’t forget to Download, Like, and Subscribe.

You’re Invited: Forging the Future of Wealth Management, August 16, Atlanta

Join us for an in-person event this August. This event is designed specifically for RIAs, where we will walk through unlocking tangible success for your clients, business, and professional journey.

Connect with other advisors and industry leaders while you grab a pint and hear from Tim Maurer, Daniel Crosby, Ph.D., and me on the key issues rapidly shaping wealth management’s future.

Event Details:

When: Wednesday, August 16, 2023 at 4:30 pm EST

Where: Bold Monk Brewing, 1737 Ellsworth Industrial Blvd NW Suite D-1 Atlanta, GA 30318

We still have a few spots open and would love for you to join us. Save your seat here.

Highways and Byways. Quick Takes on Industry News & Relevant Content.

What Can Christopher Nolan Teach You About Making Something Exceptional?

David Sentra’s Founders Podcast is a favorite in the business category. While I have yet to grab a seat at Oppenheimer, this episode caught my ear this week.

Sentra breaks down his lessons learned from Nolan here:

  1. Mute the world and then build your own
  2. Be a craftsman not an artist
  3. The only sensible way to live in the world is without rules.
  4. Some ideas will take half a lifetime
  5. Obsess over one project at a time
  6. Dream with your eyes open
  7. Combine punctuality, discipline, and secrecy
  8. The first thing to do with an idea is flip it
  9. Nothing works if you can’t trust your instincts
  10. Don’t encourage dependency
  11. A product can be defined by what it lacks
  12. Shoot in any weather
  13. Look at yourself through your children’s eyes
  14. Infinite space is good for the soul
  15. There’s more to the world than meets the eye
  16. Constraints breed resourcefulness
  17. The highest form of creativity is found by improvising within a set of restrictions
  18. Assume it will be a failure and then start working to prevent that
  19. Big companies encourage waste and don’t give you the control you desire
  20. Maintain control. You might have to buy it
  21. Create your own curriculum
  22. Give your mind space to think — in the dark
  23. Imagination can be trained to fill in the gaps
  24. If you are obsessed with it you can make other people obsessed with it too
  25. The more stripped down a document the better it is
  26. The best product is the one you have to make

Give it a listen when you have time.

#313 Christopher Nolan

Listen to this episode from Founders on Spotify. What I learned from reading The Nolan Variations: The Movies, Mysteries, and Marvels of Christopher Nolan by Tom Shone.


Mike Tomlin on Reasonable Expectations – A Message for All of Us

Football is on its way back. 🙌

Steelers head coach Mike Tomlin recently shared a really great word to his team as they approach the season ahead.

I found this encouraging both for me and my team. I would post the video, but it is owned by the Steelers and cannot be shared outside of Youtube.

Thanks for reading!

See you next week.

Written by Jud Mackrill

Edited by Amy Simpson and Kim Mackrill