I hope your holiday week has been memorable and relaxing.
Before we officially turn the page to 2024, I want to take some time to reflect on this past year and specifically the addition of this newsletter in my life.
What started as a way for me to share (sometimes industry-related, sometimes not) thoughts on my mind has turned into one of my favorite parts of my week. I’ve heard from so many of you after I hit send and it’s been a highlight of my week to connect with you all personally.
Thanks for being here in 2023, and I look forward to seeing what we all accomplish in 2024 together.
I wanted to share this year’s top 5 most popular editions of The Connected Advisor Newsletter this year. If you missed any of them, or just want to give them another read, I’d love to hear your thoughts. As always, all replies to this email go directly to my inbox.
Let’s get right into the top 5 editions of The Connected Advisor newsletter in 2023.
5. The Dawn of the Anti-Social Network: Apple’s AR/VR and the Future of Wealth Management
In this piece, I talk about the evolving expectations of investors in the face of technological advancements and the need for financial advisors to provide genuine guidance amid increasing complexity. Adapting to change and embracing technological advancements is crucial for firms to stay relevant and enhance the client experience.
4. The Future is a Synthesis — Finding a Framework for Your Advisor Technology
The ability to synthesize technology is crucial for firms aiming to progress, increase profitability, and deliver enhanced value to clients. In this edition, I provide some practical steps for firms to take to embark on a synthesis project, emphasizing the importance of understanding advisor needs and preferences to tailor technology solutions effectively.
3. Why Most Advisor Marketing is Broken & How To Fix It
Tired of spending money on outsourced marketing efforts that just aren’t reaching your target audience? The real problem lies in the lack of communication of the advisor’s brand and story. I encourage advisors to articulate their unique cause and mission to breathe life into their marketing and differentiate themselves in the industry.
2. Automation Masterclass, EY’s Take on Wealth Managements Future & Orion’s New Sidekick
It’s no secret that automation is making its way into many aspects of our lives, and our advisory firms are no different. I talk about how utilizing automation tools like AI-driven recorders for meeting notes, monitoring cash positions across client portfolios, and incorporating workflow automation tools like Zapier for efficiency, can enhance the client experience and improve overall business operations for financial advisors.
1. The Keys to Developing and Delivering Your Firm’s Frameworks
In this piece, I talk about the importance of frameworks in shaping and guiding fast-growing wealth management firms. I outline three main keys to framework success, including centralizing and documenting processes, operating and analyzing their effectiveness, and promoting open source and regular review for universal adoption.
On the Pod
Episode 026: In this week’s episode of Milemarker’s The Connected Advisor Podcast, Kyle sits down for a conversation with Spenser Segal, CEO of ActiFi.
Spenser highlights the need for professional management in scaling a wealth management firm and the importance of optimizing processes and technology to support growth. He also emphasizes the potential for AI to automate non-high human value-added activities while allowing advisors to focus on providing personalized and valuable advice to clients.
Key takeaways from this week’s episode:
The scariest resource in the industry is professional management, and firms need experienced managers who can optimize processes and leverage technology effectively.
People trump process. Process trumps technology, and technology is critical to building a scalable and efficient practice.
AI can potentially reduce the cost of non-human value-added activities by over 90% and can significantly increase value and margins for advisors.
The episode is available now on your favorite podcast platform as well as a video version on YouTube. While there, please don’t forget to Download, Like, and Subscribe.
You’re Invited: Modernizing Your Firm’s Reporting to Simplify Your Client Experience
Join us for an exclusive online event on Wednesday, January 10th at 12pm EST: Modernizing Your Firm’s Reporting to Simplify Your Client Experience.
Scott Klaassen, Managing Director at Milemarker, and I will be answering your top questions about how advisors can modernize reporting practices and leverage data analytics to enhance their client experience.
As we move into 2024, I encourage you to embrace the new year with a clear mindset and a commitment to transforming lives through wealth management.
At Milemarker, we are thrilled about the opportunity to power your journey in 2024.
Our focus is on making your dedication to serving clients and being present with them more effortless.
As you begin to put in the work in the year ahead, we wish you the best.
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Thanks for hanging around with me on Friday mornings this year, and Happy New Year!
See you in 2024.
Written by Jud Mackrill
Edited by Amy Simpson
