In the 1940s, Allied codebreakers cracked encrypted messages that shifted the tide of World War II. Their success wasn’t just about technology—it was about using data effectively. In wealth management today, unlocking the full potential of your data is the key to transforming your business and staying competitive.

Accenture’s AI in Wealth Management: A Financial Advisor Study emphasizes that many firms are missing out on the full value of AI due to fragmented and underutilized data. “Without centralized, high-quality data, AI’s potential remains largely untapped,” the report notes (Accenture, 2024). Read the full study here.

Why Data Lakes and Warehouses Matter

Data lakes and warehouses are essential for centralizing information and creating a “single source of truth.” EY’s 2024 report, Generative AI: Transforming Wealth and Asset Management, explains that these technologies “allow firms to break down silos, ensuring data consistency across systems and applications” (EY, 2024). Explore EY’s findings.

Without this foundation, firms face challenges such as:

1. Inconsistent Data: Fragmented systems lead to discrepancies in client insights.

2. Manual Processes: Advisors spend hours reconciling data instead of focusing on clients.

3. Limited AI Functionality: Advanced AI tools require unified, high-quality data to operate effectively.

How Milemarker Unlocks Your Data

Milemarker’s proprietary Data Model is designed to unify fragmented systems, enabling firms to unlock actionable insights and leverage the full potential of their data. Here’s how it works:

• Centralization: Milemarker integrates data from multiple platforms into a single repository, ensuring consistency and accessibility.

• Automation: By automating workflows, Milemarker reduces the time spent on repetitive tasks.

• Advanced Analytics: The unified data model allows firms to generate real-time insights, improving decision-making and client interactions.

“Our mission is to turn data into a strategic asset,” says Kyle Van Pelt, Cofounder at Milemarker. “We provide firms with the tools they need to optimize their data and drive meaningful outcomes.”

The ROI of Better Data

Boston Consulting Group’s Global Wealth Report 2024 highlights that firms using AI-ready data infrastructures are outperforming their peers, particularly as global financial wealth rebounds. The report states, “Data readiness isn’t just a technology investment—it’s a competitive differentiator” (BCG, 2024). Read the full report.

For one Milemarker client, implementing a data lake reduced manual reconciliation processes by 40%, allowing advisors to dedicate more time to strategic initiatives. These efficiencies translate into improved client outcomes and higher advisor satisfaction.

Preparing for the Future

As the wealth management industry becomes more data-driven, firms that invest in infrastructure today will be best positioned to compete tomorrow. With Milemarker, firms can ensure their data is ready for the demands of advanced AI and evolving client expectations.

Whether you’re starting your journey with data centralization or looking to enhance your existing capabilities, Milemarker’s solutions provide a roadmap for success.

References:

• Accenture. AI in Wealth Management: A Financial Advisor Study. 2024. Available at: https://www.accenture.com/in-en/insights/capital-markets/wealth-management-artificial-intelligence-all-systems-go.

• EY. Generative AI: Transforming Wealth and Asset Management. 2024. Available at: https://www.ey.com/en_us/insights/financial-services/generative-ai-transforming-wealth-and-asset-management.

• Boston Consulting Group (BCG). Global Wealth Report 2024: The Gen AI Era Unfolds. 2024. Available at: https://www.bcg.com/publications/2024/global-wealth-report-the-gen-ai-era-unfolds.