In a move set to transform the wealth management technology landscape, fintech firm Milemarker has announced a suite of comprehensive data solutions designed to empower Registered Investment Advisors (RIAs), family offices, and broker-dealers. The new offerings include a technology audit service, data strategy roadmap, and the introduction of the Milemarker Data Model, all aimed at helping financial advisors harness the power of artificial intelligence (AI) and unlock the full potential of their data warehouses.
This development comes at a crucial time for the wealth management industry, as recent studies highlight the growing importance of AI in financial advisory services. According to an Accenture study, 83% of financial advisors believe AI will have a significant impact on client-advisor relationships, while 90% expect AI to help grow their business by more than 20%. However, many firms lack the necessary data infrastructure to effectively implement AI solutions.
Milemarker's new offerings address this gap by providing a holistic approach to data strategy. The company's technology audit service assesses a firm's existing tech stack, identifying opportunities for optimization and integration. The data strategy roadmap offers a clear, written plan for leveraging data and technology to align with business goals. At the heart of Milemarker's solution is the proprietary Milemarker Data Model, a framework specifically designed for wealth management firms to connect all their data sources with advisors, clients, and team members.
Kyle Van Pelt, CEO of Milemarker, emphasized the importance of these solutions, stating, "Many firms are stuck in a cycle of fragmented data and disconnected systems, which limits their ability to make meaningful use of AI. With Milemarker, advisors can streamline their data ecosystem and take decisive steps toward becoming truly data-driven."
The Milemarker Data Model stands out for its unique focus on the wealth management industry. Unlike generic data solutions, it is tailored to each firm's specific data rules and operational requirements. The model also incorporates universal user IDs, allowing advisors, clients, and team members to unite their data across various systems of origin. This approach enables firms to integrate disparate data sources into a cohesive system that supports better decision-making and enhances client outcomes.
Milemarker's platform, Firm Intelligence, integrates with major wealth-tech platforms to offer advisors a single source of truth for their data, automated workflows, and AI-ready data for deeper client insights. This integration allows firms to identify profitable clients, optimize acquisition strategies, understand advisor capacity, and benchmark internal teams for improved performance.
The company's partnerships with leading cloud providers such as Snowflake, Amazon Web Services, Microsoft Azure, and Google Cloud ensure that firms have access to best-in-class data solutions while maintaining ownership and control of their data. This approach addresses concerns about data ownership and scalability that have historically hindered some firms from fully embracing cloud-based solutions.
The implications of Milemarker's new offerings extend beyond individual firms to the broader wealth management industry. By providing the tools and framework for better data integration and AI readiness, Milemarker is positioning the industry to take full advantage of emerging technologies. This could lead to more personalized client services, improved operational efficiencies, and ultimately, better outcomes for investors.
As the wealth management industry continues to evolve, the ability to effectively leverage data and AI will likely become a key differentiator among firms. Milemarker's comprehensive approach to data strategy and its industry-specific data model provide a pathway for firms to stay competitive in an increasingly technology-driven landscape. By addressing the fundamental challenges of data fragmentation and system disconnection, Milemarker is enabling wealth management firms to build a strong foundation for future innovation and growth.
