Episode 028: In this episode of The Connected Advisor, Jud Mackrill is joined by Scott Klaassen, Managing Director at Milemarker to discuss the critical role of reporting in advisory services. Together, they explore the challenges of ensuring accurate, transparent reporting and the complexities involved with alternative investments and multiple custodians. They also cover the importance of data management alignment within firms, the non-profitability of many client relationships, the potential of AI tools to enhance data insights, and an overview of Milemarker's managed back-office solution aimed at optimizing technology for advisors and clients.

Jud and Scott discuss:

[01:42] - Intro to Scott Klaassen.

[03:15] - Why is reporting important?

[05:25] - What measures can be implemented to improve the accuracy of financial transactions?

[08:56] - Are there specific patterns or common issues that lead to transaction inaccuracies?

[12:17] - What are the implications of having multiple custodians?

[14:23] - What is the best way to solve for Household returns with Alternatives (IRR) and Traditional (TWR)?

[16:22] - Is it possible to extract relevant performance and asset allocation data from Orion but then present it as we wish in our portal?

[17:45] - What percentage of firms report on a client's full balance sheet?

[19:39] - How do I get the entire firm aligned on data management?

[23:04] - How should I go about getting the entire firm aligned on data management?

[23:23] - What AI (Artificial Intelligence) tools would you suggest to give better insights into our data?

[24:42] - What are your favorite reporting systems and why?

[26:13] - How do you decide if a specific reporting system is better for one advisor vs another?

[29:39] - What are people doing with asset classes these days?

Quotes

“Reporting is important because that is how we are communicating the value we bring to our clients. It's our report card to them of how we're doing as an advisor.” ~ Scott Klaassen

“When everything is getting more commoditized, it makes our value seem less on the wealth management side, so reporting is a great opportunity for us to uniquely tell the story that actually matters to your client.” ~ Jud Mackrill

Links 

Connect with our hosts

Subscribe and stay in touch

Produce game-changing content with Turncast

Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.