“Big data can help you plan better,” said Jud Mackrill, CEO and co-founder of Milemarker, a data integration platform. “Most firms have silos of data left unutilized. Getting data into central repositories and creating APIs can help firms make better business decisions.”
At the beginning of the year, Mackrill left his role as chief marketing officer at Carson Group to start his own wealthtech to help the financial advice industry manage data so that advisers can focus on their core businesses. Without integrated technology and data, advisers cannot effectively create cohesive client experiences.
Think of Amazon.com Inc., Mackrill said. The e-commerce behemoth drives value through its use of data to prompt its customers with suggestions and perspectives on what they could be doing next. Financial advisers can, and will, be held to a standard to do the same. “