Milemarker & Mammoth with Jud Mackrill | E289

Helping companies manage and leverage their tech stack.

On this episode of Fintech Impact, Jason talks to Jud Mackrill, co-founder of Milemarker & Mammoth, who has been on the show before. The discussion centers around the challenges related to data and data management in the industry. For the past 15 years, many conferences have complained about the quality of data, its location, and how it's often siloed. Jud is working on a solution to address these issues.

Episode Highlights 

  • 0:56: The company's main goal is to address issues related to connectivity, integration, and operational efficiency for firms that may not have the resources to specialize in these areas due to their focus on taking care of their clients' needs.

  • 01:40: Jason and Jud discuss the challenges faced by average RAs (Risk Analysis) depending on their size.

  • 02:57: By streamlining the data management processes and breaking down silos, these firms can harness the power of their data more effectively, leading to better decision-making, improved client service, and increased competitiveness in the industry.

  • 03:44: Jud explains that when consulting with firms, they often encounter different departments or roles within the organization, which may have conflicting priorities. Milemarker's approach is to bring these stakeholders together and unify their perspectives to identify the most meaningful steps forward in data management, integrations, and technology.

  • 05:03: Jud emphasizes that their consulting approach helps companies understand what comes next for them, and they handle the programs behind the scenes to ensure a smooth implementation.

  • 05:25: Technology teams, especially in the early stages of a company, often focus more on IT support and keeping systems running rather than strategic data management and integration.

  • 06:27: Jud emphasizes that Milemarker's goal is not to compete with internal teams but to assist and augment their efforts.

  • 06:36: Jud explains that many technology teams end up running like triage centers, dealing with daily operational tasks and support, which was never their intended purpose. The goal of Milemarker is to help elevate these teams from that constant firefighting mode and provide them with the tools and strategies they need to manage their data effectively and efficiently.

  • 07:29: Regarding the payoff of their consulting services, Jud mentions that one of the early wins they aim to achieve is helping companies gain a clear understanding of their data and identifying the authoritative sources of data.

  • 08:30: Milemarker helps integrate data and information so that when the Home Office receives requests from the field, they are intelligent and specific to the unique office or role making the request.

  • 09:47: By offering fractional CDO and CTO services, Milemarker's provides high-level, deep advice at a fraction of the cost and in a much faster time frame compared to hiring full-time executives. This option is especially beneficial for companies at certain levels of maturity or those who need specialized expertise for specific projects.

  • 11:52: Jud notes that the value they provide comes from their extensive experience and understanding of the technologies and their ability to practically apply them in various scenarios. They save clients time and effort by handling tasks like studying vendors, reading release notes, and understanding historical data sets to implement technology solutions effectively.

  • 12:56: Jud agrees that sitting on the same side of the table as their clients is a wonderful experience. He acknowledges that keeping up with release notes, especially with complex systems like Salesforce, can be a challenge, and this is where their expertise becomes invaluable to clients.

  • 14:09: Jud agrees that as they add more integrations to their framework, certain aspects become easier due to economies of scale. However, he emphasizes that each client's legacy data and unique business rules must be respected and incorporated into the solutions they provide.

  • 14:53: Jud acknowledges the challenges that arise during acquisitions, where the integration of different companies' data and business rules can create complexity.

  • 16:37: Mammoth is an opportunity to modernize and streamline the process of handling alternative investments.

  • 18:14: Jud explains that many clients are interested in alternative investments for various reasons, such as potential higher returns, unique opportunities, or personal interests. However, managing these investments can be complex and time-consuming for financial advisors, especially when dealing with different types of alternative assets like real estate, oil and gas, or private equity.

  • 19:54: Mammoth offers a single pane of glass solution that integrates with various technologies used by wealth management firms. The platform helps advisors manage alternative investments more efficiently and addresses the complexities involved in handling such investments for clients.

  • 21:45: The guest emphasizes the importance of having professional-grade software and processes to support technology and compliance efforts, especially as more firms transcend into becoming media and technology companies alongside their core service offerings.

  • 22:50: Jason points out a dichotomy they have observed in the RIA industry, where there seems to be less concern over privacy and security compared to other countries.

  • 24:19: Being data-driven and having a clear point of view can provide a significant advantage to companies in the long run.

3 Key Points

  1. Jud describes their approach to the consulting process, which involves writing a plan and designing how the data management and integration should work.

  2. Jud explains some of the quick wins and secondary wins that their consulting services provide to their clients.

  3. While technology can support the advisor-client relationship, the human element of personalized service will always be essential and cannot be fully scaled.

Tweetable Quotes

  • "As for the benefits of the consulting process, once the data challenges are identified and understood, the firms can leverage the solutions provided by Milemarker to improve data connectivity, integration, and operational efficiency." – Jud

  • "It's very common for technology teams to be consumed with daily operational tasks and support, leaving little time for strategic planning and comprehensive data management." – Jud

  • "The integration of Milemarker's capabilities into Mammoth enhances the platform's value and flexibility. This integration provides a comprehensive solution for managing alternative investments and allows advisors to focus more on their clients rather than getting overwhelmed by the intricacies of alternative investments." – Jud

  • "A study by Fidelity, which found that many firms are acquiring other companies with clients that don't generate profits for the acquiring firm." - Jud

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