Milemarker this week announced the launch of their Firm Intelligence platform.
“The firm's intelligence is a core offering,” he said Milemarker co-founder and managing partner Jud Mackrill.
Established in 2021, Milemarker has grown to 30 employees and to date has offered a mix of consulting, managed back-office services and a partial chief data officer service.
In addition, the company has offered several software products as a service, including an Advisor Relationship Management platform, an Integration Suite, Data Analytics and Reporting for Wealth Management and Milemarker Analytics Suite.
He said that much of the latest SaaS technology has been consolidated and is now incorporated into Enterprise Intelligence.
“With our new platform, you can build workflows, automate processes, integrate systems and communicate with customers and prospects in a way that allows you to take action on your terms,” he said.
In short, Firm Intelligence enables advisory firms to consolidate their data into a single data warehouse. Firms can integrate it into their own systems or use a branded app that can live on their own domain and be entirely privately labeled in their brand, he said.
“Nine times out of 10 – or really more like 10 times out of 10 – consulting firms feel like they've checked the box for having a data warehouse, but haven't gotten it to where it's a tangible addition to their ROI. them,” said Mackrill.
Mackrill and Milemarker use the phrase “data synthesis” when discussing how the platform makes data available across a consulting firm's many systems.
While a consulting firm coming to Milemarker with no existing data warehouse can be set up with Amazon's AWS, the company also works with Azure and Google Cloud to host data. He said Milemarker cooperated with him Snowflake as its data management and analytics platform tool of choice to maximize the computing power available with AWS.
“It will enable wealth management firms to maximize the potential of their current technology stacks,” Mackrill said, adding that Milemarker serves advisory firms managing assets ranging from $250 million to over $200 billion.
He said many of these firms, which are often growing through mergers and acquisitions and have fairly heterogeneous technology stacks, use Milemarker to consolidate data and fill the integration gap by building workflows and creating broader business connections. data.
Asked how the Firm Intelligence platform differs from the business intelligence tools Milemarker has offered in the past, his answer was simple.
“The key difference is scale — with the new platform, we're reducing the time to knowledge,” he said, adding, “We're seeing firms understand actual customer benefit for the first time.”
“The beauty is that our customers know their businesses pretty well, but this is giving them better insights faster than they could ever get on their own,” he said.
When asked about cost, Mackrill said Milemarker does not yet provide pricing information to the media or publish cost information on its website, citing the big difference between installations and engagements.
Following the platform's launch, Mackrill said Milemarker will roll out several new features and improvements over the coming months, but could not provide any specifics.