Creating a Michelin-Star Client Experience with Kyle Van Pelt

Episode Summary

Episode 013: In this episode of Alternative Universe, Steve Zuschin talks with Kyle Van Pelt, CEO at Milemarker. They discuss how advisory firms can create a unique and streamlined client experience. Kyle emphasizes the importance of using best-of-breed tools for solving client problems while centralizing the data into one platform the firm owns. By doing so, advisors can have more control over their innovation timeline and create a better overall experience for advisors and clients. The conversation also touches on the challenges and opportunities of the growing demand for alternative investments and the evolving expectations of the next generation of clients.

Show Notes

Episode 013: For years, advisors have relied on many third-party tools to solve specific client needs. However, this fragmented approach often leads to a disjointed user experience, with advisors juggling multiple logins and navigating different interfaces. Therefore, firms need a platform that allows them to take control of their data and innovation timelines. By centralizing data into one place, firms can create their unique Michelin-star experience for advisors and their clients.

In this episode of Alternative Universe, Steve talks with Kyle Van Pelt, CEO at Milemarker. They discuss how advisory firms can create a unique and streamlined client experience. Kyle emphasizes the importance of using best-of-breed tools for solving client problems while centralizing the data into one platform the firm owns. The conversation also touches on the challenges and opportunities presented by the growing demand for alternative investments and the evolving expectations of the next generation of clients.

Join us as we discuss:

• [03:01] - The complexity of wealth management and the need for specialized tools.
• [04:24] - What it takes to develop specialized tools for wealth management.
• [06:24] - The opportunity for RIAs to create a specialized client experience.
• [07:34] - How Milemarker creates a Michelin-star client experience.
• [11:05] - How Milemarker centralizes data.
• [14:40] - How small firms can compete with big names in the industry.
• [17:08] - Investing in alternative investments and the challenges it brings.
• [22:24] - The most underserved client demographics in financial services.
• [24:34] - The changing expectations of the younger generation.
• [27:26] - The changing approach to wealth and spending.
• [28:25] - The importance of work-life balance.
• [34:52] - Kyle's key takeaways.

Key Takeaways

• Milemarker allows advisory firms to centralize data from best-of-breed tools, creating a unique and streamlined experience for advisors and clients.
• Wealth management firms should take control of their data and innovation timelines to create a unique client experience.
• The industry is evolving rapidly, with alternative investments becoming a significant focus for many firms.
• The transfer of generational wealth presents both challenges and opportunities for advisors.
• The integration of alternative investments presents new challenges for wealth management firms but also opportunities for growth and differentiation.

Quotes

"There is a difference between advice creation, sitting with a client, hearing them, empathizing with them, and creating advice in the concept of a plan, and then advice execution. The tools that the operations team is going to be using should be different than the tools that the advisor and the client are using." ~ Kyle Van Pelt

?"At Milemarker, we're going to take all the data from the best-of-breed tools. We're going to centralize it into one place that the firm owns. So stop trying to get these other third-party tools to integrate as you want them to. And stop waiting on their roadmaps to meet your roadmap, but have them integrate to you." ~ Kyle Van Pelt

"If you're an RIA or you own your firm, you should absolutely own your data, and you should be able to own and control your own roadmap and your innovation. I think that's a huge trend that we're seeing in the industry, and it's one that you take advantage of." ~ Kyle Van Pelt

Links?

• Kyle Van Pelt on LinkedIn
• Kyle Van Pelt on Twitter
• Milemarker
• Michael Kitces
• LifeYield
• Joel Bruckenstein
• Bob Veres
• T3 Conferences
• Altruist
• Joe Duran
• Joshua Brown
• Die With Zero

Connect with our hosts

• Mammoth
• Steve on LinkedIn

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.