Modernizing Your Firm's Reporting to Simplify Your Client Experience with Scott Klaassen

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)?