The Not-So-Secret, Secret to Success

Penny Phillips on the Pod, Achieving Organic Growth for Your Firm in 2024, and Arnold Schwarzenegger’s Powerful Reflection on Hate

I'm writing you on my way back from Philadelphia after wrapping up my time at an energetic Schwab IMPACT conference.

Three days of conversations that were meaningful and enjoyable, but tend to drain my introvert batteries even more than my Airpods.

Watching the evolution of the custodial space and its ripple effects on RIAs has really focused my mind on the firms that are committed to making progress and those that feel stuck. For me,tTalking about the future is the surest way to recharge.

Here is the run down of this weeks Connected Advisor.

  1. The Not-So-Secret, Secret to Success: Want Something Enough to Work Through It

  2. Owning Your Advisory Practice Without CEO Responsibilities - Penny Phillips 🎧

  3. Achieving Organic Growth for Your Firm in 2024 - Milemarker’s Innovation Office Hours

  4. Arnold Schwarzenegger’s Powerful Reflection on Hate

  5. Mammoth Technology Releases Full-Service Solution To Manage Alts at Scale

  6. Milemarker on the Road

Let’s go.

The Not-So-Secret, Secret to Success: Want Something Enough to Work Through It

I get the pleasure of spending quality time with really great advisory firms.

Planning Led Firms.

Independent Broker Dealers.

Asset Managers.

Family Offices & Multi-Family Offices.

Alts Heavy Firms.

Advisor Platforms & Networks.

Private Equity Owned, Publicly Owned,Bootstrapped.

And everything in between.

All of them - facing all sorts of challenges.

What is the distinct difference between them?

Some are running out of the burning building, while others are running into the building.

Who will be successful and realize personal and professional success?

I’m sure you know the answer.

The advisory firms whose leadership are running into the fire are going to do more because they are focused on something much more important than the tyranny of the urgent.

They are willing to trade temporary discomfort for long-term progress.

It’s very easy for us to let fatigue, disillusionment, disagreement, or an outside party (custodian, tech provider, etc.) be the reason we don’t gain ground. It’s always easier to blame someone else; take your ball and go home.

I know you have things that are top of mind to remedy, problems to solve, and conflicts to address.

The best way to make progress is to face the challenges at hand, is to tackle them head-on. A core process not working? Write down each step, figure out where it’s breaking and manage it to completion. A key person not performing? Get eye to eye and be honest about what you’re experiencing. A technology not working as expected? Get dogged and figure out why. Don’t put off something critical without a clear plan to address it as soon as you can.

When you see the fire, gather your courage, take a deep breath and lead.

On the Pod

Owning Your Advisory Practice-Without CEO Responsibilities with Penny Phillips

Episode 017: In this week’s Connected Podcast episode, Kyle talks with Penny Phillips, President and Co-Founder of Journey Strategic Wealth.

Penny explains that many advisors don't enjoy running the business side of things and why she believes advisors can outsource the running of their firms while still owning the business.

Here are a few key takeaways:

  1. Rather than acting as CEOs, advisors should focus on being great advisors.

  2. The industry needs more quality advisors, and models like Journey Strategic Wealth can help retain and attract advisors by providing support in running their businesses.

  3. The rainmaker advisor is becoming a dying breed, and firms need to find new ways to grow and develop business.

"We need more advisors. We need quality advisors. We need advisors to stay advising. And so I just love this idea of giving advisors permission to not be the CEO."

- Penny Phillips, President and Co-Founder of Journey Strategic Wealth

The episode is available now on your favorite podcast platform as well as a video version on YouTube. While there, please don’t forget to Download, Like, and Subscribe.

Achieving Organic Growth for Your Firm in 2024 - Milemarker’s Innovation Office Hours

You’re invited to Milemarker exclusive online event next Wednesday, November 1st at 1 pm EST: Milemarker’s Innovation Office Hours. I’ll be joining Kyle and guest John Wernz, Executive in Residence at Great Hill Partners, to answer your top questions about the complexities of innovation, technology adoption, and strategic planning in the wealth management industry. This session will have a particular focus on Organic Growth Strategies for 2024.

Event details:

  • Date: Wednesday, November 1, 2023

  • Time: 1 pm - 2 pm EST

  • Location: Click here to register.

When you register, you’ll be prompted to list your top three questions for us. Any and all questions are welcome. We’ll get to as many of them as we can in the hour.

Arnold Schwarzenegger’s Powerful Reflection on Hate

While scrolling through X (which, by the way, still feels as wrong as calling the Sears Tower the Willis Tower) this week, I came across this video Arnold Schwarzenegger recorded that resonated with me.

The depth and impact of this speech have stuck with me, so I figured I’d send it your way. It's a testament to the importance of understanding history and working towards a more compassionate world.

It’s well worth the watch.

Mammoth Technology Releases Full-Service Solution To Manage Alts at Scale

There’s been some exciting news from Mammoth Technology this week. I am the Chief Platform Officer over there, and we just announced the launch of the Mammoth Alts Desk.

This feature hosts a suite of add-on services to allow financial advisory and fund management firms a way to explore additional services that Mammoth offers for private investment management. From access to due diligence services, connections to legal counsel, data reconciliation, and compliance toolkits, the Mammoth Alts Desk provides a full-service solution to managing alternatives that scale.

If you’re interested in staying up to date on all things Mammoth Technology, check out and subscribe to the Alternative Universe newsletter. Steve Zuschin shares some great thoughts around VC, alts and more.

Alternative UniverseThe newsletter for Fund Managers, Financial Advisors and Founders who want to enhance investor experience through collaboration and tech.

Milemarker on the Road

Catch our team on the road at the following events or cities:

  1. November 6 - Houston, TX

  2. November 9-10 - Omaha, NE

  3. November 16 - Baltimore, MD

  4. December 7 - Dallas, TX

If you’re in any of those cities and want to arrange a meeting time, reply to this email, and we’ll get something on the calendar.


And that’s a wrap! Enjoy your weekend.

Written by Jud Mackrill

Edited by Amy Simpson