Greetings from I-4 just outside of Orlando, where the humidity is relentless, and Kim and I are knocking out some podcasts on our trip back to Charleston.

I’m planning to make a pit stop for pies at this Highway 17 staple just outside of Hilton Head/Bluffton on our trek north.

As I wrap up a full week of meetings with advisors, clients, and firms that are genuinely shaping the future, one thing is crystal clear: in the midst of all this change, there has never been a better time to do good.

This week, I’ve seen people not just reacting to industry shifts but actively reshaping how things work—pushing boundaries, leveraging new tools, and uncovering fresh opportunities. The firms that thrive aren’t just keeping up; they’re building, iterating, and moving forward with purpose.

I hope your week has been just as productive, insightful, and inspiring. Here’s this week’s Connected Advisor.

1. Portfolio Accounting is Changing. Again. Will You Be Ready?

2. On the Pod: Serving Families, Not Just Portfolios 🎧

3. Bookmarks

   1. AI Is Eating Wealth Management for Lunch. Here's How to Stay at the Table

   2. Data & Recruiting Advisors - Upcoming Event with FINTRX

4. Milemarker On the Road ✈️

Portfolio Accounting is Changing. Again. Will You Be Ready?

Another week, another shake-up.

Earlier this week, Morningstar Office announced it’s shutting down, with a recommendation for advisors to migrate to Black Diamond.

At the same time, AssetBook was just sold to Circle Black.

This news has likely landed in your inbox with offers of demos, discounts and all sorts of incentives from their competitors.

If history has taught us anything, this won’t be the last time a major shift forces advisors to rethink their tech stack.

Portfolio accounting systems have been disrupting and consolidating for decades. Advent was once the gold standard. Then came Orion, Black Diamond, and Addepar. Now, another wave of change is hitting.

If you’re affected today, it feels urgent. But even if this announcement didn’t mean much to you, it’s only a matter of time before something in your stack changes.

The real question is: When that day comes, will you be ready?

Here’s what to do right now—whether you have an immediate need, or you just want to future-proof your firm.

Step 1: Before You Move, Make Sure You Get Your Data

Whoever controls the data, controls your future.

This isn’t just about exporting data—it’s about owning it, storing it, and using it on your terms.

Here’s the reality: The pace of change in life generally and wealth management technology is accelerating. The demand for real-time analysis, flexible integrations, and automation is only growing.

And if your data is locked inside a system with limited API access, no data streaming, or poor export functionality, you’re going to be stuck, slow, and left behind.

Before you make any move, ask these critical questions:

1. Can I store my data in my own data warehouse? If so, show me how. (If the answer is no, you don’t truly own it.)

2. Can I access and update my information as I wish—or is it locked behind a provider’s walls?

3. Does this system offer strong APIs and data streaming, or will I be manually exporting CSVs forever?

There’s a wide gap in how different providers handle this. We know firsthand that companies like Orion, Black Diamond, and Addepar have made substantial progress in this area, offering advanced API integrations, data streaming, and open architecture. Others? They’re still playing catch-up.

If you’re not prioritizing connectivity and control, you’re making a short-term decision that will create long-term limitations.

The worst thing you can do is jump from one walled garden to another.

Make sure your next move isn’t just a tech swap—it’s a strategic upgrade that puts you in control.

Step 2: Don’t Let a Short-Term Decision Become a Long-Term Headache

Right now, advisors using Morningstar Office and AssetBook are in scramble mode.

“Where do we move? What’s the best alternative?”

It’s easy to default to the fastest or easiest transition—especially when a vendor is pushing a recommended path.

But here’s the problem:

What feels like a quick fix today could create operational headaches for years to come.

Before you commit to a new platform, ask yourself:

1. Is this a system I’d pick if I wasn’t forced to move?

2. Will this work for my firm in five years?

3. Does this actually integrate with the rest of my tech?

Because moving once is painful. Moving twice is a disaster.

Step 3: Every System You Choose is a Vote for Your Future

Right now, you’re making a decision that will define your firm’s operational foundation for years — even if it means staying in an antiquated system.

• If you move to a system that controls your data and limits your options, you’re voting for dependency.

• If you choose a system that gives you flexibility, control, and scalability, you’re voting for freedom.

This is bigger than just a software transition. It’s about control.

The best advisors aren’t just reacting to this week’s news. They’re making intentional choices about their future.

Step 4: Future-Proof Your Tech (So Vendor Changes Don’t Disrupt Your Business)

Every few years, the portfolio accounting world reshuffles.

Firms get acquired. Platforms evolve. Vendors change priorities.

If you don’t build your tech stack with flexibility in mind, you’ll be forced into a rushed decision again and again.

Here’s how to future-proof your firm:

1. Own your data. Don’t let vendors hold it hostage.

2. Choose open architecture. Make sure your system integrates with everything.

3. Think beyond today. Pick a system that still works in 5-10 years.

This won’t be the last time the industry changes. You can be ready when the changes come to your firm.

Here’s to you and your team absolutely crushing it.

________________________

On the Pod: Serving Families, Not Just Portfolios

Episode 081: In this episode of The Connected Advisor, Kyle Van Pelt speaks with Rob Hoxton, Founder and Partner of Hoxton Planning & Management, a 30-year veteran of the financial planning industry.

They discuss how Hoxton has nearly doubled in size in the past two years, the role of organic growth and professional referrals, and serving families rather than just managing assets. Rob also talks about the impact of AI on financial planning and the key trends shaping the future of the RIA industry.

In this episode:

(00:00) - Intro

[02:01] - Rob's money moment

[04:12] - Client stories 

[07:27] - Building, selling, and buying back a firm

[10:47] - The growth of a family business

[13:38] - Growing a firm through YouTube and podcasts

[16:27] - Why Rob limits his social media reach 

[17:31] - Rob's advice to anyone who wants to start a podcast

[20:44] - Behind the scenes of Hoxton's rapid growth

[21:31] - How Hoxton measures success

[24:09] - How to build meaningful relationships with Centers of Influence (COIs)

[26:22] - The trends that affect the future of financial planning

[32:08] - Rob’s Milemarker Minute

⚡️Bookmarks

AI Is Eating Wealth Management for Lunch. Here's How to Stay at the Table

Earlier this week, Wealth Management shared my perspective on how AI is starting to really tilt how financial advise is delivered.

FINTRX / Milemarker Workshop

Join me next week to see how firms can be leveraging data to recruit and grow. I’ll break down some of my best methods to grow an RIA and Advisor Platform alongside our friends and integration partners at FINTRX.

Save your seat here: https://us06web.zoom.us/webinar/register/WN_4UYKu09LRpyiUeCJRAdhcg#/registration

Milemarker on the Road
Catch my team on the road at the following events or cities:

1. March 3 - Anchorage, AK

2. March 4-5 - Dallas, TX

3. March 10 - Charleston, SC (Closed Lecture at College of Charleston)

4. March 11 - West Palm, FL

5. March 16-19 - Miami Beach, FL

6. March 24-26 - Denver, CO

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.

Jud Mackrill