I’m writing this while taking a quick break from the sun. My family and I are enjoying some time off in honor of Juneteenth—a moment to pause and reflect on what freedom for all means.

Summer’s in full swing, and I’m grateful for the chance to step outside the usual routine and see things from a different angle.

You may have noticed: this newsletter has a new name—The Rising Tide.

We’re also refreshing the podcast, and I’ll be sharing the new name for that soon.

Recently, I was invited to speak with a group of students through the FinServ Foundation in Boca Raton. Around 20 future leaders, each navigating their own path through school, career planning, and personal growth.

This week’s edition is about that conversation—and why our industry needs to do more than just talk about the next generation. We need to act.

Here’s this week’s (slightly sunburned) edition of The Rising Tide.

1. What If I Told You the Future of Financial Advice Was Sitting in Your Inbox?

2. On the Pod: Why Simplicity Is a Secret Weapon in Compliance and Client Care 🎧

3. Bookmarks

   1. How AI Is Rewriting the Rules of Software

   2. ICYMI: What the Heck is a Data Lake Replay

4. Milemarker On the Road ✈️

What If I Told You the Future of Financial Advice Was Sitting in Your Inbox?

Or maybe at the next conference. Or in a college classroom. Or looking for their first internship right now.

Let me start with a bold idea:

What if the biggest opportunity in wealth management isn’t a platform, a product, or a merger?

What if it’s a person?

Someone hungry to learn. Ready to contribute.

Someone who could power the next generation of financial advice—if only they had a way in.

The Headlines Are Loud. But the Quiet Crisis Is Louder.

Every week, you’ll see it:

• “Massive M&A deal”

• “New tech reshaping advice”

• “Big moves in wealth management”

But behind the noise? A real problem no one’s talking about loudly enough:

We have a talent crisis.

Not the “hiring is hard” kind.

The “we may not have an industry in 15 years if we don’t fix this” kind.

Here’s why:

• The advisor population is aging—fast.

• Most advisors plan to retire within 5–7 years.

• Fewer young people are entering the profession.

• And many of those who want to… don’t know how.

We’ve got plenty of conferences, content, and capital.

But we don’t have a clear on-ramp.

And honestly, more advisors seem to be running to their retirement in Florida than running out to recruit new talent.

That’s a problem.

Because being attentive to clients isn’t just about today’s service—it’s about preparing the next generation to support them tomorrow.

The Most Inspiring Thing at Any Wealth Event Isn’t Shiny Tech

It’s not the keynotes.

It’s not the software demos.

It’s not the steak dinners.

It’s a group of students.

I recently spoke with members of the FinServ Foundation—over 700 students so far, and counting. They’re sharp. Curious. Engaged. They ask better questions than many executives. And they’re eager to contribute.

The FinServ Foundation helps them get in the room—at events, firms, and have real conversations across the country.

It’s one of the most exciting things happening in financial advice today.

And I want more people to know about it.

No Kickbacks. No Board Seat. Just Pure Admiration.

I’m not getting paid for this. I don’t sit on the board. I did once try to convince Jamie Hopkins to name it something else when he first launched it.

But Jamie was right. The name is good and the program is even better. I’ve seen it firsthand.

And I believe in it fully.

The FinServ Foundation connects students from 42+ universities with real opportunities in financial services.

They’re not just watching.

They’re getting in.

But here’s the catch:

The program’s success depends on one thing—firms like yours.

If you have an internship program, amazing. I’d love to hear what’s working for you and where you’ve had success or are looking for ideas to improve.

If you don’t, now’s the time.

The Foundation wants to scale from 700 to 1,000+ students soon. That’s achievable—but only if advisory firms (especially RIAs, where the opportunity is massive) step up and open the door.

So Here’s What You Can Do:

• Learn what the FinServ Foundation is doing and why it matters

• Build or improve your internship program

• Mentor. Hire. Invite. Share. Make room at your table

• Reach out to your alma mater and connect it to the Foundation

If you’re already involved—thank you. You’re not just helping someone start a career. You’re building the future of the profession.

TL;DR?

The future of financial advice isn’t a platform. It’s hidden in the hearts and minds of young people.

They’re not excited about moving our industry forward.

Let’s work together to make that happen.

Learn more about the FinServ Foundation

Donate if you can.

Reach out to Jamie Hopkins.

Start building the internship program your future firm needs.

And if you’re still thinking about moving to The Villages—at least make sure you’ve hired your replacement first.

Let’s go.

______________________

On the Pod: Why Simplicity Is a Secret Weapon in Compliance and Client Care

Episode 098: On this week’s episode,  Kyle Van Pelt sits down with  Carrie King, Partner and Chief Compliance Officer at UlImann Wealth Partners.  A former restaurateur turned finance professional, Carrie brings a service-driven mindset to wealth management—prioritizing simplicity, optimism, and disciplined planning. With over two decades of experience spanning hedge funds, trading desks, and advisory firms, she now helps lead a holistic, client-centered practice that supports families through life’s most complex transitions.

Kyle and Carrie discuss how Ullman supports clients through these transitions by staying grounded in simplicity, optimism, and practical discipline. Carrie also shares the firm’s core values, how they integrate books into their company culture, and the evolving role of compliance in an AI-driven world. 

(00:00) - Intro

(02:59) - Carrie's money moment

(05:37) - The importance of core values in company culture

(09:08) - Reframing compliance through optimism and simplicity

(11:02) - Ullmann Wealth Partners' Divorce Advisory Group

(12:54) - Building relationships with Centers of Influence (COI)

(17:42) - Making complex projects simple

(19:30) - What makes a great CRM

(23:13) - Ullmann’s tech stack

(25:53) - Why texting is such a taboo for regulators

(28:04) - Carrie's outlook on the future of the industry

(30:46) - Carrie's Milemarker Minute

⚡️Bookmarks

AI Is Rewriting the Rules of Software

The talk by Andrej Karpathy at YCombinator earlier this week is worthwhile and does a great job of sharing a perspective on the future.

Quick summary: AI Is Rewriting the Rules of Software

Andrej Karpathy’s keynote from OpenAI’s Startup School hits home for advisors:

• Software is evolving from code-based to AI-first systems that learn and adapt.

• Don’t chase the hype—real value comes from thoughtfully applying AI to workflows.

• Think in roles, not prompts: treat AI like a team of agents (data gatherer, analyst, presenter).

• Conversational UIs are coming—start testing tools that talk back.

The smart firms won’t wait. They’ll design with AI in mind—before everyone else catches up.

What the Heck is a Data Lake - Replay

Thank you to my colleagues Jessica Perez, Colby Tallafuss, and Kailash Duraiswami for putting together a great webinar on Data Lakes, Data Warehouses, and Data Lake Houses.

We had a great time sharing perspective, defining what's real vs hype, and how you can grasp the power of these tools without all the hype.

If you missed it, tune in here:

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

1. June 22-28 - Minneapolis, MN

2. July 29-31 - 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