The AI Revolution in Wealth Management with Jud Mackrill

Sep 12, 2023

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Finance and wealth management are rapidly evolving fields, and embracing artificial intelligence (AI) isn't just a choice. It's a transformative journey that promises to redefine how professionals conduct business. This technological leap isn't designed to replace human expertise but to elevate it, guiding individuals toward optimal capacities.

In this episode, Jack talks with Jud Mackrill, Co-Founder at Milemarker and General Partner at Mammoth. Jud has spent his career making technology and data more useful and accessible to financial advisors, their clients, and the firms they work with. He is well versed in helping companies dramatically increase value with his portfolio of experience as a founder, chief marketing officer, or consultant accompanying business exits or recapitalizations of over $1.9 billion.

Passionate about modernizing independent wealth management and helping make private investing more accessible and transparent, Jud talks to Jack about artificial intelligence (AI) in wealth management. He emphasizes the importance of embracing AI and incorporating it into our personal and professional lives. Jud also discusses the role of AI in data analysis and how it can automate processes, allowing financial advisors to focus on delivering personalized advice to their clients.

Key Takeaways

[01:22] - Jud's role at Milemarker and Mammoth and how he helps advisors and clients achieve better financial results.
[03:50] - The influence of AI on the financial advisory industry.
[05:23] - How AI impacts businesses in the future.
[09:01] - Jud's thoughts on how large companies can implement AI.
[13:30] - Why using AI benefits both advisor and client.
[15:48] - How AI can help advisors make more informed decisions for clients.
[18:54] - Jud's three key takeaways.
[21:46] - What Jud loves doing outside of work.

Quotes

[04:06] - "AI is the next way to work. We could put it on a platform or pedestal, and it's the next best thing ever. To some degree, it will redefine how work happens." ~ Jud Mackrill

[10:03] - "A lot of things are going to get automated. Not to replace jobs but to help people get to that continually highest and best use." ~ Jud Mackrill

[19:08] - "You need to make AI a part of your personal life and then a part of your work life. It will enhance your curiosity and understanding and ultimately transform your client and advisor experience." ~ Jud Mackrill

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