--- title: "Modernizing Your Firm's Reporting to Simplify Your Client…" description: "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…" url: https://www.milemarker.co/podcast/modernizing-your-firms-reporting-to-simplify-your-client-experience-with-scott-klaassen updated: 2024-01-23 --- [Now playing](https://www.milemarker.co/podcast) [Podcast**Next Mile**](https://www.milemarker.co/podcast) [Episodes](https://www.milemarker.co/podcast)[Guests](https://www.milemarker.co/podcast/guests) [YouTube](https://www.youtube.com/@milemarkerinc) [Apple](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) Episode 28 · Jan 23, 2024 · 33 min # Modernizing Your Firm's Reporting to Simplify Your Client Experience with Scott Klaassen [**Scott Klaassen***Managing Director, Milemarker*](https://www.milemarker.co/podcast/guests/scott-klaassen) [Apple Podcasts ↗](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify ↗](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) ## About this episode 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)? \[16:22\] - Is it possible to extract relevant performance and asset allocation data from Orion but then present it as we wish in our portal? \[17:45\] - What percentage of firms report on a client's full balance sheet? \[19:39\] - How do I get the entire firm aligned on data management? \[23:04\] - How should I go about getting the entire firm aligned on data management? \[23:23\] - What AI (Artificial Intelligence) tools would you suggest to give better insights into our data? \[24:42\] - What are your favorite reporting systems and why? \[26:13\] - How do you decide if a specific reporting system is better for one advisor vs another? \[29:39\] - What are people doing with asset classes these days? **Quotes** “Reporting is important because that is how we are communicating the value we bring to our clients. It's our report card to them of how we're doing as an advisor.” ~ [Scott Klaassen](https://www.linkedin.com/in/scott-klaassen-a44aa578/) “When everything is getting more commoditized, it makes our value seem less on the wealth management side, so reporting is a great opportunity for us to uniquely tell the story that actually matters to your client.” ~ [Jud Mackrill](https://www.linkedin.com/in/judmackrill/) **Links** - [Scott on LinkedIn](https://www.linkedin.com/in/scott-klaassen-a44aa578/) - [Orion](https://orion.com/) - [Black Diamond](https://blackdiamond.advent.com/) - [Schwab](https://www.schwab.com/) - [Fidelity](https://www.fidelity.com/) **Connect with our hosts** - [Milemarker.co](https://www.milemarker.co/) - [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) - [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) **Subscribe and stay in touch** - [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) - [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) - [YouTube](https://www.youtube.com/@milemarkerinc) - [Google Podcasts](https://www.google.com/podcasts?feed=aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vY29u) ## **Produce game-changing content with Turncast** Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at [Turncast.com](https://www.turncast.com/). ## The write-up [Listen to this week’s episode.](https://open.spotify.com/episode/0U5pltZmU9B0st8fKJBJ7U?si=64bfbd09423847e7) ## Episode 028 In this week’s episode of [Milemarker](https://www.milemarker.co/#x26;utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience)’s Next Mile Podcast, we’re sharing a conversation featuring [Scott Klaassen](https://www.linkedin.com/in/scott-klaassen-a44aa578/?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience), Managing Director at [Milemarker](https://www.milemarker.co/#x26;utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience), and [Jud Mackrill](https://www.linkedin.com/in/judmackrill/?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience), Co-Founder at [Milemarker](https://www.milemarker.co/#x26;utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience) and Chief Platform Officer at [Mammoth Technology](https://mammothtechnology.com/?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience). For this episode, we pulled the audio from our last Innovation Office Hours session where we answered advisors’ top questions about reporting. Scott & Jud explore the challenges of ensuring accurate, transparent reporting and the complexities involved with alternative investments and multiple custodians. Get answers to these questions and more: What measures can be implemented to improve the accuracy of financial transactions? What are the implications of having multiple custodians? How do I get the entire firm aligned on data management? The episode is available now on your favorite podcast platform: [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S?si=bbd1722143fd4230&utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience) [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience) [Youtube](https://youtu.be/yBlCqkYWTnk?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience) [Google Podcasts](https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vY29u?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience) While there, please don’t forget to Download, Like, and Subscribe. If you’d like to schedule a time to talk with me about anything we cover on our podcast or Milemarker, [click here to grab 15 minutes](https://meetings.hubspot.com/kyle-van-pelt?utm_source=newsletter.milemarker.co&utm_medium=newsletter&utm_campaign=modernizing-your-firm-s-reporting-to-simplify-your-client-experience). Kyle Van Pelt [**Scott Klaassen***Managing Director, Milemarker*](https://www.milemarker.co/podcast/guests/scott-klaassen) Next Mile Conversations with the people building the next era of wealth management, hosted by Kyle Van Pelt. New episodes every Tuesday. [Get the newsletter →](https://www.milemarker.co/resources/newsletter) [Talk to Milemarker →](https://www.milemarker.co/contact) ## Keep listening Ep. 169 · Nov 3, 2026 · 45 min ### [How to Turn Client Reviews Into Better Client Experiences with Brendan Frazier](https://www.milemarker.co/podcast/how-to-turn-client-reviews-into-better-client-experiences-with-brendan-frazier) Brendan Frazier, The Human Side of Money Podcast Ep. 168 · Oct 27, 2026 · 32 min ### [The Difference Between a Family Office and an RIA with More Services with Matt Celenza](https://www.milemarker.co/podcast/the-difference-between-a-family-office-and-an-ria-with-more-services-with-matt-celenza) Matt Celenza, Americana Partners Ep. 165 · Oct 6, 2026 · 27 min ### [Scaling with Soul: Growing an Advisory Firm Without Losing What Matters with Grace Balestrieri](https://www.milemarker.co/podcast/scaling-with-soul-growing-an-advisory-firm-without-losing-what-matters-with-grace-balestrieri) Grace Balestrieri, Brighton Jones