We disclose revenue for Morningstar Investment Management as a whole, which comprises three product offerings: Managed Portfolios, Institutional Asset Management, and Asset Allocation Services. In recent years, we’ve deliberately focused on our more standardized Managed Portfolios products and have intentionally shifted away from customized investment management products like Institutional Asset Management and Asset Allocation Services, which required building portfolios tailored to the specific needs of institutional clients.

Morningstar Managed Portfolios are institutional-caliber, actively managed products. To implement our valuation-driven investment strategies, Morningstar’s Investment Management group has a global team of 100 portfolio managers and investment research analysts that leverage the proprietary research of 270+ equity and manager research analysts that are part of Morningstar’s Research group. As such, our manager fee reflects our human capital, as well as any ancillary value-added services that we provide to advisors.

In contrast, our program fee in Workplace Solutions reflects access to our proprietary advice engine and methodology rather than a global team of portfolio managers. In addition, we do not have to incorporate fees to compensate us for certain operational or transactional services, since these functions are typically handled by the plan providers.