Could you explain the difference between the Advisor Workstation sub-segment and the Morningstar Wealth segment, which both seem to cater to advisors?

June 14, 2024

For wealth managers and advisors, Morningstar offers a connected suite of tools spanning proposal creation, investment research, investment management, and retirement services built on Morningstar research designed to empower great advice and help drive success for advisory firms, their advisors, and the investors they serve.

We serve financial advisors through multiple product offerings designed to create value for clients with personalized advice. These products include:

    • Morningstar Advisor Workstation in our Morningstar Data and Analytics segment;
    • products including Morningstar Office and Morningstar Managed Portfolios in the Morningstar Wealth segment; and
    • advisor managed accounts in our Morningstar Retirement segment.

As you note, Morningstar Advisor Workstation and the product lineup from Morningstar Wealth both serve advisors, with a focus on different use cases.

Morningstar Advisor Workstation is well suited to meet the needs of financial professionals at larger wealth firms, broker dealers, or wirehouses where the firm has built a robust, customized tech stack and requires a targeted Morningstar solution to support investment research, portfolio analytics, and proposal generation. Morningstar Advisor Workstation is not a trading/execution platform, and advisors using it typically implement their investment recommendations through a separately chosen managed account platform. Advisors using Advisor Workstation are heavy users of our data, research, and analytics.

The Morningstar Wealth Platform, inclusive of Morningstar Office, has similar research and proposal capabilities as Advisor Workstation, but also includes a portfolio accounting system with back-office services and transactional performance reporting. This supports registered investment advisors and broker-dealer firms looking to license a more “all-in-one” solution that encompasses rebalancing, trading/clearing/custody, and performance reporting. Morningstar Wealth also offers Morningstar Managed Portfolios, an advisor service consisting of model portfolios designed for fee-based independent financial advisors. Morningstar Managed Portfolios is offered through the Morningstar Wealth Platform and as strategist models on third- party managed account platforms.

Finally, in Morningstar Retirement, we offer advisor managed accounts through registered investment advisors and broker dealers who help employers select retirement accounts. Managed accounts is a robo-advice service that takes an individual’s unique profile and data to build an investment portfolio and savings strategy that is designed to help them achieve the best retirement outcome.

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