Morningstar launches new client portal to tap data aggregation capabilities

The company is tackling two trends in financial technology: better dashboards for clients and pulling in held-away assets

May 2, 2016 @ 1:44 pm

By Alessandra Malito

Morningstar launched a new client portal for advisers on Monday, saying the service will free up adviser time and strengthen relationships between advisers and their clients.

Client information will be updated daily, and includes a stream of personal financial information from ByAllAccounts, the data aggregator the company acquired two years ago. The portal is accessible on mobile devices, and shows cash flows and asset allocation, as well as total wealth and liabilities.

"Investors want to work with financial advisers who have a more holistic, or complete, view of their financial situation," Tricia Rothschild, head of adviser solutions for Morningstar said in a statement.

Advisers can brand and generate reports with the portal, which has a document vault and account alerts for investors. If advisers have any of these functions on another program, they can individually select any of the tools to use.

This year started with a spotlight on client portals, during the Technology Tools for Today conference in early February. Vendors have either created or updated these dashboards for advisers to offer as a customizable space for clients who want to keep tabs on their accounts.

Meanwhile, data aggregation has also been a hot trend for financial institutions, especially in pulling in all types of client accounts to view their full financial picture. Betterment announced in March it was pulling in external accounts on its retail and institutional dashboards. Soon after, so did Vanguard and Wealthfront. Envestnet put data aggregation at center stage when it acquired Yodlee last August.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Schwab's Tabor: Top 3 takeaways from the women's think tank

Leslie Tabor is a firm believer that women bring tremendous value to the industry, but there's still work to be done to attract them to financial services.

Latest news & opinion

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print