Morningstar Inc. said Thursday it was launching a new business unit to tighten its focus on wealth management.
Morningstar already offers a plethora of services for financial advisers, but the new group will bring under one roof several existing functions, including managed portfolios, portfolio management software and investment data aggregation, the company said in a statement.
Daniel Needham will serve as president of the new unit, which will be called Wealth Management Solutions. Needham is the president and chief investment officer of Morningstar's Investment Management Group.
Later this year, Morningstar Investment Services plans to launch a direct indexing capability on its turnkey asset management platform, or TAMP, for advisers, the company said, marking the first new product launch for the Wealth Management Solutions group.
Morningstar also said that in the past year it has hired eight various industry professionals who will also be part of the new group focusing on financial advisers.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
