A new alliance between SS&C Technologies and Morningstar will give advisors on the Black Diamond platform the first chance to experience a new fintech offering.
Under the partnership announced Thursday, Black Diamond will be the first wealth management platform to integrate with the newly launched Direct Advisory Suite from Morningstar.
The agreement brings together Black Diamond’s portfolio management, client communication, and reporting capabilities with Morningstar’s investment data, research, and analytics. The integration aims to streamline workflows for financial advisors while enhancing portfolio construction and client engagement tools.
“This alliance makes Black Diamond the first platform of its kind to integrate Morningstar’s rich research and data capabilities advisors have relied on for decades,” Steve Leivent, co-head of SS&C’s wealth and investment technologies, said in a statement Thursday. “The Black Diamond Wealth Platform will offer seamless integration of Morningstar’s industry-leading data and analytics with client workflows.”
Direct Advisory Suite, the latest addition to Morningstar’s Direct Platform, builds on the firm’s Advisor Workstation, which serves more than 175,000 advisors. The newly launched advisory suite includes investment research, portfolio analytics with customizable charting tools, and AI-powered assistance to support client interactions.
Advisors from the approximately 2,700 firms using Black Diamond will have the option to access these tools directly within the platform.
“Advisors are central to our mission of empowering investor success,” said Kunal Kapoor, chief executive officer of Morningstar. “We have a long history of serving them directly with content, technology, and investment products or indirectly through strategic alliances with businesses like Black Diamond that excel in their own areas of expertise.”
As part of this transition, Morningstar said it also plans to retire Morningstar Office. Originally launched in the 2000's, Morningstar Office was introduced as an integrated solution combining investment research, portfolio management, and client reporting tools for advisors. While it saw increased adoption among RIAs and grew stronger with some key partners, including Schwab and Pontera, the rise of competing platforms offering advanced features led to its gradual decline.
The company is working with Black Diamond to provide a structured migration process for existing users, ensuring continued access to Morningstar’s data and research.
“We look forward to welcoming Morningstar Office clients to the Black Diamond Wealth Platform, where we believe they will benefit from our standard-setting portfolio management features alongside access to Morningstar’s newest research and analytics capabilities,” Leivent said.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
