Redtail, Morningstar announce integration deal to bring research to CRM system

Redtail Technology Inc. and Morningstar Inc. announced Monday a deal that will bring the research firm's investment analytics to the popular client relationship management system. The seamless access to Morningstar's research and analytics will come when Redtail launches a new user interface in the fourth quarter. Redtail CRM subscribers who upgrade to the new platform will have access to the Morningstar Report, which focuses on investment funds, as well as other Morningstar market-monitoring tools. Kartik Srinivasan, Morningstar's head of product integrations, said the firm is currently getting deeper into the trend of integrating functions within other third-party systems. “Redtail CRM is one of the leading CRM systems in the adviser space, especially the broker-dealer and registered investment adviser space,” Mr. Srinivasan said. “Increasingly, CRM is the central system that advisers use day to day. It overlaps nicely with our products that are in that space. We want to make sure that we provide easy access to key Morningstar information and reports within Redtail's CRM system.” The Charles Schwab Corp. in July reached a deal to add the Morningstar Office practice and portfolio management system, which includes customer relationship management tools, to its technology platform for RIAs. Brian McLaughlin, Redtail's chief executive, said his firm will introduce several features in the new interface, based on user feedback, at no additional cost. “This is a complimentary upgrade,” Mr. McLaughlin said. “Still $65 monthly for 15 users.” In addition to the integrated Morningstar reports and data, the new Redtail user interface will include an improved calendar, a more precise search function, note formatting and commenting capabilities and an automations engine for managing daily activities more efficiently. In a reflection of the integration trend, independent broker-dealer LPL Financial announced in August that it is affiliating with Redtail. “Our recent announcement of our affiliation with Redtail is a good example of us supporting the relationship and the sales pipeline of new business coming into advisers' practices,” said LPL chief information officer Victor Fetter, in a recent interview. “We already have Salesforce CRM, but now we've added Redtail for those who it suits better.”