Morningstar Wealth has introduced a new consolidated reporting tool that simplifies processes, aimed at saving paraplanners “valuable time”.
The tool allows paraplanners to generate a single, consolidated report, including portfolio movements, income movements, cash and fee details.
Morningstar Wealth said most financial planning happens in a family and intergenerational context.
That is why the tool has been designed to make it easy to define who and which accounts are included in a family group.
It can also include any chosen family member, and even corporate accounts and trusts held on the platform.
The tool recognises the increasing complexity of intergenerational financial planning and simplifies the process of identifying individuals and accounts with a family group.
Morningstar Wealth developed this tool in response to feedback from paraplanners.
Morningstar Wealth director of product Steve Coleman said: “Consolidated reporting has been developed with paraplanners, advisers and investors in mind.
“We wanted to help adviser firms streamline their operational processes, creating platform functionality that enables high-quality investor conversations – while meeting their ongoing Consumer Duty obligations.
“Our clients sit at the heart of our software development process, which enables us to stay nimble to meet the evolving needs of adviser firms. Something we’re extremely proud of.”
In September 2024, Morningstar Wealth partnered with the Lang Cat’s Analyser, the platform and model portfolio service (MPS) comparison software.
This brings the total number of MPS providers available to research on Analyser to 52, along with 29 investment platforms.
Morningstar launched its MPS in March 2013. The portfolios are designed to “keep clients engaged and aligned with the financial plans advisers have created for them”.
Analyser’s MPS comparison module was launched in June 2022 following its original launch focusing on the platform market in Spring 2020.
The Lang Cat said: “Analyser remains uniquely and fiercely independent, with no external investors, no sponsors and no ulterior motives.”
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