Morningstar Portfolio Management Services will allow firms to outsource their data aggregation and reconciliation processes for consolidating client account data from a variety of custodians, clearing firms, and other investment product providers, such as insurance companies and asset management firms. Advisers can evaluate accounts, at both the individual client and firm level and create reports that combine account performance data with Morningstar analytics, including Morningstar Style Box and the Morningstar Portfolio Snapshot. Home office and supervisory personnel also can organize and analyze account data and activity by different representative groups, coverage areas, or geographies.
Morningstar is able to develop customized plans for each firm to aggregate, warehouse, and distribute data to and from multiple sources across an organization. The aggregated data flows into the Portfolio Management Services application, but is also available for other internal applications or analyses. Implementation is modular, giving investment firms maximum flexibility to adjust their services as needed.
PFS Investments Inc., the investments branch of Primerica, is Morningstar’s first client to deploy this new solution enterprise-wide to its 22,000 representatives. Morningstar is providing PFS clients with back-office and data aggregation services, as well as a custom-designed web application that allows for sorting and evaluation of client account and performance information.