Morningstar, a provider of independent investment research, said that it is participating in the Schwab OpenView GatewayTM, a flexible, open-architecture technology platform that enables integration between Schwab systems and participating technology providers.
As part of the integration, real-time custodial data from Charles Schwab will be available within Morningstar OfficeSM, a practice and portfolio management platform for independent registered investment advisors.
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The integration will allow independent financial advisors to make more informed investing decisions and provide better client service through improved efficiency in their practices.
"Morningstar Office is a popular solution among the advisors we serve, and we currently have more than 1,000 shared clients who will benefit from this new working relationship," Neesha Hathi, senior vice president, Advisor Technology Solutions, Schwab Advisor Services, said.
Currently, more than 2,000 independent advisors on Schwab’s platform use some facet of Morningstar’s technology offerings, highlighting the opportunity for wide scale integration between the companies.
"This agreement allows Morningstar to deliver more value to independent registered investment advisors," Tricia Rothschild, head of global advisor solutions for Morningstar, said. "Our integration with Schwab helps make advisors’ practices more efficient by enabling custodial data to flow seamlessly into Morningstar Office."
Morningstar Office is used by more than 4,200 independent financial advisors and wealth managers. It is designed to support the core aspects of an advisor’s practice. It features robust portfolio management and performance reporting, advanced research capabilities, investment planning, and intuitive customer relationship management (CRM) tools for batch reporting and secure communications using the Client Web Portal and document vault. Morningstar Office users also have the option to outsource all of their account management and reconciliation with Morningstar Back Office Services.
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