Third-party Separately Managed Accounts (SMAs) have been added to the Morningstar US wealth platform by Morningstar Wealth, a branch of Morningstar, following a stringent screening procedure.
By providing advisers and their clients with more options and flexibility, this development improves the adviser-investor relationship.
AllianceBernstein, Congress Asset Management, John Hancock Investment Management, Lazard Asset Management, Putnam Investments, and WCM Investment Management are among the prominent asset management firms that contributed to the newly introduced third-party SMAs.
Moreover, these developments increase the investment options available to advisers in order to create portfolios and holistic unified managed accounts (UMAs) that are suited to their customers’ individual goals and objectives.
Cindy Galiano, managing director of US wealth platform & investment solutions at Morningstar Wealth stated: “Morningstar’s dedication to empowering advisers is core to why we implemented a manager selection process leveraging our renowned manager research team to provide a curated selection of investments available on the Wealth Platform. Here, advisers can readily access vetted investment options to best serve their clients, eliminating the need to navigate a vast marketplace.”
SMAs have doubled their assets under management to about $2trn since 2019, reflecting the significant increase in the investment sector.
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Cerulli Associates projects that SMAs will approach $3trn in the near future, indicating that this growth trend is anticipated to continue.
Morningstar Investment Management manages model portfolios with assets under management and advisement totalling $266bn.
Other offerings include Morningstar Office, which is portfolio management software; ByAllAccounts, which provides data aggregation and enrichment; and Morningstar Investor, an individual investor platform.
ClearBank, which enables real-time clearing and embedded banking for financial institutions, has teamed with digital investing platform Wealthify to offer its first Instant Access Savings Account.
Through the agreement, Wealthify is able to offer its clients this modern savings account.