Morningstar Office and Riskalyze, the program that aligns a client's risk preference with his or her portfolio's level of risk, have teamed up to create a seamless integration between the two platforms.
Advisers who use both software programs will be able to have their client data updated and synced between programs nightly, ensuring that each portfolio's asset allocation matches that client's risk tolerance and preferences. There is no additional charge for this integration.
"Our goal is to simply make life easier for our customers," said Aaron Klein, chief executive of Riskalyze.
"It's really all about trying to make the workflows more seamless, he said. “When you can do that, you can drive down costs and be more competitive. That's where we need to be in this 21st-century world.”
This cross-platform integration means that advisers won't have to reenter their client data manually. They'll only have to log onto their systems so that the two sync information. This double-sided
integration, where both platforms work with one another automatically without the adviser ever having to enter data again, is a new goal for many firms,
though such partnerships can be hard for advisers to obtain.
Morningstar has already finalized seven partnerships this year, according to Tricia Rothschild, the head of global advisor solutions at Morningstar. In addition to Riskalyze, the company has executed such integrations with Total Rebalance Expert, a portfolio-rebalancing software, and HiddenLevers, a portfolio stress-testing program.
Morningstar executives hope that, by forming so many business relationships with complementary software providers, its adviser clients can maintain their tasks in an efficient manner, "given the multiple hats advisers have to wear," Ms. Rothschild said.
This newest partnership between Morningstar and Riskalyze does just that, she added.
"Advisers who are using Riskalyze and Morningstar for practice-management services will benefit tremendously from being able to have a more holistic view of their client portfolios," Ms. Rothschild said.
