Morningstar has unveiled a new portfolio management and performance reporting services for broker/dealers called Morningstar Portfolio Management, and already, Primerica’s investment division PFS Investments has signed up to offer the service to its 22,000 reps.
The platform aggregates data, handles back-office transactions and sorts client account and performance information. It also enables brokers to consolidate data from a variety of custodians, clearing firms and asset management companies so that, in turn, the B/Ds can aggregate and reconcile the information. This way, advisers can evaluate accounts at both the individual client and firm level more quickly and create in-depth, client-friendly reports that combine performance data with Morningstar analytics.
"We've built our internal expertise in portfolio accounting and performance reporting in the independent advisory segment over the past four years. We've also upgraded and scaled our technology infrastructure to handle high-volume processing during this time," said Chris Boruff, president of Morningstar's software division. "We're excited to extend our capability into the enterprise space with PFS Investments and its network of representatives, along with several other broker-dealer clients who are also implementing the new service."