Acknowledging that not all advisors will use the entire set of Web-based tools in the costly Morningstar Advisor Workstation research and financial planning application, Morningstar Inc. is now offering up a cheaper alternative. Instead of buying the whole package at a list price of $5,000 per year for each user, advisors can purchase modules that perform specific tasks for $1,000 to $2,000 apiece.
Geoff Balzano, product manager for Advisor Workstation at Morningstar, says the Chicago company is offering these alternatives to purchasing the full suite:
o A research module, at $1,500 per year per user.
o Portfolio monitoring, $1,000
o Asset allocation and hypotheticals, $1,000