Schwab Intelligent Technologies announced on Tuesday that it was partnering with Morningstar to provide RIA custody data through its OpenView Gateway platform.
Schwab Intelligent Integration is a multi-year initiative that aims to increase integration among the different systems advisors use. OpenView Gateway is one of the products of that initiative, and already integrates data from Junxure, Microsoft, Salentica, salesforce.com, Tamarac, Advicent and MoneyGuidePro.
Morningstar’s participation will allow the platform to integrate Schwab’s real-time custodial data in Morningstar Office, which allows advisors to perform advanced research, performance reporting and secure client communications.
“Morningstar Office is a popular solution among the advisors we serve, and we currently have more than 1,000 shared clients who could benefit from our new working relationship,” Neesha Hathi, senior vice president of advisor technology solutions for Schwab Advisor Services, said in a statement. “Working with Morningstar underscores our continued commitment to a flexible, open-architecture technology platform for better business outcomes.”
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“Our agreement allows Morningstar to deliver more value to independent RIAs,” Tricia Rothschild, head of global advisor solutions for Morningstar, added. “This integration helps make advisors’ practices more efficient by enabling custodial data to flow seamlessly into Morningstar Office.”