My Morningstar Workstation and Redtail CMS Experiences

Last week I had a phone session with the head of Morningstar’s Advisor Workstation product. It was refreshing to know that a company that has achieved such market dominance still takes time to solicit thoughts and ideas from its users. Apparently, Morningstar has been reaching out to a small number of users to gather opinions on the tool’s reports, functionality, etc. I must admit, if they end up implementing even half of the suggestions we discussed, it would be very positive.

I recall using this product several years ago and it was a clunky, non-user-friendly tool. Then after a period of time with Morningstar’s Principia and Office products, I went back to Workstation and was impressed with the progress Morningstar had made. However, there are some reports that a bit worn, and some functionality which could be implemented to enhance its value to advisors. I’ll keep you posted on any new developments I find. 

On a different note, I tried to connect with Redtail to discuss its CMS product. Unfortunately, I spent a long time on hold and never could reach anyone. In all fairness, in my limited experience with the company, the employees are first rate and their product looks impressive. However, if I cannot reach them and get answers to my questions…well, you get the picture. Perhaps they have had a large number of subscribers recently which necessitates an increase in staff. Whatever the case, I will either reach them or find an alternative CMS. I have to say that any company that lets its employees bring their dog to work can’t be all bad.