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My Morningstar Workstation and Redtail CMS Experiences

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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. 

On the investment front, could the U.S. stock market finally be headed for that long-expected correction? I’m only posing the question. It would be much more profitable if I knew the answer. In the meantime, bond yields have risen and at some point, the trapdoor will fall out of the stock market and a collapse will ensue. That’s a good reason to use stops or options to protect the downside. 

As I continue to progress with my eMoney financial planning software, I am still quite impressed with all it can do. And, in my short time with them, they are also interested in hearing from its users on ways to enhance the product. After all, if the product is improved, everyone wins: the advisor, the client and the company. 

Until next time, thanks for reading and have a great week!