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Financial Planning > UHNW Client Services > Family Office News

Morningstar ByAllAccounts Launches Personal Financial Management Portal

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Morningstar launched a new personal financial management portal for its account aggregation service, Morningstar ByAllAccounts, on Tuesday.

The new portal is a mobile-ready, customizable dashboard that pulls together all of an investor’s accounts and updates them daily, giving financial advisors and their home offices a more intuitive and aggregated way to show clients their entire balance sheet.

“Why are we doing this? It’s a pure response from the clients that we serve, and we’re not trying to compete with other portals out there for the sake of competing,” James Carney, head of ByAllAccounts, told ThinkAdvisor.

This is why the portal allows firms that already have portals to augment their existing portals with components from Morningstar ByAllAccounts. These firms can choose any of the portal’s elements as stand-alone tools.

“We looked much broader and said we think people can use pieces of this in their existing portal, so it’s a different strategy that most other firms have,” Carney said, adding, “We didn’t do it for the sake of doing it. This was really done based on demand. That’s why it was designed a certain way to meet the demand that we saw in the market. Using the components was a very important part of the demand because firms making a decision to change their portal – that’s a big decision.”

The new portal includes drag-and-drop functionality that looks at an investor’s total wealth, balance sheet, cash flows and asset allocation. It includes customized report generation and document vault, and it can alert investors if their asset allocation is no longer in balance, funds are transferred out of an account, or a deposit is made to an account. Advisors can also customize branding of the portal and use it to analyze their entire book of business.

The portal was designed to meet three levels of users – the end investor, the advisor and the home office, which Carney said could be an RIA firm that has multiple offices or a broker dealer that has a home office.

According to Tricia Rothschild, head of advisor solutions for Morningstar, the new portal helps advisors, their home offices and their clients visualize that data together in a more meaningful way.

“Our new personal financial management portal helps advisors free up time previously spent gathering data from disparate sources, allowing them to spend that time more constructively consulting and solving problems for clients,” Rothschild said in a statement. “This portal is designed to strengthen the advisor-client experience, especially for the next generation of investors who use their mobile devices to analyze spending activity, track their investments and make important decisions.”

Morningstar acquired ByAllAccounts for $28 million in April 2014. Since the acquisition, ByAllAccounts has added Morningstar intellectual property and data, which has also been built into the portal.

Last year, ByAllAccounts made a huge increase in its number of data sources its aggregates, adding 10,000 sources. Today, ByAllAccounts aggregates data from 15,000 sources, including liabilities such as loans and credit card debt, to fully understand an individual’s net worth.

ByAllAccounts works with more than 1,500 different firms and $1.5 trillion to $2 trillion in assets move through ByAllAccounts every day, depending on market conditions.

More than 50 technology platforms use ByAllAccounts as part of their solutions.

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