Morningstar has launched new software for advisors that puts clients’ goals front and center in the planning process. Goal Bridge allows advisors to collaborate with clients to identify the different purposes for their investments, connecting those goals to personalized investment plans within a single dynamic workflow.
For each client goal, Goal Bridge provides tools to help an advisor and investor determine a suitable allocation based on a client’s time horizon and risk tolerance. Potential rewards and trade-offs are identified along with investment risks so that advisors can implement plans that their clients are more likely to stick with.
“Investors can sit side-by-side with their advisors to set the right expectations and buy into their plans,” said Dermot O’Mahony, head of software products at Morningstar, in a statement. ”When investment choices are clearly rooted in investors’ intrinsic motivations, investors are more likely to stay on track to achieve their goals.”
Goal Bridge also saves advisors time required for goal-based planning compared with traditional financial planning methods, according to Morningstar.
Goal Bridge is currently available as an add-on for Morningstar Advisor Workstation, which provides broker-dealers and IBDs web-based client presentation, portfolio analysis and investment research tools, and it is expected to be available as a standalone enterprise component that can connect to third party platforms in early 2020, says Jason Stipp, director of project management at Morningstar.