01-07-2019 06:41 AM
01-07-2019 10:50 AM
The last 2 years there have been glitches when running year end batch reports where random accounts are not included on the reports. Will this be an issue again this year? Is there a safe date to wait to run these reports?
01-07-2019 12:55 PM
Good Afternoon Elizabeth:
My name is Ryan Horak and our firm is Wealth Management Corporation in Tallahassee, FL.
We have recently moved all of our portfolio reporting from PortfolioCenter to Morningstar Office.
Our firm has successfully "householded" all of the accounts and applied all of the proper billing specs. We simply need some help getting this program working for us.
1) We are looking to complete the design and layout of our Portfolio Position and Portfolio Performance Reports.
2) We would like to run a test Billing Summary across our firm.
3) How do we archive old accounts or accounts that we do not manage? Can we delete them? What are the rules there for compliance?
4) We need to understand how to onboard our clients to the Morningstar Office Portal.
5) Is there a report list that can show all clients with email addresses and without email addresses?
6) How do we set a Risk Tolerance Level for an account and have that level show on a position report so that an advisor can trade the account positions accordingly?
7) How do I deactivate old (inactive) accounts when the client profiles have already been deativated... we need some direction on how to clean up our system.
8) We are looking to run an account level report that shows everyone who does not have billing specs currently applied to their account.
9) How do I add Morningstar (Schwab) accounts to Redtail so they can show up in our CRM and allows us to make notes on individual accounts under the client profile.
Please let me know if these items are something you can assist our firm with.
Thank you for your time and assistance with this matter.
We are looking forward to using this new program!
- Ryan Horak
I’m sorry to hear you’ve experienced hiccups when running year-end batch in the past. To ensure that year-end batch reporting runs smoothly, I’ve linked in your Customer Success Manager, Matthew Couloum @MatthewCoulom. He will work with you directly.
To answer your second question, at the beginning of every month, the Morningstar Performance Data Schedule is posted within the Announcements section of the Home page. This document provides guidance as to the best day to run reports.
Welcome to Office Cloud! It sounds like you’ve already completed some crucial first steps to get started with the program. I’ve linked in your Customer Success Manager, Kunaal Daryanani @KD. He will reach out to you to assist in your on-boarding.
In the meantime, please visit Morningstar Office Academy right here in the Community. It contains a library of exercise guides and user manuals to help you get started.
01-08-2019 03:31 PM
Several of my clients have asked whether Morningstar has resources regarding Q1 market commentary they can include in quarterly communications with clients.
01-08-2019 03:33 PM
I am not affiliated with Morningstar, but I felt like after some of my own dealings in the program, I might be able to answer a few of your questions. Hope I am of some help to you.
3. You can select old accounts, right-click to edit, and select "no" to include the account in the portfolio aggregate and reports. You'll have to do this for each account and each aggregate setting one by one. There is a setting in the account profile (or settings) that you can use to mark an account as unmanaged.
4. From the home screen, in the left-hand navigation you will see "Learning Center" and you can find some resources for advisers and clients on how to use and enable the CWP.
5. I don't know of a report, but you can export your client management view (make sure your email column is selected under column views) and filter through excel for clients with no email addresses on file.
7. If a client is already inactive, then so are their accounts. They shouldn't populate on any reports. However, I do find in some batch reporting schedules, and other report generators in the system, the client list WILL populate active and inactive clients. For example, when I run my quarterly statements, the batch schedule target lists ALWAYS pull active and inactive clients. Highly annoying considering I don't need to bill inactive clients, but the system doesn't recognize that and no one has every provided a resolution or why.
8. Under Client Managemnt>Billing, there is "billing setting diagnosis" at the top of the menu. You can use that to review your account fee settings. I recommend going to the learning center as well fro some billing insights.
PS. Could we talk Redtail if we exchanged info? I'm currenty trying it out for a potential switch.
01-08-2019 04:18 PM
Megan, thank you for contributing to our community. We encourage the opportunity to connect and discuss your experiences using our products, including our Redtail CRM integration.
Ryan, however, is a new subscriber on-boarding with our web-based, Morningstar Office Cloud platform. Speaking of the new platform, have you been introduced to it yet? I will be posting a new manual early next week designed to help current desktop users, like yourself, begin the upgrade to the web-based platform.
Great question @Anthony_Odro
Many advisors use the Morningstar Research portal to find interesting commentary to share with their clients. In fact, our first article within Editors Pick of the Featured page is a great place to start.
Another popular resource is the Markets Observer located within the Presentations tile within the Publications page. To access Morningstar presentations, do the following:
Select Publication. Then select Morningstar Presentations.
You can also bookmark Morningstar Presentations to alert you each time presentations are updated.
How about you? What resources do you use to include market commentary in your quarterly communications?
01-17-2019 03:50 PM
Thank you for participating in AMA (Ask Morningstar Anything! We hope you continue to post questions, comments and connect with each other.
Also, if you are looking for onboarding help as you start using Morningstar Office Cloud, click here to access two new manuals designed to help you get started.