We implemented the Morningstar office bundle to help gain efficiencies; however, I'm finding that the classifications of bonds importing from Office into TRX is making it difficult to rebalance accounts in aggregate. Instead of putting all bonds into one asset class, Office breaks them into tax-exempt and taxable. Therefore, it forces the system to select preferred buys of tax-exempt bonds even in qualified accounts.
I don't understand why Morningstar cannot put all bonds into one asset class for the purpose of exporting the data into TRX- this is the way they show-up on all Morningstar reports and every other asset classification system I've seen in my many years in this business.
The alternative would be to use our own "custom" classifications - however, this would force us to manually input data for all incoming investments when we add new clients. This isn't a great option for us.