With 2019 starting off briskly, I would like to take a moment to highlight some of the major features and updates that were released in Morningstar Office Cloud in 2018 and highlight what’s included out of the box with Morningstar Office Cloud.
We built Morningstar Office Cloud for the modern advisor who needs a platform that can accomplish end-to-end practice management workflows, while offering best-in-class Morningstar data and research. We’re making it simple to communicate with clients as often as they expect, in language they understand, and in the places they prefer.
Here’s what comes included with each license of Office Cloud:
Office Outsourced Import and Reconciliation Services of your clients’ accounts (Back Office Services)
Account aggregation through By All Accounts for pulling held away and non custodied assets (By All Accounts)
Client relationship management with Redtail
Rebalancing and trade order management with Morningstar’s Total Rebalance Expert (TRX) and Fix Flyer Co-Pilot
A refreshed Client Web Portal (Advisor Client Portal) experience & iPad app for advisors
Integrations with most major third-party applications
A community to connect you with our product and support teams
In 2018, we put the focus on improving the in-platform experience for Office Cloud to make it easier for you to get more of your work done in one place. Here’s a snapshot of what we’ve been working on:
Reporting for Your Clients
We integrated Presentation Studio, which gives you the ability to create custom report templates and run them in a batch on your client accounts in Cloud
We improved report management by introducing the ability to archive old reports, the ability to create folders, and a filtering tool to help you quickly find what you need
We launched a new Client Web Portal experience and added the ability to publish reports in bulk to your clients
We made improvements to the report settings and disclosures
We added the “Current versus Model” report template
Billing Solutions for Your Business
We added more fees and settings to the billing assignments, such as billing on new accounts and multiple fee options
We automated the billing summary through batch, a key enhancement requested by many users
Expanding Your Research
We stayed true to our roots and focused on developing new data sets and research capabilities that were new to Morningstar, and in many cases, innovations in the industry at large. This included the release of dozens of new ESG data points and carbon metrics
We scaled our analyst ratings with the release of the Morningstar Quantitative Ratings for Funds. Using a machine-learning model that uses the decision-making processes of our analysts, we’re now able to surface forward-looking analyst ratings on six times more funds in the global market than was previously possible
We configured the Research Portal so the information highlighted is topical and contextual to the Independent Advisor and your practice
Improving Your Workflows
We introduced Single Sign-on between:
Office Cloud and Redtail
Office and TRX
We added a Model Portfolio Workbook to help you understand and analyze your model portfolios
We added more ways to customize and configure the Client Web Portal
We let you know if you need to review your income account data as soon as you log in
We launched a new integration with RIA in a BOX, a leading provider of compliance, operations and registration software
As we move into 2019, our focus on making Office Cloud a great platform to work in is even stronger, especially when it comes to making the platform faster and more efficient to the way you work. We plan on introducing more research innovations that are in our flagship research tool, Morningstar Direct, like the new Scenario Trend Analysis tool.
We will continue to expand the platform, providing more third-party integration options. Some notable items to look forward to here in the early part of 2019 are an integration with Right Capital and a full visual redesign of Morningstar’s Total Rebalance Expert (TRX).
Our Customer Engagement team posts a What’s New in Office Cloud series monthly, which I encourage you all to check out. There, you can find detailed specifics of all major items being released.
To close, I’d like to say that we're excited about the progress we’ve made over the course of 2018 and we know we have a lot to get done in 2019.
I’d also like to thank all of you for being great members of the community. Through the community channel, we have already been able to better understand your needs and where to focus our improvement efforts. The insight we gain from you is critical to our success and is enabling us to be smart about where we focus our time and effort.