After buying risk profiling software firm PlanPlus Global in the second quarter of 2020, Morningstar Inc. admits that it has stopped offering the “legacy” solution to new clients. Some existing clients have already received termination notices saying the service will end this year. Morningstar says it will continue to support existing clients through the duration of their contracts.
The service and research firm says since it acquired PlanPlus Global in 2020, it has “absorbed the strength” of its FinaMetrica Profiler risk profiling methodologies and workflows into the company’s flagship financial advisor software, the Morningstar Advisor Workstation.
“We continue to serve the needs of this market through Advisor Workstation,” says Vimal Vel, head of enterprise advisor software for Morningstar. He says this is being done with the launch of two features, the Morningstar Risk Ecosystem and a new portfolio risk score, “to create an investor-centric risk measurement approach for advisors seeking to provide more personalized investment advice, meet evolving regulatory standards and build better businesses,” he adds.
When it was first acquired, Morningstar assured users it would continue offering PlanPlus Global’s profiler as a stand-alone tool in the markets where it was already being offered.
“Now that we have consolidated these powerful features into a single solution, we no longer offer the legacy PlanPlus Global solutions to new clients. We will continue to support existing clients through the duration of their contracts.” They add that components of FinaMetrica will continue to be offered in international markets.
