Morningstar Partners with SS&C Technologies

Morningstar, Inc. and SS&C Technologies, Inc. announced an agreement that will make SS&C’s Black Diamond Wealth Platform the first wealth platform to integrate with the newly launched Direct Advisory Suite from Morningstar.

“This alliance makes Black Diamond the first platform of its kind to integrate Morningstar’s rich research and data capabilities advisors have relied on for decades,” said Steve Leivent, co-head of SS&C’s Wealth & Investment Technologies. “The Black Diamond Wealth Platform will offer seamless integration of Morningstar’s industry-leading data and analytics with client workflows.”

Direct Advisory Suite, the latest application built on the Direct Platform from Morningstar, is the next phase of Advisor Workstation, used by more than 175,000 advisors. The suite offers research tools to compare investment opportunities, portfolio analytics with customizable charting and comparison tools, and a user experience that includes AI-powered assistance to support client engagement. Advisors from the approximately 2,700 wealth management firms on the Black Diamond Wealth Platform will have the option to include direct access to these capabilities in the platform experience.

“Black Diamond has been driving innovation in the wealth platform space, and we are excited about the connected experience we can deliver to advisors together,” said Kunal Kapoor, chief executive officer of Morningstar. “Advisors are central to our mission of empowering investor success. We have a long history of serving them directly with content, technology, and investment products or indirectly through strategic alliances with businesses like Black Diamond that excel in their own areas of expertise.”

Alongside this news, Morningstar plans to retire Morningstar Office. The company has worked closely with Black Diamond to design a smooth transition with a highly customized migration process, saving users time and resources. Advisors who choose to transition to Black Diamond will continue to have access to the data and research they value from Morningstar.

“We look forward to welcoming Morningstar Office clients to the Black Diamond Wealth Platform, where we believe they will benefit from our standard-setting portfolio management features alongside access to Morningstar’s newest research and analytics capabilities,” Leivent said.