A Timeless Solution

Mark Sanderson shares his ambitions for Morningstar Wealth Platform and Wealthcraft, a Morningstar Company (Wealthcraft), previously the Praemium UK & International business. Shared values mean a strong recommitment to helping advisers deliver good client outcomes, supported by a global leader in investment data and analysis.

It’s been a hectic time since we announced that Praemium UK and International had officially become part of Morningstar. We’ve now settled into our new brands with Morningstar Wealth Platform, Smart IM, a Morningstar Company (Smart IM), our discretionary fund manager and Wealthcraft, our end-to-end digital practice management system. We’re delighted to have a new parent which is truly committed to letting us continue doing what we do well while supporting our long-term future development and growth.

Continuity is key, with no disruption

While announcement day was a major milestone the real work, to redefine and develop our offering to advice firms, is now underway. But first, a point I’ve been clear on and will continue to be, there will be no replatforming, no migration and no disruption to our adviser clients or their customers. The necessary technology changes were made with no upheaval several weeks before we officially joined Morningstar.

Continuity of service has been at the forefront of this process and will continue to be. One thing that really drew me to Morningstar was the clear cultural fit between us. As the discussion progressed I could see exactly how we would work together to benefit our advisers and their clients. I take any chance I get to speak with advisers and hear that, increasingly, they want and need a business partner with the strength to innovate for their benefit as the financial sector evolves. Morningstar is ideally placed to help us keep data and digitalisation at the centre of operations as we all strive to improve the advice journey.

I’ve found that the enthusiasm of the team right across Wealth Platform, Wealthcraft and Smart IM to do right by advisers and investors is mirrored at Morningstar; we are all in this for the long term. Working together, we will bring the best from across our respective specialisms to provide compelling end-to-end solutions to advisers.

Empowering investor success is what we’re here for

Across Morningstar, we share a strong culture where we push ourselves to make sure our customers’ needs and expectations are met and, ideally, exceeded. I see that as the best measure of success for any organisation. In platform terms, this translates as working with advice professionals to help them deliver good client outcomes. This is even more critical with the final Consumer Duty rules now published by the UK regulator.

Under Consumer Duty, platform providers must now assist advisers to verify that:

• Investment products and services are providing good outcomes for
• These consumers understand what they are investing
• Consumers receive fair value as well as timely service and support (advisers must not be kept waiting to have questions answered or switches/ transfers executed).

We gladly accept this challenge

As I reflect on where we’re headed as part of Morningstar, what I see in front of me is fintech at scale… extensive capabilities our adviser clients can easily draw on as they build their own businesses.

We’re more determined than ever to support advice firms in delivering quality financial advice, making sure they have access to choose the right tools. That choice of tools, products and investment options should be a given and that’s certainly our approach. You know your firm and what works best, we’ll help you put it all together.

Serving advisers properly, today and tomorrow

Morningstar Wealth Platform has a range of custodial and non-custodial solutions. Our modular approach lets you choose what works. Our open approach to integration lets you link to whatever other options you want to use. You have the freedom to curate the advice, investment, onboarding, management and review process that works for you.

While you may not yet be familiar with Wealthcraft it’s rapidly gaining a name for itself for quality digital end- to-end advice business support. Benefits include:

• Create the client experience you want to
• Simplify time-consuming and complex
• A single source of truth for your
• Interactive dashboards to explore your
• A robust audit trail and support for regulatory 

Investing to enhance the investor experience with Morningstar

It is personally satisfying to be part of a global business so openly committed to giving investors access to information that can ultimately improve their financial outcomes. Going forward, we’ll be working together to invest in our people and our technology, growing our business so we can support more advisers.

Continuing collaboration with our adviser clients is uppermost as we look to the months and years ahead. It’s true that regulated advice is an extremely demanding activity and isn’t always well understood by those customers we are working for. We’ll keep on listening, as we have always done, to what advisers need and how we can make their lives easier.

As we progress what is shaping up to be a busy, challenging but exciting time we’re grateful for all the support from advice firms. It really does help us focus on those all-important next steps. We’re looking forward to sharing more about our plans as soon as we can. In the meantime you can find out more about our businesses at www.morningstarwealthplatform.com and www.wealthcraft.com.

Get in touch

www.morningstarwealthplatform.com

0808 178 5125

sales.MWP@morningstar.com

www.wealthcraft.com