Morningstar, the Chicago-based information firm, has launched a new area on its MorningstarAdvisor.com website called the Broker-Dealer Center. The platform is intended to enable financial advisors to evaluate and compare the offerings of different broker-dealers who participate in the program.

Broker-dealers that currently participate include the following:

• FSC Securities,
• LPL Financial,
• Raymond James Financial Services,
• Royal Alliance Associates,
• Sentra/Spelman,
• and Sun America Securities.

If a broker-dealer decides to participate in the center, then that firm needs to complete a questionnaire with 28 questions along with 38 data points. The survey covers a wide array of areas including products and services, background, technology, and production and compensations. The attempt here is to create an apples-to-apples comparison. Advisors can follow up with more specific questions.

"As broker-dealers compete for representatives, they are under increasing pressure to communicate information about their offerings and benefits to advisors," commented Ingrid van Weenen, director of site strategy for MorningstarAdvisor.com. "Our new Broker-Dealer Center facilitates this communications process by providing a cost-effective way for broker-dealers to distribute information to more than 71,000 advisors on MorningstarAdvisor.com. The new center makes the process of comparing and contacting preferred providers more accurate, fast, and convenient." 

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