, 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,
- 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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