Joe Mansueto and Morningstar have come a long way since 1984 when the first mutual fund source book was printed, earning Morningstar some $111,000 in revenues.

Mansueto was on hand today at the MutualFundWire 2011 Influencers' Summit: See 2020 to receive the innovator award from MFWire.com.

"I feel like we're just getting started," Mansueto told an audience of fundsters. "We're excited about the challenges we face because there is a great opportunity to meet those challenges."

And what are some of those challenges that Mansueto thinks will play out within the next few years? He said that, although the industry has matured, it continues to grow in the number of new entrants and assets being poured into mutual funds and their offsprings such as alternative mutual products. In fact, 70 percent of institutional investors will allocate more than 10 percent of their portfolios to alternatives within the next five years.

As well, there will be a greater need for advice within the industry.

"Successful firms will help investors build better portfolios," he said. "Fund firms that simplify their target-date and absolute return offerings will win. Annuities will also play a greater role in retirement solutions," he said. 

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