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Rating:Morningstar Inks New Financial Advisor Deal Not Rated 4.3 Email Routing List Email & Route  Print Print
Monday, May 05, 2003

Morningstar Inks New Financial Advisor Deal

by: Ki Kim

Morningstar Associates is creating a customized version of its Advisor Workstation -- a fully integrated set of web-based investment planning and advice tools -- for use by more than 10,000 American Express financial advisors.

This most recent deal is actually the second investment-advice agreement between the two firms. In January, AERS said it would offer Morningstar Advice online and call center services, via Morningstar ClearFuture, to its 330 retirement plans, representing more than 1 million individuals.

Once fully implemented, millions of investors will have access to advice tools from Morningstar across multiple channels -- online, over the phone or face-to-face with an American Express financial advisor.

American Express Financial Advisors will integrate all four modules of Morningstar Advisor Workstation - Research, Planning, Clients & Portfolios, and Sales - into its proprietary platform for its large network of financial advisors.

"Advisor Workstation will help our advisors enhance their delivery of personalized financial advice and client-oriented service while saving them time and helping boost their productivity," said Bill Elliott, vice president, Financial Advice for American Express Financial Advisors.

"As a web-based solution, it also supports the increasing importance of technology in financial advice, giving advisors an easy-to-use, time-sensitive application that will allow them to more easily monitor and rebalance client portfolios as appropriate."

"Working together, we were able to build a highly customized set of tools that will make it easier for American Express financial advisors to deliver tailored financial plans to their clients," said Chris Boruff, president of Morningstar's advisor business. "Coupled with our work for American Express in the defined contribution market, this additional capability for American Express advisors creates the first truly integrated strategy and supporting system for helping clients through the investment advice life cycle." 

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