Morningstar Wealth adds new consolidated portfolio reporting tool for advisers

Morningstar Wealth has introduced a new consolidated reporting tool that enables paraplanners to generate a single, consolidated report, including portfolio movements, income movements, cash and fee details.

Reports can be personalised and linked to individual accounts, multiple products, and entire family groupings.
Importantly, the reporting can be customised around families.

Most financial planning happens in a family and intergenerational context, so the tool has been designed to make it easy to define who and which accounts are included in a family group.

Rather than being limited to a surname or children, it can include any chosen family member, and even corporate accounts and trusts held on the platform. Recognising the increasing complexity of intergenerational financial planning, the tool simplifies the process of identifying individuals and accounts with a family group.

Unlike traditional systems that restrict groupings to shared surnames or parent-child relationships, the tool allows for inclusion of any selected family member, as well as corporate accounts and trusts.

Developed in response to feedback from paraplanners, the tool was designed to address time-saving needs while prioritising the presentation of information in a clear and client friendly format.

Steve Coleman, director of product at Morningstar Wealth, said: "Consolidated reporting has been developed with paraplanners, advisers and investors in mind.

"We wanted to help adviser firms streamline their operational processes, creating platform functionality that enables high quality investor conversations - whilst meeting their ongoing consumer duty obligations. Our clients sit at the heart of our software development process, which enables us to stay nimble to meet the evolving needs of adviser firms. Something we're extremely proud of."