Morningstar Wealth has unveiled their new consolidated reporting tool designed to simplify the lives of paraplanners. By addressing the complexities of modern financial planning, especially within intergenerational family contexts, this new tool promises to save time while delivering customisable, client-friendly reports.
Simplifying reporting
Paraplanners often grapple with time-consuming reporting processes that involve multiple accounts, products, and family structures. Morningstar Wealth’s consolidated reporting tool solves this problem by enabling the creation of a single, comprehensive report. Covering portfolio movements, income changes, cash details, and fees, the tool streamlines workflows and improves efficiency.
Moreover, the tool allows reports to be personalised and linked to individual accounts, multiple products, or entire family groupings, catering to the specific needs of financial advisers and their clients.
Feedback-driven innovation
Developed based on input from paraplanners, the tool was designed with a clear focus: saving time and presenting information in a concise, client-friendly format. Steve Coleman, Director of Product at Morningstar Wealth, highlighted the collaborative approach to its creation:
“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.“
A tool for today’s challenges
Morningstar Wealth’s consolidated reporting tool is more than just a timesaver—it’s a step forward in addressing the intricacies of modern financial planning. By focusing on customisation, client needs, and intergenerational considerations, it empowers paraplanners and advisers to deliver enhanced value to their clients.
