Morningstar Office Is Shutting Down: Your 90-Day Transition Plan
Morningstar Office will officially sunset in early 2026. Many advisors are scrambling to replace a system they’ve relied on for reporting, billing, and portfolio management. Delaying your move can lead to rushed, error-prone data migrations and forced long-term contracts with subpar platforms.
However, this isn’t just a scramble—it’s an opportunity. You can consolidate tools and reduce overall costs during this transition. By taking stock of all the software your firm uses—from proposal creation and brokerage statement intake to performance reporting—you can modernize your tech stack and build a stronger foundation for future growth.
Below is a 90-day plan to protect your data, serve your clients seamlessly, and streamline your technology so you’re better positioned for the long haul.
List out your other tools: What do you use for client proposals, statement scanning, or manual data entry?
Identify gaps and inefficiencies: Where are you duplicating effort? Which tasks are completely manual?
Outline future goals: Is AI-driven portfolio optimization or automated proposal generation on your radar?
Look for an all-in-one solution that can handle multiple needs—like performance reporting, proposal creation, and statement scanning—to trim costs and reduce complexity.
Step 2: Compare Morningstar Office Alternatives
Morningstar is pushing Black Diamond, but a five-year contract and unclear pricing may not be ideal. Other common names include Orion, AdvisorEngine, Advyzon, Tamarac, SEI, Investipal, Capitect, and various newer AI-driven platforms.
Focus on:
Pricing & Contracts: Do you prefer a flat fee or bps structure? Does the vendor lock you into multi-year terms?
Ease of Data Migration: Can you move your historical performance data without losing important metrics?
Reporting & Performance Tracking: Are their client-facing reports better, worse, or about the same?
Investment Research: Will you lose Morningstar-level analytics or need an extra subscription?
Additional Tools & Integrations: Can they replace your existing proposal generator or data-entry software?
CRM & Custodian Feeds: Ensure your next platform integrates with core systems like Redtail, Wealthbox, Schwab, or Fidelity.
Step 3: Book Demos & Get Pricing Quotes
Once you’ve narrowed the field to two or three viable options:
Ask for a detailed pricing breakdown (onboarding costs, monthly fees, extra modules).
Inquire about data migration (timelines, support, potential downtime).
Verify feature bundling: Will you pay extra for advanced research or proposal tools?
Check contract flexibility: Avoid signing on to something you can’t exit if it doesn’t meet expectations.
If you find a platform that can handle proposals, AI rebalancing, and statement scanning, you might eliminate multiple monthly fees you currently pay to different vendors.
Phase 2 (Weeks 5-8): Migrate & Implement the New System
Step 4: Plan Your Data Migration Strategy
Identify key datasets: Client portfolios, performance history, billing records, and any research you want to keep.
Coordinate with the new vendor to map out how each data point from Morningstar Office (and any other tools you’re consolidating) will transfer.
Schedule the migration at a time that won’t disrupt quarter-end reporting or billing cycles.
Step 5: Set Up & Test the New Platform
Use a sandbox environment to verify that performance reports, proposals, and data entry features all function as expected.
Compare outputs from sample client data to ensure accuracy against Morningstar Office or your old software.
Check integrations with your CRM and custodians for real-time data syncing.
Step 6: Train Your Team
Host workshops or training sessions so advisors, support staff, and operations can get hands-on experience.
Showcase potential efficiencies: Automated proposal generation, data entry, or real-time rebalancing can transform how your team works.
Designate a point person to liaise with the new vendor for any troubleshooting or questions.
Polish up client reports to match your brand standards.
Send a simple announcement: Explain what’s changing, why it’s beneficial, and how clients can access new portal features if available.
Prepare instructions or FAQs if your clients need to log into a new portal or review new-style reports.
Step 8: Optimize Workflows & Automate Where Possible
Automated reporting: Configure monthly or quarterly statements so they’re generated and delivered without manual intervention.
AI-driven rebalancing: If your platform supports real-time optimization, set up rules to keep portfolios aligned with targets.
CRM & Email workflows: Integrate your new system to drive consistent communication and quick follow-ups.
Step 9: Review & Adjust for Long-Term Success
Check for missing data or any leftover tasks that still require separate software.
Gather feedback from staff: Are there any cumbersome processes that can be improved through better platform use?
Identify more consolidation opportunities: Now that you’ve stabilized your core operations, you may see additional ways to simplify or expand your services.
This Is Your Chance to Streamline and Grow
Yes, losing Morningstar Office is a hassle—but it can also be your firm’s chance to cut costs, reduce redundancy, and optimize workflows. By following this 90-day plan, you’ll not only preserve your data and client relationships, you’ll also position your RIA for smarter, faster growth.
Remember:
Don’t wait: Start reviewing platforms and locking in demos.
Look for consolidation: One robust platform might replace two or three separate tools.
Prioritize efficiency: AI, automated reporting, and integrated proposal generation can free up valuable time.
Why Consider Investipal?
If you’re looking for an all-in-one platform that can replace multiple tools at once, Investipal is worth a closer look. Here’s why:
Investment Research (Including Fund-Level Data)
Don’t sacrifice deep investment research after leaving Morningstar Office. Investipal includes Morningstar-quality fund-level data plus proprietary analytics—all in one place. You’ll get access to robust comparative analyses, correlation matrices, and risk/return metrics—without paying for a separate research tool.
Consolidated Features
Sales Suite
AI Brokerage Statement Scanning for automated data entry—minimize manual paperwork and reduce errors.
AI-Driven Proposal Generation that integrates client data, comparative analyses, Monte Carlo modelling, insurance modelling, tax transition analysis, and more—all from a single dashboard.
Research & Portfolios
Investment Research & Analytics for deep comparative analyses, portfolio correlations, factor exposures, and other insights critical to building resilient portfolios.
AI-Driven Portfolio Construction & Optimization so you can streamline the entire investment process, from allocation decisions to rebalancing.
Compliance
AI-Generated Compliance Documentation, including Investment Policy Statements and Reg BI disclosures, so you’re always up to date with evolving requirements.
Drift Monitoring that alerts you when a portfolio’s allocation strays from its target, helping you rebalance efficiently and maintain compliance.
No Long-Term Contracts
Investipal offers flexible pricing options without locking you into a multi-year commitment, giving you the freedom to adapt as your practice evolves.
Smooth Migration & Onboarding
Our dedicated support team will guide you through a seamless transition from Morningstar Office—ensuring all of your data is accurately imported. That way, you can focus on serving clients rather than wrestling with technology.
Ready to streamline your advisory firm and consolidate tools?
Book a Demo and see how Investipal can help you modernize your workflows, integrate fund-level data, and set your firm up for sustained growth.
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