Tip:
Highlight text to annotate it
X
Peter Sudlow: We got involved with Morningstar and Adviser Workstation back in March 2005.
At that time, we were looking for an independent source of information on investments, and
what we didn't realize of course was that since that time the services which Morningstar
can offer has expanded and they've grown more important to our business each year.
Michael Basi: The main reasons we selected Adviser Workstation was because it was one
tool that could achieve everything we needed. So, from the selection process, it had all
of the data and the ability to filter that data according to our criteria. It then had
the ability to monitor that data going forward, and then had significant client reporting
tools and accessibility, which enabled the clients to be able to understand what we were
doing.
Peter Sudlow: When thinking about how Adviser Workstation fits into our investment process,
if you look at people who invest with us for the first time, it helps us pinpoint accurately
just where that portfolios are, what problems are, what risks are being run, and how far
from the market portfolio their investment has strayed unreasonably.
Gianni Campopiano: If we're making recommendations, our recommendations can be compared directly
with what the client has. So, therefore the recommendation that we're making is justified
and audited and the report will flow from that.
Peter Sudlow: In generating new business, Adviser Workstation has helped by providing
data and information that both ourselves and the clients have confidently been able to
rely on when taking decisions, and this helps spur them on in making those decisions where
they were hesitant.
Gianni Campopiano: Workstation helps us to generate more business, because it has a consistent
approach which breeds faith and confidence, and therefore trust in clients that we deal
with, who refer us regularly.
Michael Basi: Adviser Workstation strengthens our client relationships by the speed at which
it can produce reports, which are useful and understandable by our clients. They can access
this via web portals, via their mobile phones, and this in turn keeps us in front of our
clients. That makes them think about us when investment opportunities arise.
Ian Starkey: Clients especially when they come to the office, they always like to look
at Workstation on the basis that it gives them a proof, an indication that I'm not just
making up. That it is a very specialized process, and that we're using the Morningstar research
and information to make informed choices.
Mike Horseman: The adoption of Adviser Workstation in our business will strengthen relationships
further with the clients, which is particularly important in their run up to RDR in so much
as being able to demonstrate to the client the value of our advice. Previously, the systems
that we've used just haven't been able to cut the mustard, when it comes to showing
the clients exactly what the application of our advice would have provided them in pounds
and pence.
Ian Starkey: Workstation has been a great help, because previously you have to do your
own research. We're living -- 20 years ago, difficulty everybody had was getting enough
information. We're now living in modern world where you've got too much information, so
it helps us to filter out what we want to know and what we don't need to know.
Mike Horseman: The use of portfolio planning and application of the service means that
we can pull down the type of information once it's loaded on very, very quickly in real-time.
That is a massive saving, especially as clients are demanding a quicker turnaround.
Michael Basi: Workstation helps us to save time primarily by being able to automate certain
processes which any good practice will need to repeat when providing updated client reports,
which again where there's been no significant changes to a client situation; one button,
the report is regenerated and an adviser can have a discussion with a client.
Peter Sudlow: We've always calculated the money-weighted returns on assets. In other
words, what you're going to get back is net of the fees, but it depends on when you've
actually invested the money. Switching to this process involved a certain investment
of our time, but it has cut down the time we spend on it from a month to just under
a week.
Gianni Campopiano: There's no one best thing for me about Adviser Workstation, but I can
list the three best things, the first of which is the ability to constrain when I'm arranging
my asset allocation, the risk metrics that I can apply, and the forward-looking analyst
reports.
Mike Horseman: We have had experience of other data systems, where they're great on the face
of it, but the level of support has just not been there. So, one of the key strengths for
our business is not only the ability to adopt it inside the business and therefore have
a one-stop portal, but it is also the level of resources that are available through Adviser
Workstation and its support program.
Ian Starkey: The X-Ray is very useful because it helps you to see through other things that
clients can -- they can see that while they may have a wide range of funds that they're
all actually pretty much the same. I mean, the graphics and the whole visual aspect of
Workstation is very powerful.
Mike Horseman: In particular, the risk and rewards scatter charts, which we're able to
demonstrate with clients that show the standard deviation of portfolios, specifically the
level of risk they're taking for the level of reward.
Gianni Campopiano: Workstation helps us with the challenges of RDR, because the regulator
who wants to see that there is a guiding and supporting process to the investment advice
process. The regulator will also want to see that a client's attitude to risk is being
matched with the investment recommendations made. Adviser Workstation deals with these
issues really well and allows us to maintain and enhance our investment proposition, which
means we can retain our independence post-RDR.
Michael Basi: Workstation helps us to achieve profitability because we can provide a high
level of service to clients at a low time cost, which means it's sustainable and deliverable,
which we can be confident we can maintain for the long run.