When providing a recommendation to a client, the KYP component of client-focused improvements requires advisors to document that they have evaluated the impact of risk, structure, liquidity and expenses over time. The overall theme is that consultants must demonstrate that they have made an acceptable proposal that prioritizes the interests of the client, including a documented evaluation of a variety of reasonable options.
Because of this, advisors need to be able to rapidly examine the product shelf of a firm they consider comparable, which can be a difficult undertaking given the large number of investment possibilities accessible.
The Due Diligence module helps address this issue by providing a scalable and efficient solution that can be integrated into current workflows and provides for the secure storage of documentation and metadata within a firm’s compliance system.
“Morningstar’s module is effective in addressing this need in a streamlined manner, and allows our clients to keep a record document that the analysis was performed. In addition, we are delighted that the module is integrated into the Consultant Workstation, for consultants. “allowing for quicker rollouts,” said Alan Moorhouse, head of product and customer solutions at Morningstar Canada, an industry standard platform for