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Cheap Alternative for Morningstar Workstation

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Oct 13, 2009 3:44 pm

What financial planning software do you use to create portfolios for your clients? Morningstar workstation is great, but it costs around $5k/month and I'm still in the first year of production so that budget is out of the question. I just need something where I can create a presentation for a client, why we're going into certain funds, past performances, ratings, maybe even alphas/betas, overlap ratio, etc. Thanks.

Oct 13, 2009 8:40 pm

5000 a month for Morningstar???

Oct 13, 2009 8:54 pm

I apologize, $5000/year.

Oct 13, 2009 11:04 pm

I thought I was the only one that was crazy when I read that. I figured it did portfolio hypos, plus made cold calls.

Aren’t there scaled-down versions of Morningstar? Plus, don’t most B/D’s either have group pricing on Morningstar, or something similar for less than $450/mo?? We get it for free, so I’m not sure what the pricing is. Is Workstation the same is Principia? Also, some fund companies will allow you to use their version. We used to use Goldman Sachs. I think Oppenheimer or someone else will let you use theirs.

Oct 14, 2009 4:14 pm

Call your B/D, I have it through mine and all in it is $2175/year. It has all the options and is a huge help.

  Where did you get the $5K number from?  
Oct 14, 2009 4:45 pm

The Goldman tool is Morningstar's program.  Oppenheimer has a Monte Carlo tool that I've used from time to time and it's free too.  I agree with B24 that your mutual fund vendors might offer you the best options if your B/D doesn't give you access. 

Oct 14, 2009 4:51 pm

It should only be around $150/month…

Also most local libraries will give you online access(not the whole thing) for free.

What are you looking for? Mutual fund recos? Or planning software?