Workstation Advisor

Workstation Advisor

Introduction

Advisor Workstation is divided into modules, each of which has special features to help you with different facets of your profession. The tabs across the top of the window or the navigation pane on the left can be used to access these modules.
Financial advisers can access tools for investment planning, portfolio analysis, security research, and sales presentations through Morningstar Advisor Workstation.
For a basic setup of Morningstar Advisor Workstation, we normally charge an annual price of approximately $3,500 per licensed user; however, the cost varies greatly depending on the extent of the licenes.

Workstation Advisor

Quick Start Guide for Morningstar Advisor Workstation SM

Financial advisers can access tools for investment planning, portfolio analysis, security research, and sales presentations through Morningstar Advisor Workstation.
This Quick Start Guide will walk you through the fundamentals of conducting investment research, creating sales graphics, and producing some of our most well-liked reports in order to get you up and going as soon as possible.
After reading this guide and becoming acquainted with Advisor Workstation, make use of the extra training materials found on the guide’s final page. A range of training options are available from Morningstar to help you get the most out of Advisor Workstation.

Personalized Home Page

The Advisor Workstation Home Page appears when you first launch it. The Navigation Pane is located on the left.
All modules are accessible through the Navigation Pane.
and subdirectories accessible within the Advisor Workstation. The tabs at the top of the screen can also be used to access the modules.
With Advisor Workstation, you may use the widgets on the Home Page or the menu bar at the top of the screen to access the many features and functionalities.
Widgets on the Home Page provide quick access to numerous Advisor Workstation areas. Additionally, they can inform you about the market and your practice. Each widget on the Home Page can be repositioned, and you can collapse (or expand) it by clicking the arrow in the upper-right corner of each widget.
With just a single click, you may access some of Advisor Workstation’s most commonly used features, such making client records or producing security reports, thanks to the Quick Start widget. You may easily access the past 25 saved fly that you have accessed by using the Recently Modified Files widget.

Workstation Advisor

Navigation Basics

Basics of Navigation Advisor Workstation modules are arranged according to their specific functions to help with different facets of your work. You can access the accessible subfolders when working in a certain module by using the drop-down field on the left side of the toolbar, which is located above the spreadsheet area. You can browse stored lists and search the subfolder (Clients, Portfolios, Mutual Funds, Stocks, etc.) you are currently viewing using the drop-down field located on the far right of the toolbar.
You may control the items shown in the spreadsheet area by using the icons beneath it. You have the ability to switch between pages, reset a universe following a search, choose or deselect objects, and see how many results there are in the universe you’re looking at.

Conducting Investment Research

To identify the finest assets for customers or prospects, use the Research Module. To get started, choose a universe using the left-hand Navigation Pane or by clicking on the Research tab at the top of the screen.

Look Up by Name or Ticker

The spreadsheet view displays the results. If there is a space between the terms in your search, each both terms will appear in the outcome. When two words are separated by a comma, both words may appear in the result.
To locate an item using a ticker symbol, keyword, or name:

  1. To choose whether the system should look for the Exact Match of the search item(s), utilize the Find dropdown on the toolbar. In particular, Exact Match comes in handy while looking for ticker symbols. (For details on what to enter when performing an exact match, see the sidebar.)
  2. In the search window, click and enter the name, one or more keywords, or ticker symbols. To execute, click Go or hit on your keyboard.
  1. To view the quantity of securities that meet your requirements, click Run Search.
    4 To view the results, click OK.

Look Up Using Criteria

As many criteria as necessary can be entered. For a more comprehensive approach, use the “OR” relationship between the rows.
for a more focused search, utilize the “AND” relationship between rows. When providing several values for the same criterion, use parenthesis.
To construct a search using the attributes you specify:
1 Select Search by Criteria from the Tools menu.
2 Sort the criteria alphabetically or by view. As many criteria as necessary can be entered.

  1. To view the quantity of securities that meet your requirements, click Run Search.
    4 To view the results, click OK

Customized Research

Conserve a Search

Up to 100 searches can be saved by each user from the Search By Criteria dialog box. These are live searches and each time you see one on Advisor Workstation, the outcomes can vary.
To store a lookup:
1 Click Save in the Search by Criteria dialog box.
2 Name the search in the Existing Searches dialog box, then click OK.
The Search by Criteria dialog box now has the search name at the top.
Searches can be accessed using the Saved Lists and Searches drop-down menu or the left-hand navigation pane.

Workstation Advisor

Keep a List

Users are allowed to save up to 100 lists, with a maximum of 500 items from any study universe per list.
Keep in mind that lists are static and won’t alter on their own unless you want to add or delete items by hand.
Lists can be accessed using the toolbar at the top of the screen’s Saved Lists and Searches drop-down menu or the left-hand navigation pane.
To store an itemized list:
1 Decide which things to put in a list.
2 You may either choose New…List from the File menu or do a right-click on any highlighted item.
3 Name the search in the List dialog box that pops up.
4 Beneath the field denoting the Total Search Results, which is already filled .

Simplified Research

Establish a Custom View

For every Research Module data set, there are multiple pre-built views with different columns of data.
Clicking the View drop-down menu above the spreadsheet area will allow you to access various views. It is possible to create a custom view from any of these spreadsheet views.
Custom views can be made by choosing and arranging data points in the Custom display dialog box or by dragging and dropping columns into a pre-built display. It is possible to construct up to 100 custom views, and each view can have up to 100 columns.

To use the data points from a pre-built view to create a new view:

  1. Columns can be dropped and moved by their headers.
    2 Choose Save as Custom View from the View menu.
    3 Name the view and select Save in the Custom View dialog box.
    4 Navigate to the study universe for which the custom view was made, then choose its name from the View drop-down list on the toolbar to see the custom view.

Impactful Portfolio Analysis

You can manage your clients’ holdings with the help of the Clients & Portfolios Module. All of the clients’ portfolios are visible to you in addition to a list of all of them at once.
This module allows you to develop custom benchmarks and asset allocation models in addition to grouping clients for householding.
Establish a Client File
Create a customer to start the portfolio building process. In Advisor Workstation, a maximum of 1,000 clients can be created.To start a fresh client file:
1 Choose New…Client from the File menu.
2 Type the client’s information in the Client File window.
information in the General Information tab’s fields (first and last names are the only fields that are necessary).

  1. You can search on this additional information by selecting the Contact Information tab, albeit it is not required.
    4 After selecting Save, exit the Client File dialog box.

Comprehensive Investment Planning

Write a Request for Investment
Advisors can better customize and offer customized investment ideas by putting together an investment proposal.
for every customer. Within Advisor Workstation, you can collaborate on a proposal with groups or current clients. The proposal is filled in with customer data, which expedites the creation process.
To draft a proposal for investment:
1 Choose Investment Proposal from the Tools menu.
2 Find the client or group in the Client/Group Selection Dialog Box and click OK.

  1. The window for proposals opens. Observe the left-hand workflow pane. Fill out the data fields in each section, then navigate the tool using the buttons in the bottom-right corner.
    4 There are numerous types of proposals accessible.You can use customer portfolios or a specified monetary amount to build proposals.
  2. The Risk Questionnaire determines the client’s Risk Profile and is used to establish an asset allocation in the Risk and Suitability section.
    6 You can view the Asset Allocation Model in the Asset Allocation section.
    7 The Portfolio Construction section follows, where you can use an existing model that you’ve saved, add securities from the current portfolio, or start from zero to develop a suggested portfolio.
    8 The Action Plan page determines which holdings must be bought or sold in order to build the suggested portfolio.
    9 Including a Hypothetical Illustration demonstrates to the client the precise performance of the suggested portfolio over a chosen historical time frame.
    10 Lastly, choose the reports to include in the output PD under the Reports section.

Wealth Forecasting

Advisor Workstation assists advisers in customizing investment plans for each client by utilizing Ibbotson’s Wealth Forecasting Engine. You are capable of managing a wealth
In the Advisor Workstation, forecast proposals are shared with groups or current clients.

  1. Based on the initial investment amount, annual savings rate, specified time horizon, and three market performance scenarios, the Needs Analysis tool in the Asset Allocation section calculates the probability of reaching a target dollar amount (the target dollar amount is represented by the black line).
  2. You can fine-tune a retirement scenario using the Wealth Forecast feature.
    You can input information for the anticipated year of retirement, different sources of income, yearly contributions to current portfolios, and costs (or cash withdrawals related to goals) before viewing the forecasted outcome.
  3. The section under “Forecast Results” presents an estimate of the target and current allocations’ expected future or current cash values.
    4 The graph shows the three potential Target Allocation value outcomes in addition to the two lines that indicate the median result of the Target and Current Allocations.
  4. To see a thorough analysis of the potential annual value outcomes based on a range of inputs, click the Wealth Table icon. Afterwards, the PDF report that is produced recreates the Wealth Forecasting data.
Workstation Advisor

Persuasive Sales Illustrations

You can use a client’s current portfolio, a saved list of stocks, or the findings of a saved search to build a fictitious illustration.
Put values and holdings in. A hypothetical example may comprise up to forty different security kinds (stocks, mutual funds, ETFs, etc.) and up to 40 different investments.
To provide a fictitious example:
1 Select Hypothetical from the Tools menu. The window for the Morningstar Hypothetical Illustration opens.
2 Enter the investment names or ticker symbols on the Investments tab after selecting the type of asset you want to locate using the Select Universe drop-down option.

  1. Select Find. The section under “Total Search Results” will display any stocks that match.
    4 Select a security by clicking once in order to add it to the illustration.
    5 Continue steps 2-4 until the Investments Selected for Illustration section has all of the portfolio’s stocks.
    6 To input the First Investment, Time Period, Further Investments or Withdrawals, Upward Modifications, and any Transfers from one security to another that you wish to demonstrate, select the Buy/Sell tab.
    7 The two attributes can be edited via the Reinvest/Rebalance tab.
    8 You can specify standard, custom, or asset-based fees for the illustration using the Fees tab.
    9 Where applicable, you can account for taxes using the Taxes tab.
    10 You can select the reports you wish to include in the illustration and the Report Type (Portfolio, Individual Holdings, or Comparison).

Impactful Client Reports

When utilizing the Portfolio Report Builder, a maximum of 250 portfolios can be included.
To provide portfolio reports for clients:
1 Choose Portfolio Report Builder from the Reports menu.
2 Select a client’s portfolio or a model portfolio using the Select Universe dropdown field on the Investments tab of the Portfolio Report Builder window.

  1. Put the client’s or mode’s name here.
    4 Click Find.
    5 An interface box called Portfolios opens when you look for a client. To view a client’s portfolio, click their name once, then click it again.
    on the title of the included portfolio or portfolios. The Total Search Results box will show you the model portfolios that match your search keyword. Use \CTRL> + click or \SHIFT> + click to pick multiple portfolios for a client.
    6 Click once to select a portfolio, then click Add to incorporate it.
  2. Steps 1-6 should be repeated until all portfolios are visible in the Investments Selected section.
    8 Select the tab for report options. When working with several portfolios or models, you can select which reports to include in the PDF and how to aggregate the results using this tab.

Personalizing Workstation

You can create preferences for several tools within
Advisor Workstation. Preferences allow you to
set custom default values and selections to expedite
the creation of files like a hypothetical illustration
or client’s portfolio.
To create your own set of preferences, do the
following:
1 From the menu bar at the top of the screen,
select File > Preferences. The Preferences
dialog box opens.
2 At the top of the Preferences dialog box, click New.
3 Enter a name for the new Preference, then click OK.
4 In the left-hand navigation area of the Preferences
dialog box, select an area you want to change (e.g.,
Fees under the Quick Portfolios area).
5 Input custom values for the section.
6 Click Save and close the Preferences dialog box.
You can also update preferences to customize within
a tool itself. For example, to edit the preferences for
Quick Portfolios, you do not need to use the universal
Preferences window.


To update preferences while working in a tool,
do the following:
1 On the toolbar at the top of the window, click
Update Preferences.
2 In the Preferences window, click the section
to edit and change the existing values to your
desired values.
3 Choose a save option: Click Save to save the
preferences for future use. Or, click Save and Apply
to apply the preferences to the file you are currently
working on (the changes will not apply to securitylevel data such as the amount of the investmen.
Understanding Advisor Workstation
The Virtual Training Center provides a wealth
of information covering the capabilities of Advisor
Workstation, along with access to Morningstar
methodology documents, and recorded versions of
our Expert Series webinars featuring Morningstar
analysts. Taking advantage of these resources will
help make you an expert user of Advisor Workstation
and enable you to better serve your clients.
The Training Videos widget provides five- to tenminute Flash-based videos, each covering a specific
topic. You can use the drop-down menu at the top
of this widget to select videos related to different
modules (Research, Clients & Portfolios, etc.).
The Training Manuals widget contains links to
PDF files with step-by-step instructions on how
to use different features in Advisor Workstation.
The Live Web Sessions widget allows you to see when the next webinar is scheduled for each
module’s class. You can elect to register for
a class, or watch a recording. Each session lasts
45–60 minutes

REFERENCES

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