Commonwealth Bank of Australia (ASX: CBA) has reappointed Morningstar Australasia Pty Ltd, a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, as the primary investment research provider for the Bank's Wealth Management Advice Licensee financial planning businesses Commonwealth Financial Planning, Financial Wisdom, and BWFA. Morningstar will also begin providing research to Count Financial, another Commonwealth Bank financial planning subsidiary, from 1 September 2016.
Morningstar will continue to complement the Bank's in-house Advice Research team by providing research and consulting services and tools for employed and aligned financial advisers. Morningstar has provided services to the Bank’s Wealth Management Advice Licensees since 2011.
Heather Brilliant, CFA, Chief Executive Officer of Morningstar Australasia, said: "We're pleased to renew our longstanding relationship with Commonwealth Bank's Wealth Management Advice business, and extend our services to Count Financial advisers. We continue to invest in our research, tools, and data, enabling the Bank's employed and aligned advisers to select investments best suited to client needs, and communicate how their advice helps clients work towards achieving their investing and retirement savings goals."
Morningstar is providing Commonwealth Bank with independent research on managed funds, stocks, superannuation funds, exchange-traded funds, listed investment companies, and income securities through Morningstar® Adviser Research CentreTM, a web-based research solution that includes proprietary Morningstar tools such as Morningstar® FundScreenerTM, Morningstar® Portfolio X-Ray, and Morningstar® Investment IllustratorTM. The Bank's Advice Research team also uses Morningstar DirectTM, the firm's cloud-based investment analysis platform for advisers and institutions. Morningstar's manager research analysts also provide consulting services to the Advice Research team, including input into the approved product list and model portfolios.
Morningstar's independent investment research is subscriber-paid rather than issuer-funded. The firm's solutions range from data, research, and software through to separately managed accounts and investment trusts offered by Morningstar Investment Management Australia, part of Morningstar's Investment Management group and regulated by the Australian Securities and Investments Commission.