Broadridge Tools Now Integrated in Morningstar Advisor Workstation

The collaboration is said to aim to empower independent advisors with a more thorough suite of tools to support clients’ financial goals.

Broadridge explained in its press release that by integrating SBL into Advisor Workstation, advisors are able to determine clients’ borrowing potential and connect them with WLN partner banks for lending needs.

“The collaboration enables independent advisors to deliver holistic advice across the full balance sheet with fully integrated SBL capabilities to see the borrowing power for portfolios,” said Broadridge.

Morningstar’s Vimal Vel highlighted the importance of offering expanded services to clients, citing the company’s 2024 Voice of the Advisor Survey.

He said that advisors who provided a wider range of services were more confident in their ability to support their clients effectively.

Mike Alexander, President of Broadridge Wealth Management, commented: “This collaboration helps advisors respond to the growing demand for flexible, simplified, and integrated financial solutions, including borrowing against their securities portfolio, allowing them to better align with their clients’ evolving goals, and provide expanded service offerings that strengthen their client relationships.”

The WLN platform is said to offer wealth managers a turnkey solution for offering SBL services to their clients. By leveraging Broadridge’s advanced technology, advisors are able to retain assets under management when clients require liquidity, reduce competitive risk, and provide comprehensive advice.

“Clients of financial advisors using WLN and Morningstar Advisor Workstation are expected to directly benefit from having an alternative to liquidating investment portfolios,” adds Broadridge. “This can help them to preserve their investment strategy, avoid triggering potential capital gains taxes associated with selling investments, and enjoy the convenience of a single provider for both assets and liabilities.”