Morningstar’s TAMP launched 20 years ago. It needed a modern makeover that would make it state of the art and irresistible to work with – SMArtX stepped and is giving them what they need.
Rowlands note: For the next few weeks, our publication will be doing team coverage on the stars that will present at the 2022 TAMP Growth Summit to be presented on August 16th. Last week, we covered Bill Crager CEO, Envestnet. For today I’ll be covering the inside scoop on Morningstar’s $30 Million deal with SMArtX Advisory Solutions.
I’m grateful to be part of America’s Best TAMPs production team. It gives me a backstage pass to the amazing players in the space. This includes both Daniel Needham, President, Morningstar Wealth Management, and Evan Rapoport, CEO SMArtX. Both leaders will be speaking at the upcoming 2022 TAMP Growth Summit which I look forward to covering.
According to our most recent readers' survey, the friendliness of technology, and its capabilities were most important when it came to choosing a TAMP to work with.
When you go down the list at TAMPS.COM it may be hard to tell who comes on top. It’s for that reason that advisors need to book demos with providers in order to see who dazzles best.
About two years ago Morningstar retained a technology consultant, Craig Iskowitz to help them evaluate TAMP technology for their makeover.
Of course, there are lots of different choices out there, Orion had been traditionally the industry darling for TAMP technology up until Evan Rapoport came along as a disruptor with SMArtX’s different approach to user interface (UI) and user experience (UX).
It didn’t take long for Craig to recommend SMArtX. Our team at Wealth Advisor took a demo a couple of years ago and blew our minds with how SMArtX tackled the UMA experience.
Fast forward to May 3rd of this year it became official that SMArtX inked its deal with Morningstar. On one hand agreeing to invest, $30 Million in exchange for building out Morningstar‘s TAMP and direct indexing capabilities.
Daniel Needham is pronounced the head of the initiative. His position elevated to president of Morningstar Wealth Management with Morningstar‘s direct indexing capability is said to roll out in September.
What’s important all this is what does all of this mean for advisors, why is their experience going to be better and will it cost more to process traditional transactions with what benefits?
The Wealth Advisor TAMP Growth Summit on August 16th hosts Daniel Needham and Evan Rapoport and Craig Iskowitz.
Our editor, Scott Martin recorded a video reminder, playing below for advisors to know what’s to come at the 2022 Tamp Growth Summit. Take a few minutes to listen to the lineup. It’s everyone that would matter most for both inspiration and activation.
If you’re inclined to want to know what SMArtX and Morningstar think you should do now to make your firm more valuable we recommend that you register for this event today when it will cost you nothing.
