| Firm Name |  |
| Headquarters | Chicago, Illinois, USA |
| Firm Type | Investment Research, Management |
| Solutions Delivered | Integration |
Client Profile
Morningstar, Inc. is a leading provider of independent investment research and tools, serving over 170,000 financial advisors through its Advisor Workstation platform. The firm built a strategic relationship with iCapital to streamline access to alternative investments and empower advisors to build more personalized portfolios.
Challenge
Advisors using Morningstar’s platform needed a more efficient way to incorporate alternative investments alongside traditional assets within their core workflows. The process of integrating alternatives into proposals, reports, and model portfolios was fragmented and time-consuming. Morningstar identified an opportunity to enhance advisor productivity and client outcomes by embedding access to alternatives directly into Advisor Workstation.
Solution
Morningstar established a strategic relationship with iCapital, a global fintech platform known for its expertise in alternative investments, to deliver access to alternative investments and analytics into Advisor Workstation. Powered by iCapital’s proprietary technology, the integrated solution allows advisors to incorporate alternatives alongside traditional investments in key advisor workflows such as investor proposals, model allocations, and portfolio reporting.
Through single sign-on (SSO), advisors who are clients of both iCapital and Advisor Workstation gained seamless connectivity to:
- Marketplace: A centralized hub for researching and accessing a broad range of alternative investment offerings, complete with due diligence materials, educational resources, fund subscription processing, and reporting tools.
- Architect: iCapital’s portfolio construction and analytics engine, enabling advisors to build diversified portfolios that include alternatives, with tools for scenario modeling, optimization, and client engagement.
- Fund Subscription & Lifecycle Management: Advisors can initiate and manage investments in alternative funds directly through iCapital’s platform, streamlining onboarding, documentation, and reporting—all within the Advisor Workstation environment.
This integration enables advisors to transition smoothly from research to investment execution, streamlining the entire investment process and positioning alternatives as a core component of personalized portfolio design. This eliminates the need for advisors to switch between systems, creating a seamless experience for managing public and private markets.
Impact
The integration of iCapital’s technology into Morningstar Advisor Workstation enhanced how advisors’ access and incorporate alternative investments. With streamlined connectivity and end-to-end workflows, advisors are now better equipped to meet rising demand for private asset exposure in client portfolios.
Defined impact areas include:
The partnership resulted in significant improvements for Morningstar’s business operations:
Broadened Investment Options:
Advisors can now go beyond traditional stocks, mutual funds, and ETFs to include private equity, private credit, real assets, and hedge fund strategies—expanding portfolio diversification.
Improved Client Experience:
Enhanced portfolio personalization and risk alignment tools help advisors tailor investment strategies to individual client goals and comfort levels.
Increased Operational Efficiency:
Single sign-on (SSO) and embedded access to iCapital’s platform streamline the entire investment process—from research to execution—saving time and reducing friction.
This strategic relationship underscores the importance of innovation and collaboration in meeting the evolving needs of financial advisors and their clients.
Key Takeaways
The Morningstar and iCapital relationship demonstrate how thoughtful integration of technology can transform advisor workflows and elevate client outcomes. By embedding iCapital’s end-to-end platform into Advisor Workstation, advisors gain streamlined access to alternatives, enhanced portfolio construction tools, and the ability to incorporate a broader range of asset classes into client portfolios.
“Morningstar’s partnership with iCapital is about more than bringing together best in class technology, it’s about creating a common language for understanding portfolios that include both public and private investments. Together, our strengths of data, trust, and transparency, will empower advisors to guide their clients through the complex world of private markets and achieve better outcomes. ”
— Thomas Aviles, Head of Advisor Software
*As of October 2025, data provided by Morningstar
IMPORTANT INFORMATION
For illustrative purposes only and functionality subject to change. This is not intended to be an offer or solicitation to purchase or sell any security or to employ a specific investment strategy. Alternative investment products and services and structure products and services may be offered through iCapital Markets LLC. iCapital Markets LLC is a registered broker/dealer, member FINRA and SIPC, and an affiliate of iCapital, Inc. and Institutional Capital Network, Inc. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and may act as an adviser to certain funds made available by iCapital Markets LLC and its affiliates.
You should review the disclosures and methodologies available on iCapital Architect including the terms of use and privacy policy.
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