Financial advisers today have a plethora of software/platforms to automate their processes and offer online transactions to clients. However, there was no software which could help advisers while prospecting. Keeping this in mind, Morningstar launched Adviser Workstation (AWS), a powerful tool which helps advisers make a case for investing in mutual funds and do much more.
To help you understand how AWS can take your practice to the next level, we asked advisers who have been using our software to share their experiences. Here’s what they have to say.
Delhi based adviser Sachin Jain who heads Moneygain Consultants likes the depth of data and customization offered by AWS. Further, he finds the hypothetical comparison tool, which lets advisers compare past returns of different asset classes, of great help. This feature has helped him convert many prospects. While explaining the benefits of participating in equities to a risk-averse prospect, Jain used this feature to compare the past returns of a balanced fund vis-à-vis bank FD. Needless to say, the investor was convinced with the power of equity after realizing how much wealth she could have generated by investing in the balanced fund. Using this feature, Jain was able to convey his message to the prospect effectively. Today, the prospect is his client with AUM of Rs. 2 crore!
It is not only Sachin, Vishesh Gandhi of Ocean Finvest has also acquired new clients with the help of Morningstar AWS. Besides, Gandhi finds the research tool offering in-depth quantitative & qualitative analytics across varied asset class very useful. “The ‘portfolio x-ray’ tool adds great value to investors giving crystal clear idea on diversification quality of an overall portfolio across varied criteria. Further, an attractive graphical format of reports, easy to understand data analytics and most reliable research inputs have enabled all our clients to get detailed screening of the investments across different asset classes,” shares Gandhi.
Pune based adviser Uddhav Tulshibagwale who has been using AWS for more than a year says that he is able to help his investors make smart investment choices by using the hypothetical tool. “Many of my clients walk in to my office to invest in products with some pre-conceived notion. They don’t realize that their investment decisions would not help them generate wealth. Whenever clients approach me to invest in any product, I instantly use the hypothetical tool to compare the past returns where they wish to invest vis-à-vis of an asset class where they should be investing. After seeing the return differential, they follow my recommendation. This way, I’m able to help them make smart investment choices. I often use debt fund vis-à-vis fixed deposit returns comparison with the help of hypothetical tool to convince investors to invest in debt funds,” says Uddhav.
Further, Uddhav has been extensively using the customized fund search option which helps him curate the best funds based on filters like fees, volatility, yield, maturity, etc. to recommend to his clients.
Another Delhi based adviser Amit Jain of Aadi Wealth Management says that his clients are impressed with the quality of his advice which is backed by AWS research. “By sharing the in-depth reports provided by AWS, we are able to showcase our value add to clients. For instance, one of the unique features of AWS is that it provides the list of analyst rated funds and their views on funds. We cherry pick some of the best funds from here. They are curated by AWS after filtering these funds based on various parameters like alpha, fund manager tenure, beta, portfolio turnover, rating, etc. So clients are able to judge that we offer sound advice which is backed by research and forecast and not just past returns” says Jain.
Jain says that investing in this technology has helped him project himself as a serious player. Besides, Jain also sends the detailed reports on funds and equity markets to his clients to keep them updated.
Ahmedabad based adviser Harshal seconds Jain’s views. “I have been using AWS since October 2016 to recommend funds to my clients. I like the quality of research and exhaustive data which is available on AWS. I have also uploaded my client portfolios on this software to track their performance. It is very seamless,” says Harshal.
Mumbai based adviser Sushil Sabarwal of Essens Investment Services says that AWS has helped him meet the expectations of some of his demanding HNI clients. Until he started using AWS, one of his HNI clients used to raise a lot of queries regarding the underlying stock holdings of his mutual fund investments. “Ever since I have started providing this client AWS fund reports, he does not ask any questions to me. The client says that the reports have everything he needs,” says Sabarwal. Besides, Sabarwal says that that he has been using AWS to curate the best funds to recommend his clients by filtering analyst rated funds.
Some advisers say that Morningstar AWS has considerably reduced their time spent on research and the reports produced by AWS have helped them pitch mutual funds more effectively. “Working on Morningstar AWS not only enhanced our analytical skills and abilities, it also resulted in further enhancing the quality of advisory solutions being offered to present and prospective clients. We are thrilled to work on this user-friendly program which has resulted in reduction in time spent on data analysis & preparation of client reports. The client presentations are very effective & impressive and are very much appreciated,” says Viksit Rohatgi of Blue Circle Financial Services.
Curious to know how Morningstar AWS can help you gain a competitive edge? Write to us at IndiaSales@morningstar.com.