Morningstar Investment Services LLC is a large advisory firm based in Chicago. It manages $10.6 billion of regulatory assets for 71,406 client accounts. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 49 other states.
Morningstar Investment Services provides portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and selection of other advisers. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.
The assets under management (AUM) of Morningstar Investment Services LLC is $10.6 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 56% since the beginning of its operation, and $1.13 million of the total AUM is attributable to clients outside of the United States.
The advisory firm has a single stream of revenue. Clients pay Morningstar Investment Services LLC for their services and products based on a percentage of assets under management. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.
The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Daniel Needham is individuals with 56,045 clients and $9.22 billion of assets under management. Among the 11 most similar advisory firms, Morningstar Investment Services has the highest percentage of individuals out of all clients.
The amount of regulatory assets under management is $10.59 billion for 57,176 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.
Morningstar Investment Services doesn't advise any private funds.
The company employs 31 people that are either part- or full-time employees. No employees work as investment advisers or researchers. 19 employees are registered as investment adviser representatives with the state securities authorities.
There are 10 people with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.
Daniel Needham has been acting as President since 1 Apr 2015. Lori Ann Loftus joined the executive team most recently as the Chief Compliance Officer, Secretary.
The principal office where Morningstar Investment Services LLC performs its advisory services is located at 22 West Washington Street, Chicago, IL 60602 1605, which is also the mailing address of the firm. An additional office of the firm is in Haverford, PA. It doesn’t run an office outside of the United States.
You can reach the main office by calling the phone number 312-696-6000 or by fax 312-696-6630. The normal business hours are 8:00am - 6:00pm on Monday - Friday. You can find more information about the New York firm at mis.morningstar.com.