Morningstar launches Direct Advisory Suite, details M&A and AI in investor Q&A

Morningstar, Inc.

Direct Advisory Suite launched Jan 2025; all Advisor Workstation clients to migrate by 2026, price increases possible.
Morningstar Office retired; clients transitioning to SS&C Black Diamond; Addepar not viewed as competitor.
M&A focuses on adjacencies; recent buys include Lumonic (private credit) and Dealview (CMBS/CLO data).
EU Omnibus proposals to streamline CSRD; Morningstar expects no material impact in 2025.
Executive comp: TSR hurdle at 20% (since 2020), MSUs vest 0% if TSR negative 13.33%.

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