Revolutionize your advisory practice with Morningstar’s generative AI

The growing complexities of financial advisory demand innovative solutions, staying ahead of the curve is essential for delivering value to clients. Enter Mo, Morningstar’s digital research assistant, powered by the Morningstar Intelligence Engine. For the past 18 months, financial advisors have turned to Mo for real-time, independent insights to help them make informed decisions.

Our survey offers valuable insights into how industry professionals are leveraging artificial intelligence in their advisory practices, highlighting how AI can streamline decision-making and improve client outcomes. 

Want to learn more about Mo? Discover how Mo can help streamline your practice with real-time insights powered by the Morningstar Intelligence Engine. Visit Mo on Morningstar for more information.

From answering specific investment questions to providing comprehensive fund data, Mo transforms how advisors work with Morningstar’s vast resources. While Mo’s capabilities are powered by cutting-edge AI, there’s a dedicated team behind the scenes ensuring that Mo’s responses are not only accurate and reliable but also aligned with Morningstar’s high standards. Morningstar’s center of excellence is dedicated to its AI efforts, demonstrating its commitment to delivering data-driven AI solutions. The center of excellence reviews Mo’s answers weekly to identify and address any potential “hallucinations”—factually incorrect responses. Therefore, providing continuous oversight to ensure quality control and relevance.

To understand how financial advisors are using AI in their practice, we analyzed 850 questions asked between May and October 2024 on Advisor Workstation. This analysis reveals how artificial intelligence helps advisors enhance their workflow, from investment screening to portfolio analysis and fund research.

By using AI, financial advisors can access real-time insights from a vast pool of research, independent analysis, and fund data, all through an easy-to-use digital assistant. AI helps save time, reduce errors, and empower advisors with valuable information that enhances client conversations.

AI chatbots like Mo can process natural-language queries, read and understand hundreds of thousands of reports written by analysts, gather investment information, and then generate actionable, verifiable insights. Advisors receive the answers they seek in seconds while getting time back to invest in other high-value tasks. Users' questions and feedback help improve the platform's responses, allowing for seamless access to large data sets, processing power, and AI-driven recommendations.

Let's dive into how each category plays a role in helping advisors navigate Mo.

Screening questions help financial advisors identify suitable investment options based on specific criteria, such as asset class, sector, or individual securities.

Example screening question:

“Find me a mutual fund that contains Amazon.”

Why might an advisor ask this type of question?

Screening questions are vital for advisors who need to quickly identify investment options that match a client’s goals, preferences, or values. Mo’s ability to quickly filter through vast datasets helps advisors save time and focus on the most relevant options for their clients.

Workflow questions generally revolve around using the platform effectively navigating the interface, using specific features, or understanding product functionalities.

Examples of support questions:

“How do I create a portfolio?”

“How do I import data into the platform?”

Types of support questions include:

Why might an advisor ask this type of question?

Advisors new to the platform or unfamiliar with specific features can turn to Mo for help, ensuring they maximize the value of Morningstar’s tools. Mo helps users get up to speed faster by providing clear, step-by-step guidance for advisors, ensuring a more intuitive experience for new and experienced users.

Research questions involve in-depth analysis of specific investments, market trends, or economic conditions. Advisors use these to deepen their understanding of investment options and form data-driven client recommendations.

Example research question:

“What is Morningstar's opinion on Amazon stock?”

Why might an advisor ask this type of question?

Research questions allow advisors to quickly access expert insights, including Morningstar’s ratings, analyst opinions, and underlying data. This gives advisors the confidence to make informed recommendations that align with their client’s financial goals.

Data questions typically focus on specific metrics, ratings, or figures about individual securities, funds, or markets.

Example data question:

"What is the star rating of Amazon?"

Why might an advisor ask this type of question?

Data questions are helpful for advisors who need quick, specific information to support their recommendations or client conversations. Whether it's for a quick review of a fund's performance or checking the rating of a stock, Mo streamlines access to key data points.

Mo is not just another AI tool; it’s a powerful digital assistant that empowers financial advisors with the insights and data they need to work more efficiently and effectively. Mo plays a key role in answering workflow questions, assisting with investment screening, providing research insights, and delivering real-time data—all in one platform.