Morningstar Advisor WorkstationSM

Advisor Workstation’s modular structure allows clients to configure it to best meet their specific needs. This brochure provides an overview of all of Advisor Workstation’s capabilities—some features may not be licensed by all clients.

Advisor Workstation

Clients & Portfolios

Planning

Real-Time

Research

Defined Contribution

Hypotheticals

Analyst Research

Center

The latest data for all of Morningstar’s investment universes feeds directly into

Advisor Workstation’s modules to power its analytical, research, market monitoring,

reporting, and communication capabilities.

Managing an advisor practice is rarely, if ever, a straight-forward process. On a daily basis you handle multiple tasks—investment research, portfolio analysis, and invest- ment planning. All while serving existing clients with ongoing updates and prospecting for new ones.

For all of the tasks you perform and roles you play, Advisor Workstation can help you do them better. It’s a Web-based platform, so you’ll always have the latest Morningstar investment data, and the most up-to-date client and account information at your fingertips. And its intuitive design and navigation will streamline your daily work.

Best of all, Advisor Workstation helps you get results. Its concise, visually-compelling reports will strengthen your message to clients and make the most convincing case for your recommendations.

Get to Work Quickly

Launch your most frequently-

used tools and reports from

the Quick Start menu with

just one click.

Fast File Sharing

If you work collaboratively

with other advisors or support

staff in your practice, Advisor

Workstation makes it easy

to share client files, searches,

lists, and hypotheticals with

the entire client team.

Advisor Workstation Home Page

Analyst Alerts

Keep up to date on the securi-

ties used in your practice.

The latest Morningstar analyst

updates for stocks, mutual

funds, and ETFs appear directly

on the home page.

Stay On Top of Your Practice

Access a favorites list of the

top securities in your practice

(or any other list you designate)

to quickly view performance

numbers.

Advisor Workstation helps you stay on top of your entire book of business. Its

intuitive design gives you quick access to the tools, files, and securities you

use most frequently. And whether you work independently or collaborate with

others in your practice, Advisor Workstation will enable you to work smarter

and more efficiently.

The Market at a Glance

Watch the Morningstar Market

Barometer for the latest daily

and historical style-based per-

formance trends.

The Latest Product News

See all the feature updates

in Advisor Workstation. Product

announcements and new en-

hancements are all highlighted.

Clients & Portfolios Module

It’s your entire practice—arranged

for efficient and proactive man-

agement. The Clients & Portfolios

Module gives you the tools to

quickly build, analyze, and mon-

itor your clients’ portfolios.

The Clients & Portfolios Module features Morningstar’s unmatched capabili-

ties for conducting in-depth portfolio analysis and lets you easily share

your insight with clients using FINRA-reviewed reports. The Portfolio Snap-

shotTM Report provides a detailed overview of a portfolio’s most important

aspects, including asset allocation, investment style, sector weightings,

and performance. Another popular report, Stock IntersectionSM, identifies the

portfolio’s overall weighting in a particular security or sector.

You’ll save significant time and effort by directly importing client holdings

from the most popular advisor platforms (see page 18). Advisor Worksta-

tion also helps you work collaboratively with your colleagues via file sharing

capabilities that allow you to set permission controls for viewing and edit-

ing clients, portfolios, hypothetical illustrations, searches, and lists. And a

wide range of customizable alerts can be set for individual securities, clients,

or your entire practice. They make it easy to keep up-to-date on changes in

ratings, style drift, performance, and fund management.

The Clients & Portfolios Module makes staying top of your practice—and

your daily tasks—a much more manageable process.

When discussing portfolio strategies, the FINRA-reviewed Portfolio Snapshot Report is an unmatched resource for explaining diversification and risk. Based on

the underlying holdings of every investment product in the portfolio, it reveals the composition, investment style, and sector exposure of the entire portfolio.

The Portfolio View allows you to quickly assess the overall asset allocation, regional exposure, annualized returns, risk, and sector exposure of the portfolio. All

analysis is based on the latest portfolio holdings in the Morningstar database.

4 5

Research Module

Advisor Workstation offers

the broadest and deepest

investment coverage in the

industry, along with the most

powerful tools available for

analyzing that information

and presenting your results to

clients and prospects.

The Research Module provides fundamental and proprietary data for

multiple investment universes, as well as hundreds of market indexes and

Morningstar categories. Yet what’s more impressive than the depth and

quality of the data is the myriad ways you can use it. Search across all of

Morningstar’s universes for securities that meet specific investment criteria

that you set. After conducting your research, you can save the Boolean

logic for future use, create a list of the results, or launch Security Report

Builder to quickly generate a packet of research materials that can include

Investment Detail® Reports, comprehensive graphs, price and distribution

information, and the latest underlying holdings.

The FINRA-reviewed research reports you create in the Research Module

are based on Morningstar’s 25-year history of distilling the most essential

information about a security into an easy-to-understand format. With

rich report options, it’s easy to create powerful communication materials

based on the specific needs of your clients.

The Research Module lets you take full advantage of Morningstar’s approach

to investment research and easily share your results.

The FINRA-reviewed Investment Detail Report provides the performance, composition, fee and expense, and risk information necessary to lead an intelligent

discussion about adding or removing a specific investment from a client’s portfolio.

Advisor Workstation’s intuitive navigation structure will help you work more efficiently, making it easy to search and screen securities, create lists, and generate

reports and graphs. Data from the Research Module can also be exported to Microsoft Excel® and other spreadsheet programs.

6 7

Planning Module

Advisor Workstation’s Planning

Module helps you build solid,

diversified portfolios that are

appropriate for your clients

by assessing their true risk

tolerance and identifying their

investment goals.

Use the Planning Module’s risk questionnaire to conduct meaningful risk

assessments and create accurate risk profiles. Then create a plan based on

multiple investment goals and select a strategy and asset allocation along

an efficient frontier curve. You can create wealth forecasts and illustrate

the probability of success using sophisticated Monte Carlo simulations pow-

ered by the industry-renowned Ibbotson capital market assumptions.

Once the ideal allocation has been determined, build a portfolio to recommend

specific securities for a client. Finish the process with an in-depth Investment

Policy Statement or a convincing Portfolio Comparison Report.

With the Planning Module, you’ll have the tools to show clients how different

strategies might succeed, and why your recommendations will get them

closer to their goals.

The FINRA-reviewed Portfolio Comparison Report is an ideal way to contrast the differences between portfolios. It breaks down asset mixes, investment styles,

and overall stock sector exposure, making it an effective tool for conveying how a proposed portfolio is more appropriate than the current one.

The efficient frontier curve helps you select the optimal asset allocations for your clients, with the maximum expected return for any level of risk. You can specify

the expected return and volatility of each asset class, as well as the correlation of the asset classes with each other, or opt for Morningstar’s settings.

TM

8 9

Hypotheticals Module

Grow your business by mak-

ing the best possible case for

your recommendations with

persuasive sales illustrations.

Trailing or annualized return numbers may reveal how a single lump-sum

investment performed over time, but they don’t necessarily reflect what

investors actually experience. The Hypotheticals Module allows you to create

vivid, real-world examples of the performance of a security by itself, in

comparison with another security, or within the context of an overall portfolio,

for any of the securities in Advisor Workstation.

The Hypothetical Illustration incorporates ongoing investments, withdrawals,

reinvestment of dividends, taxes, investment fees (reflecting real breakpoints),

and other charges to better illustrate the actual investor experience. Our

hypothetical reports are the only ones in the industry to incorporate underlying

holdings to show performance with relevant asset allocation, sector weight-

ings, and style diversification information. Best of all, you can produce illustra-

tions quickly with an intuitive wizard. All reports are generated as PDFs for

easy printing and sharing.

The Hypotheticals Module helps you turn complicated investment information

into clear, actionable insight. There’s simply no better way to make the case for

how your recommendations would have affected a client’s wealth.

The FINRA-reviewed Hypothetical Portfolio Illustration reveals how a portfolio would have performed in the past. You can specify the investment schedule, with-

drawals, reinvestment of distributions, tax rates, and fees to present the most accurate real-world portrayal of portfolio performance.

After you choose one or more securities, the Reports Options tab lets you generate illustrations with the specific graphs and reports you want to share with your

clients. You can create reports for individual securities, comparison reports that contrast the performance of two or more securities, and portfolio reports.

10 11

11 0

Defined Contribution Module

A solid retirement plan needs

more than strong individual

funds—it requires a combination

of investment offerings that

work well together. The Defined

Contribution Module helps you

ensure that a plan will allow

its participants to create appropri-

ate, diversified portfolios.

The Defined Contribution Module makes it easy to construct, evaluate,

and monitor 401(k), 403(b), and other defined contribution plans. You can

quickly determine the strength of current and proposed lineups, making

sure a plan is consistent with the plan sponsor’s investment policy statement

and offers appropriate investment choices. It provides the tools to document

every step of the due diligence process and to stay on top of your fiduciary

responsibilities.

The Plan Status Report is ideal for presenting the details of a proposed plan,

ongoing plan monitoring, and providing periodic updates. The side-by-side

evaluations of performance and investment style in the Plan Comparison Report

can help you make a persuasive case for your recommendations to modify

a plan lineup. And an advanced alerts capability will keep you up-to-date on

material changes in fund management, performance, and investment style.

The Defined Contribution Module provides a powerful set of diagnostic

and communication tools, making it an essential resource for working with

retirement plans.

The FINRA-reviewed Plan Comparison Report provides an at-a-glance contrast of a proposed plan lineup and the current plan. It can reveal differences in diver-

sification and performance of the plan offerings relative to their category peers.

The FINRA-reviewed Plan Status Report makes it easy to monitor changes, including style drift, in all of the offerings in a retirement plan. The robust alerts func-

tionality keeps you informed of changes in performance, fund management, investment style, and risk measures.

11

11

Rockland Retirement Plan Lineup

12 13

Real-Time Module

There’s no better way to keep

a close eye on the market

than Advisor Workstation’s

Real-Time Module. It presents

the latest live market data

in an intuitive, flexible format.

If you require accurate and timely market data to make investment and

trading decisions, the Real-Time Module is an ideal market-monitoring tool.

Powered by Morningstar QuoteSpeedTM, it provides quote data with Level II

market depth in an interactive interface. It features intraday and historical

price and volume charting with candlesticks, OHLC bars, and moving averages

and other technical indicators, along with news and analyst updates from

Morningstar and other providers. Also included are option chains with flexible

display configurations and dynamic inputs.

Coverage is broad and detailed, with data from more than 160 domestic

and international sources, including all major equity exchanges and indexes,

as well as foreign exchange and currency markets. Functionality includes over-

lapping and resizable windows, multiple workspaces, right-click menus, and

drag and drop configurability.

The Real-Time Module is an incredibly effective way to track and monitor

securities and portfolios throughout the day.

A completely flexible layout allows you to configure your view with charts, watchlists, news, and more, with the ability to move the windows within the work-

space. “In the money” options are highlighted in blue and technical charts overlay indexes or securities and event information.

The Security Research window gives you quick access to all of the key information about a security, with the ability to dig deeper within each section. Live

security news includes Morningstar news and analyst updates, company filings and press releases, and news from other providers.

14 15

Analyst Research Center

With rich insight from Morning-

star’s staff of 100+ investment

analysts, Advisor Workstation

can serve as the primary source

for research in your practice.

The Analyst Research Center delivers Morningstar’s independent perspective,

consistent methodology, and actionable insight for 1,800 stocks, 2,000 funds,

and 300 ETFs. Here you can review Morningstar analyst reports to assess

what a company is really worth. Watch analyst videos, consult Morning Notes

with daily insights, view data pages with key financial and historical informa-

tion, and read the latest updates for Morningstar’s market-beating Tortoise and

Hare portfolios. Morningstar’s equity research inspires actionable investing

ideas—stocks rated highly by Morningstar analysts have consistently outper-

formed the broader market over the long term.

Mutual fund research includes comprehensive analyst reports along with

Fund Favorites and Red Flags articles that highlight offerings favored by

Morningstar analysts and funds to avoid. A screener helps you find the right

funds for a given investment objective and contains pre-built Morningstar

screens to identify Portfolio Anchors, After-Tax Stars, Hidden Gems, Great Bond

Funds, and more. And Advisor Workstation’s ETF reports address suitability,

fundamentals, portfolio construction, and fees.

The Analyst Research Center is the easiest way to see to the independent

research of Morningstar’s analyst teams—and to access exclusive content

available only to advisors.

Analyst insight is also available via PDF versions of the classic “Morningstar page,” providing a rich, single-page summary of the most important information

about a mutual fund, stock, or exchange-traded fund.

The Analyst Research Center serves as a launching pad for Morningstar analyst insight. The video library features the analyst team’s views on a wide variety of

investment topics, and the current and archived analyses for all of the securities tracked by the analyst team are also available here.

16 17

Integration Capabilities

Managing client data can be a major time

drain on your practice. And the time spent on

manual data input is time that could be

better spent elsewhere.

Advisor Workstation features data integration

capabilities that eliminate cumbersome

client and portfolio data entry. The back-end

integration is seamless and you’ll only need

to enter a client’s name or account number

to easily import relevant holding information,

including securities and shares. Advisor

Workstation offers integration with the most

popular advisor platforms, including:

Training and Support

Advisor Workstation is designed to be

intuitive and easy to use. But when you have

questions, the answers aren’t hard to find.

The Virtual Training Center, Advisor Worksta-

tion’s built-in training portal, allows you to

view how-to videos, download training manuals,

access help topics, and register for live Web-

based classes hosted by Morningstar experts.

The variety of training options supports different

learning styles and skill levels.

Morningstar also supports Advisor Workstation

with trained, in-house product consultants,

not an outsourced call center. Help is available

via phone and e-mail six days a week.

Use Advisor Workstation with confidence,

knowing that your client data is safe

and secure. Morningstar servers use the

128-bit Security Sockets Layer (SSL) protocol,

the encryption standard employed by most

banks and credit card companies for transmis-

sion of data over the Internet.

All the data and information you save within

Advisor Workstation is backed up daily,

on servers in multiple locations. The servers

are clustered, so if one should ever go out,

you won’t experience a disturbance.

Security

AlbridgeTM Solutions

EISI’s Profiles ProfessionalTM

eMoney Advisor

MoneyGuideProTM

National Financial’s Streetscape®

Pershing’s NetX360TM

TD AMERITRADE’s Veo®

18

22 West Washington

Chicago

Illinois 60602 USA

+1 866 312-4637

global.morningstar.com/advisorworkstation