Overview

The Morningstar® ByAllAccountsSM service began from the simple realization that there had to be a better way for advisory firms to create consolidated reports than to receive statements in the mail and then manually enter that data.

Architecting the network

The ByAllAccounts co-founders took a calculated risk that by designing and building a flexible technology using artificial intelligence to learn and adapt, the service would be well positioned for success when electronic access to, and use of, financial account data reached critical mass.

This platform-independent, open-architecture solution underpins our fully-scaled network, which allows any advisory firm, custodian, broker dealer, wealth manager or platform participant to reap business benefits from it. Our network includes over 1,400 advisory firms, 50 redistribution partners, 40 platform integrations and 15,000 financial institution connections.

Looking to the future

We believe the ability to choose any platform or investment vehicle is a fundamental requirement. We are well positioned to harness the connectivity of our network to give members the flexibility to select any platform, any investment vehicle, or any advisor and still have access to the information they need.

 

Data Quality – The ByAllAccounts Difference

Our data quality standard is driven by the needs of our clients to produce performance returns. This means that the data not only needs to reconcile from the custodian to your investment management system, but the transaction detail needs to be sufficient for understanding and accurately capturing the cash flows within the account.

ByAllAccounts’ intelligent data aggregation system implements a knowledge-based process that uses artificial intelligence to gather and transform financial account data to meet sophisticated data requirements. Our platform delivers these five benefits:

Openness: Our processing does not rely on any specific format, and we often use multiple, different-format sources for gathering data to ensure completeness of data. Whether we’re using web-enabled gathering for retail and retirement accounts, or direct data feeds for high-volume institutional custodians, we have your needs covered.

Consistency: Our data model is based on industry standards and has been refined by us during our decade-plus in the financial services arena. Normalizing the data allows us to provide you with one consistent data extract regardless of the number of financial institutions we’ve gathered data from, and what formats they’ve presented the data in.

Filling in the Blanks: We use an artificially intelligent, knowledge-based system to deliver account data to portfolio management, reconciliation, compliance, trust accounting and performance systems—all while utilizing our patented process to make sense of insufficient data sources to fill in any gaps. Our smart engine has over a decade of experience at evaluating inconsistencies and combining data from other sources, such as Morningstar’s asset classes and extensive security master, to fill in these gaps.

Common Sense: The final step in our process is applying business logic in order to deliver the cleanest, highest-quality data possible for your system of choice. This includes formatting for specific systems, as well as applying business rules to filter out certain transactions such as buys, sells and money market sweeps.

Scalable Access: Our clients can access our system and financial network a number of ways, according to their needs and applications: We offer prebuilt applications such as the Personal Financial Management Portal; software components enterprises can embed in their platform, and modern, RESTful APIs for developers and others to move the information where they need it.

Email us at byallaccounts-sales@morningstar.com

Use our calendaring app to schedule a phone consultation with us at your convenience or call 781-376-0801 (option 2 for sales).