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Pete Giza and Damon Deru go for Holy Grail of portfolio rebalancing with software that shuffles stocks, bonds... and asset classes; Believe it?

The RedBlack and TradeWarrior executives see old systems as 'archaic' yet know that the Black Diamonds, Morningstars, Orions and Tamaracs see rebalancing as a loss leader

Author Oisin Breen
June 11, 2019 at 9:49 PM
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Pete Giza: You look at any portfolio accounting management system today, it’s archaic. I don’t care which one you choose ... [They're] being left in the cosmic dust.

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Morningstar, Inc.
Top Executive: Joe Mansueto

Top Executive: Nick Eatock

Brian Murphy

Brian Murphy

June 12, 2019 — 3:48 AM
I'm on the side of cheering for AdvisorPeak. There's a lot to be done not only in the re-balancing space, but more generally in the broader tools space. Speaking w/ Pete it looks to me that they've got the approach right with an eye on a larger prize. I for one am quite interested in seeing how this evolves. Good luck and keep moving guys!
Sheryl Rowling

Sheryl Rowling

June 12, 2019 — 7:41 AM
Substance should always win over a new entry spouting promises and taking untrue shots at their established competition. A.I. driven rebalance methodology sounds nice, but it's all math and logic any way you look at it. I'll take tax efficient, easy to use and customizeable any day of the week. Add in an affordable price point and full integration - with ongoing enhancements - and you have Morningstar TRX. As for Pete Giza's rebuttal toTRX rebalancing innovations, it would be difficult to say that most features are "over 10 years old." Ten years ago, TRX was an early stage desktop software! Since TRX'S acquisition by Morningstar, here is a sampling of new innovations introduced: Functionality: Automated Rebalancing - Rebalance if Class or SubClass OOB greater than X%. Mutual Fund trade rounding. Equivalencies - splits a trade up among more than one Symbol at specified allocation. Models of Models Integrations: Morningstar intra-day prices for Equity/ETF trading. Morningstar SAL reports - Click on a Ticker Symbol in TRX to view the reports. OOB/TLH/CASH daily email notifications(Morningstar Office users only). Schwab direct trading with Advisor Center. Fix Flyer direct trading - over 20 major custodians. "Shadow" cost basis - importing trade lot data from custodians rather than relying on PAS trade lots which may be incorrect. Morningstar Model Marketplace. Asset manager provided models for use in rebalancing. User experience: We have simplified the process to do Security level models and single account rebalancing. Interface revamp consistent with other Morningstar products. Morningstar API library - example are the Actual vs Target graphs on Model Compliance screen. I'm proud of TRX and what it is today. For a new "work in process" entry to claim that innovation has "ground to a standstill" is blatantly untrue. TRX is one example. One can also look at iRebal's cloud offering, Orion's new Eclipse program, and other rebalancers (Black Diamond, Blaze, etc.) that continue to improve their solutions on an ongoing basis. I caution advisors to always look at the substance.

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