Orphaned RIAs cry foul after Morningstar socks them with stark choice -- pay up with Black Diamond, or scramble to get data to new provider, at big expense
Hundreds of Morningstar Office users are facing 'early' 2026 deactivation but a Cadillac exit awaits if RIAs transfer solely to Black Diamond.
Author Oisín Breen June 4, 2025 at 12:02 AM
Brooke Southall and Keith Girard contributed to the editing of this article.
Terence Hong
June 4, 2025 — 1:39 PM
If any RIAs are looking to offboard, I’d be interested in seeing firsthand how data portability—or lack thereof—actually plays out. If we can build a process once, there may be an opportunity to help others offboard systematically.
Peter Giza
June 4, 2025 — 3:47 PM
I would think that just Orion and Advyzon would be able to pick up a great deal of slack here.
Gregg Shaw
June 4, 2025 — 6:45 PM
Perfect timing for me. Was with Morningstar for over 5 years. I became so fed up with the many times of manually calculations (i.e, if I client leaves mid quarter) that I had to calculate the pro-rata fee manually. I signed up with Orion and could NOT BE HAPPIER! Took several months to integrate but it was seamless.
