Along with the long-anticipated release of a “forward looking” mutual fund rating system to supplement its current methodology, Morningstar’s CEO Joe Mansueto commented that his firm is looking at a system that rates advisors. Though Brightscope recently launched a similar service, there was controversy about the validity of the data and the practice of charging advisors to correct it. No specific timeline was mentioned, but Mansueto noted that consumers need an advisor rating system.
Additionally, more information was announced about Morningstar’s five-level forward rating system expected out this fall, along with plans for new auto-rebalancing services and retirement income solutions.
