MyFiduciary revealed last week that it had partnered with Morningstar to allow financial advice firms access to a MyFiduciary version of Morningstar’s Adviser Research Tool.

Morningstar’s ARC is a web-based tool designed to support financial advisers and brokers by providing independent research, data and market commentary on a variety of investment vehicles including managed funds, shares, exchange traded funds, and listed investment companies.

Douglas said MyFiduciary had been looking for a way to provide its services to a broad range of New Zealand advisers, to find the best way for them to access its investment insights, model portfolios and asset allocation views and research.

He said the Morningstar platform was well supported in Australia and there was the potential for it to grow in New Zealand.

Some advisers would just want to get a basic login to see the general research, he said, while others would want a tailored solution.

The service is ready to go now but Douglas said it would launch formally at the end of next month.

The timing was right with the introduction of the Financial Services Legislation Act regime, which introduces new obligations for advisers.

“This is a really great option for smaller adviser groups bundling together to access research. We can provide a really great solution for the, and it’s also a really useful mechanism for large groups.”

Advisers will pay the standard Morningstar fee plus a premium for MyFiduciary’s research insights.

It was a benefit to advisers to have a local team providing local insights, he said, but backed by the global Morningstar brand.