Digest March 17th

Major Portfolio Management Platform Transition

Morningstar has announced the closure of its portfolio management platform, Morningstar Office, effective early 2026. Advisors using the platform are encouraged to transition to Black Diamond, which offers incentives such as discounted fees and streamlined data migration. This development prompts advisors to evaluate alternative portfolio management solutions to best meet their clients’ needs.​kitces.com

Surge in Mergers and Acquisitions within Wealth Management

The wealth management industry is experiencing a significant increase in mergers and acquisitions, driven by cost pressures and opportunities to consolidate smaller regional firms. In the UK alone, 67 transactions worth $10.5 billion were completed last year, with an additional 122 deals involving wealth and asset managers. This consolidation trend is expected to continue, especially as an aging population maintains stable assets, prompting firms to seek scale and efficiency.​ fnlondon.com

Enhanced Regulatory Support for Personalized Financial Guidance

The Financial Conduct Authority (FCA) has unveiled new initiatives aimed at empowering households to enhance their savings by offering targeted support for pension and investment management. These plans enable financial firms to provide free, tailored guidance based on individual circumstances, addressing the current gap where 75% of consumers over 45 lack a clear pension strategy. While this move seeks to increase engagement and improve long-term financial decisions, experts caution that firms must ensure clarity to prevent confusion between guidance and regulated financial advice.​thescottishsun.co.uk