Sunday, May 19, 2024
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The Morningstar Retirement group within Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc. (Nasdaq: MORN), and ADP Retirement Services, a leading provider of retirement plan services for businesses of all sizes, are working together to offer more employees—regardless of the size of the company they work for—access to personalized retirement investment and savings advice through managed accounts.

ADP’s decision to team with Morningstar Investment Management comes at a time when retirement plan participants are looking for increased help navigating an uncertain economic environment. “Continued inflation and market volatility have made the need to help employees figure out how to maximize and invest their retirement savings greater than ever,” says Brock Johnson, president of Global Retirement and Workplace Services at Morningstar Investment Management. “This is especially true in the small end of the market, where access to personalized advice within retirement plans is often limited. ADP’s reach in the industry is so extensive that we believe this collaboration can really move the needle in improving retirement results, not only in the small end of the retirement plan market but across all types of plans.”

ADP Retirement Services, one of the country’s largest retirement plan recordkeepers, is offering Morningstar Investment Management’s advisor-managed accounts, alongside the traditional managed accounts service. Both services are powered by Morningstar Investment Management’s engine and methodologies to build a personalized investment portfolio for each retirement plan participant, as well as to help them determine their savings rate and savings goals. The service then manages the participant’s retirement account for them, assuming discretionary authority over their investment portfolio.

Morningstar Investment Management’s advisor-managed accounts services allow registered investment adviser (RIA) firms and their advisors to offer a co-branded managed accounts service to their retirement plan clients. This service is designed so participants receive personalized advice based on model portfolios aligned with the RIA firm’s investment expertise and philosophies. Morningstar Investment Management’s flagship managed account service uses its own investment portfolio and methodologies. ADP will make advisor-managed accounts available to two national retirement-focused RIA firms.

“ADP Retirement Services is more than a retirement plan provider to our over 100,000 plan sponsor clients – we are their retirement ally leveraging innovative technology to help participants have better retirement savings outcomes. We think every retirement plan, no matter the size, should have access to personalized advice at scale,” said Chris Magno, SVP and General Manager of ADP Retirement Services.

You can find more information about the Morningstar Retirement group at Morningstar Investment Management here.

About Morningstar, Inc.


Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $264 billion in assets under advisement and management as of June 30, 2023. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on Twitter @MorningstarInc.

About Morningstar Retirement

The Morningstar Retirement group within Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc., and a registered investment adviser, offers products designed to help individuals reach their retirement goals. Our products and services also enable industry players to differentiate their services, stay competitive, and reach new markets. We provide some of the industry’s leading off-the-shelf offerings and can collaborate with our clients to design new products from the ground up using our unique data integrations, distribution networks, investment expertise, and methodologies.

About ADP


Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management Retirement Benefits and Payroll. Informed by data and designed for people. ADP, Inc. and its affiliates do not offer investment advice to individuals. Learn more at ADP.com.

This communication should not be construed to create or provide for any other relationship between ADP, Inc. and its affiliates with Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc., including but not limited to joint venture or partnership.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “prospects,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among other things, failing to innovate our product and service offerings or anticipate our clients’ changing needs. A complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information or future events.

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