Morningstar Advisor Workstation

Morningstar Advisor Workstation is a read-only integration that allows advisors to generate portfolio analysis reports based on client holdings. Unlike Morningstar Office which syncs data INTO RightCapital, this integration pushes data OUT to Morningstar for report generation.

Overview

Attribute	Value
Integration Type	Report Generation (Read-only)
Authentication	SAML 2.0 with X509 certificates
Data Flow	RightCapital → Morningstar (outbound only)
Data Sync	None - on-demand report generation
Owner	Qianwei Hao

What is Morningstar Advisor Workstation?

Morningstar Advisor Workstation is a professional portfolio analysis platform from Morningstar. It provides in-depth investment analysis tools including the famous Portfolio X-Ray that reveals hidden exposures across asset classes, sectors, and regions.

RightCapital’s integration allows advisors to generate these reports using holdings data stored in RightCapital, without manually re-entering positions in Morningstar.

Report Types

Report	Description
Portfolio Snapshot	Comprehensive portfolio analytics: composition, investment style, sector weightings, regional exposure, performance metrics
Portfolio X-Ray	Condensed portfolio strategy overview - the most popular report for client communication
Investment Detail	Per-holding breakdown with investment-type-specific information
Intersection Report	Shows 50 largest holdings with overlap analysis across multiple funds
Snapshot & Intersection	Combined report
Comparison	Compare multiple portfolios (backend supported, not exposed in UI)

X-Ray Analysis Dimensions

The X-Ray report provides analysis across these dimensions:

• Asset Class - Distribution across stocks, bonds, cash, etc.
• Stock Sector - Concentration across 12 industry sectors
• World Regions - Geographic exposure
• Fees & Expenses - Cost analysis
• Stock Stats - Key ratios (P/E, P/B, etc.)
• Equity Style Box - Large/Mid/Small × Value/Blend/Growth matrix
• Fixed-Income Style Box - Interest rate sensitivity × Credit quality
• Holdings Breakdown - Individual security contribution analysis

How It Works

sequenceDiagram
    participant A as Advisor
    participant RC as RightCapital
    participant M as Morningstar

    A->>RC: Select accounts, choose report type
    RC->>RC: Extract positions from database
    RC->>RC: Filter: Morningstar securities with non-zero value
    RC->>RC: Generate signed SAML2 Assertion with holdings XML
    RC->>A: Return SAML response + Morningstar URL
    A->>M: POST SAMLResponse to Morningstar
    M->>M: Validate SAML, parse holdings
    M->>A: Render report in new browser window

Key Points

1. No data stored at Morningstar - Holdings are sent on-demand for each report
2. SAML2 authentication - Signed assertions with 3-minute validity
3. Position filtering - Only includes securities with:
   • Source = Morningstar (has secid)
   • Non-zero market value
   • Valid symbol

Setup

Prerequisites

• Morningstar Advisor Workstation subscription
• Three credentials from Morningstar:
  • Institution ID - Found in Help > Support
  • Login ID - Your username
  • Access Code - Found in File > User Profile > Integrations

Configuration Steps

1. Login to Advisor Portal
2. Navigate to Integrations
3. Select Morningstar Advisor Workstation
4. Enter the three credentials
5. Click Connect

Generating Reports

1. Open a client’s Plan in Client Portal
2. Go to Report menu
3. Select “Morningstar Advisor Workstation report”
4. Choose report type (Snapshot, X-Ray, etc.)
5. Select accounts to include
6. Click Open report
7. Report opens in new browser window on Morningstar’s site

Technical Details

Code Locations

Component	Path
Backend Integration	retail-api/app/Integrations/MorningstarAdvisorWorkstation/
Connector (SAML)	Connector.php
Report Handler	Report.php
XML Payload Generator	XmlHelper.php
Controller	Controller.php
Frontend OAuth	frontend/app/src/application/advisor/integrations/services/oauth-connect/morningstar-advisor-workstation.service.ts
Frontend Report UI	frontend/app/src/application/client/plan/report/integration-report/morningstar-advisor-workstation.component.tsx
Help Text	frontend/app/src/application/advisor/integrations/detail-view/components/help-text/morningstar-advisor-workstation.component.tsx

Configuration

Environment variables in config/integrations.php:

'morningstar_advisor_workstation' => [
    'saml2_institution_id' => env('MORNINGSTAR_ADVISOR_WORKSTATION_SAML2_INSTITUTION_ID'),
    'saml2_investment_detail_report_endpoint' => env('MORNINGSTAR_ADVISOR_WORKSTATION_SAML2_INVESTMENT_DETAIL_REPORT_ENDPOINT'),
    'saml2_issuer' => env('MORNINGSTAR_ADVISOR_WORKSTATION_SAML2_ISSUER'),
    'saml2_login_endpoint' => env('MORNINGSTAR_ADVISOR_WORKSTATION_SAML2_LOGIN_ENDPOINT'),
    'saml2_private_key' => env('MORNINGSTAR_ADVISOR_WORKSTATION_SAML2_PRIVATE_KEY'),
]

Certificate location: certs/integrations/morningstar_advisor_workstation/saml2_idp_cert.crt

SAML Assertion Attributes

InstId          - Advisor's Morningstar Institution ID
LoginId         - Advisor's Morningstar Login ID
AccessCode      - Advisor's Morningstar Access Code
UserStatus      - "1" (active)
ClientSide      - "1"
Role            - "AD" (Advisor)
Application     - "PortReport20"
Payload         - XML with holdings data (for non-Investment Detail reports)

Endpoints

Purpose	URL Pattern
Login/Reports	{login_endpoint}/SamlLogin.aspx
Validation	{login_endpoint}/SamlIntegrationValidation.aspx
Investment Detail	{detail_endpoint}/OpenGlobalHypoReportEngine.aspx

Report Type Mapping

public const array REPORT_TYPES = [
    'comparison'                => ['title' => 'Portfolio Comparison', 'value' => 5],
    'intersection'              => ['title' => 'Stock Intersection', 'value' => 3],
    'investment_detail'         => ['title' => 'Investment Detail Report', 'value' => 10],
    'snapshot'                  => ['title' => 'Snapshot Report', 'value' => 2],
    'snapshot_and_intersection' => ['title' => 'Snapshot and Stock Intersection', 'value' => 1],
    'x_ray'                     => ['title' => 'X-Ray Report', 'value' => 4],
];

Comparison with Morningstar Office

Aspect	Morningstar Office	Morningstar Advisor Workstation
Purpose	Data import	Report generation
Data Flow	Inbound (M* → RC)	Outbound (RC → M*)
Authentication	OAuth 2.0	SAML 2.0
Sync	Nightly automatic	On-demand only
Data Stored	Yes (households, accounts, holdings)	No
Status	Sunset 2026/2/28	Active

Common Issues

No Holdings Available

Symptom: “Reports can only be generated if there are holdings in at least one investment account”

Cause: Selected accounts have no positions matching criteria (Morningstar security source, non-zero value)

Solution: Ensure accounts have positions with Morningstar-matched securities

SAML Validation Failure

Symptom: Report fails to load

Cause: Invalid credentials or expired certificate

Solution: Verify Institution ID, Login ID, and Access Code are correct; check certificate expiry

Report Opens But Empty

Symptom: Morningstar page loads but shows no data

Cause: Holdings XML not properly parsed by Morningstar

Solution: Check logs for XML generation errors; verify security symbols are valid

Related

• Morningstar Office - Data sync integration (being sunset)
• Morningstar Security Master - Security data source
• RightCapital Help Center - Morningstar Advisor Workstation