Road to Independence

When I first started my company I knew the day would come when I would need to acquire a performance reporting tool. That day has arrived. Here’s what I chose and why.

First, some background. I have used Morningstar Principia for many years and as a research tool I find it more than adequate. Then last year, I switched to Morningstar’s Advisor Workstation Enterprise Edition. Neither of these had performance reporting capabilities but they did do a good job with research and portfolio analysis. The Enterprise Edition is available only through your broker/dealer or custodian that decides which features will be included. In my particular case it cost me about $2,100 per year. It was a good tool but I needed more.

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This week was busy and productive. I gained a new client, clarified my financial planning value, and looked for new office space. It seems that I am outgrowing my one room office. Ideally, I’m looking for a three room suite with a kitchenette, private bathroom and a space for a receptionist. I don’t have a receptionist as of yet; I’m just thinking ahead.

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One thing certain about this business is that no matter how long you’ve been doing it, there is always something new to learn. This week I recognized I needed to modify my initial approach with a prospective client, or perhaps better said, it’s getting back to what I already knew. You can’t approach every person the same way. Allow me to explain. People are either outgoing or introspective. They are usually either creative or analytical. They either like to control their environment or follow another’s lead. They are either impatient or patient. You get the point. This week I met with a couple of people who are similar in their personalities.

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Things are progressing well. Revenue has increased and I’m now ready to purchase or subscribe to a performance reporting tool. I’m currently looking at Morningstar Advisor Workstation Office Edition. This tool requires a 12-month subscription but before committing, I’m taking advantage of their 14-day free trial offer. I need to make absolutely sure it will meet my needs. I’ve had this in mind for some time but until now the cost has been a roadblock. Not that it is overpriced, more that my revenue wasn’t adequate to justify the move. Now I am ready.

I had a bit of difficulty at first. Let me explain.

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