Morningstar Office Is Retiring: Alternatives for Advisers with International Clients

Published 22 October 2026 by Borderfolio

Morningstar has announced that it is retiring Morningstar Office after twenty years, with a transition for its users to SS&C Black Diamond (Morningstar, SEC exhibit, 25 March 2025). SS&C has since reported that more than 400 Morningstar Office firms are moving to its platform (SS&C press release, August 2025). For many US practices that path is the natural one. For an adviser whose clients live abroad, hold several brokers or plan to move country, the change is a good moment to check whether the next system covers what borders change.

The main paths

• SS&C Black Diamond: the transition Morningstar arranged. Portfolio management, reporting, client portal, rebalancing and billing for US RIAs. Pricing on request.
• Orion: portfolio accounting, fee billing, CRM and tax-aware trading for US advisory firms (Orion). Pricing on request.
• Addepar: for firms with UHNW clients, alternatives and complex ownership (Addepar). Pricing on request and enterprise in scale.
• Morningstar Direct Advisory Suite: Morningstar's adviser product for research, proposals and portfolio analysis, which has replaced Advisor Workstation.
• Borderfolio for Advisors: if your need is reviewing internationally mobile clients rather than running a US back office.

Questions to ask any replacement

• Can it import statements from the brokers your clients actually use, including non-US platforms, and show what was extracted before it counts?
• Does it value accounts in several currencies with a stated FX date, and calculate a combined return rather than averaging accounts?
• Does it say anything about dividend withholding by the client's residence, fund domicile, US-situs estate exposure or a planned move? Most systems record withholding but do not analyse it.
• Can it treat an ISA, a SIPP, superannuation or an IRA as the wrapper it is?
• What do onboarding and the first year cost for a firm of your size, in writing?

Where Borderfolio fits

Borderfolio for Advisors is not a like-for-like replacement for Morningstar Office: it does not do US portfolio accounting, fee billing or rebalancing. It does the review work for clients whose portfolios cross borders: statement import with review, consolidated holdings and performance with an ETF benchmark, households, cross-border findings with their assumptions, current-versus-proposed scenarios and firm-branded PDF reviews. Pricing is published, from $99 a month per firm (plans), and a firm can start the Founding Adviser trial without a call. What it does not do:

• No custodial data feeds at scale: statements are imported (deterministic parsers for common brokers, assisted extraction for the rest, reviewed before they count), with live sync for IBKR and Freedom24.
• No portfolio accounting for alternatives, private funds or complex entity trees; other assets are valued by the adviser.
• Not a CRM, trading, rebalancing or fee-billing system, and no annual tax-return reports for clients.
• Cross-border figures are estimates with stated assumptions, for professional review, not tax advice.

For a broader view, see cross-border portfolio analysis software compared.

Frequently asked questions

Is Morningstar Office being discontinued?

Yes. Morningstar announced in March 2025 that it is retiring Morningstar Office, with a transition for users to SS&C Black Diamond.

What replaces Morningstar Office?

Morningstar arranged a transition to SS&C Black Diamond. Other options include Orion and, for UHNW firms, Addepar. Advisers whose main need is reviewing internationally mobile clients can add Borderfolio for Advisors alongside or instead of a full back-office system.

Does Borderfolio replace portfolio accounting and billing?

No. Borderfolio for Advisors consolidates and reviews client portfolios and produces client reviews; it does not do US portfolio accounting, fee billing, rebalancing or trading.