Morningstar, Inc. has launched a suite of new features within its Direct Advisory Suite — the next evolution of its Advisor Workstation platform — aimed at helping financial advisors analyze, integrate, and communicate private market exposures within client portfolios.  

“As private investments become part of more investor portfolios, we’re extending that language to help bring the same comparability and confidence to private markets that we’ve delivered for investors in public markets,” said Kunal Kapoor, CEO of Morningstar. 

The new capabilities are designed to support both advisor workflow and client education around alternative investments. Key features include: 

Expanded Private Capital Research Universe: New screening, comparison, and monitoring tools for private capital funds, including semi-liquid structures such as interval and tender offer funds. 

Enhanced Risk Profiling: Morningstar’s risk model now incorporates private capital exposure, while the Portfolio Risk Score quantifies risk attribution from both volatility and liquidity constraints. 

Portfolio Transparency Tools: Visual breakdowns of private market allocations within a portfolio, helping advisors illustrate client exposures clearly. 

Proposal-Ready Reporting: Enhanced FINRA-reviewed proposal reports now integrate private investment metrics, liquidity profiles, and risk insights. 

Alternative Investments Hub: Centralized content platform aggregating Morningstar’s research, market commentary, and advisor education resources on private markets. 

The enhancements arrive as private market adoption among retail investors accelerates. According to Morningstar’s 2025 Voice of the Investor study, 25% of retail investors already hold private equity, rising to 35% among households with $500,000 or more in investable assets — underscoring the growing demand for sophisticated tools to manage increasingly complex client portfolios.