Navigating the investment research and data world is complex, especially since leading provider Morningstar may not be ideal for every investor.

Fortunately, many alternatives can accommodate different financial objectives, budgets, and preferences today.

In this article, we’ll look at prominent options like Empower (Personal Capital), Quicken, Bloomberg Terminal, MarketWatch Thomson Reuters Eikon, Koyfin, and Sharesight to help you find one that best suits your investing requirements.

Exploring Top Morningstar Alternatives

Finding a viable Morningstar alternative can be challenging as various options have diverse features and benefits.

Whether it’s comprehensive financial data about stocks or mutual funds you need, powerful portfolio management software to use, or insightful investment analysis tools, the below-mentioned alternatives offer all these services so that you make informed decisions.

From providing in-depth analyses of data to intuitive user interfaces for convenience, these solutions give you everything needed to reach your desired goals.

Empower (Personal Capital)

screenshot of Empower homepage

Formerly known as Personal Capital, Empower is an accessible financial planning and portfolio management platform with various features.

The ability to sync accounts from brokerages directly into its interface for analysis purposes and charting investment portfolios over time make investing simpler than ever before.

Key Benefits

  • Comprehensive Financial Planning: offers a comprehensive financial and investment management platform, providing tools for portfolio tracking, analysis, retirement planning, and budgeting.

  • Personalized Recommendations: provides customized recommendations for adjusting your portfolio to reduce risk and reach your goals. This helps investors make informed decisions based on their specific objectives.

  • Fee Analyzer Tool: allows individuals to examine the fees they pay in their accounts, helping them identify potential savings opportunities.

  • Tax Optimization Strategies: utilizes asset location, tax-loss harvesting, and tax efficiency techniques to help minimize an investor’s tax bill while maximizing after-tax returns.

  • User-Friendly Interface: has a user-friendly interface that makes navigating and accessing all its features easy.

Pros

Compared to Morningstar’s focus on providing information about investments only, Empower offers a broader range of personal finance tools. While both platforms offer portfolio analysis capabilities, only Empower delivers personalized recommendations based on individual circumstances.

The fee analyzer tool offered by Empower can be beneficial in identifying potentially excessive fees compared to Morningstar. Unlike Morningstar’s emphasis solely on information about funds and stocks, Empower Asset Location feature efficiently locates holdings across all taxable accounts using low-cost ETFs or index funds.

Cons

Although Empower does provide valuable investment insights – including asset allocation overview – it may lead to more calls-to-actions rather than being an informative source like Mornigstsar.

Quicken

screenshot of Quicken homepage

Quicken offers a comprehensive suite of features for tracking investment portfolios, budgeting, and monitoring financial performance.

By connecting to retirement and brokerage accounts or manually entering investments, users can access in-depth stock analyses from around the globe and daily insights based on Quicken’s unique analysis model and snowflake screener.

Key Benefits

  • Comprehensive Financial Management: is a personal finance platform that offers detailed budgeting, debt management, and investment tracking tools in one place.

  • Additional Investing Tools: provides several additional investing tools, including the Morningstar Portfolio Instant X-Ray tool, buy/sell modeling for tax implications, and a “What If” tool for estimating capital gains.

  • Tiered Pricing Options: Quicken offers tiered pricing options based on your chosen product, allowing you to select the features that best suit your needs and budget.

Pros

Quicken excels in providing comprehensive tools for budgeting and managing debt effectively. Its inclusion of various investing tools gives users more insights into their investment portfolio.

Unlike Morningstar Advisor Workstation, accessing all features in Quicken comes with a more affordable annual subscription fee.

Cons

The interface of Quicken can feel outdated compared to other platforms or applications.

Bloomberg Terminal

screenshot of Bloomberg Terminal homepage

The Bloomberg Terminal is an extensive financial data and analytics platform that offers real-time news, information analysis, risk assessment tools, and market insights worldwide.

Primarily marketed to institutional investors with deep pockets for its premium pricing, it still provides invaluable resources in a comprehensive package.

By providing access to current facts regarding finances and data-gathering capabilities from around the globe, this powerful tool helps keep those entrusted with their company’s investments up-to-date at all times.

Key Benefits

  • Comprehensive Data Coverage: offers access to extensive financial data, including real-time market data, historical price information, company financials, and more.

  • News and research: users can stay updated on the latest news and analysis in various industries with Bloomberg’s comprehensive news feed, research reports from analysts worldwide, expert commentary, and proprietary insights.

  • Trading Capabilities: users can execute trades directly through its integrated trading system. It provides access to various asset classes, such as equities, fixed-income securities, derivatives markets, and order management tools.

  • Communication Tools: includes a robust messaging system that enables professionals to connect with counterparts across different firms for collaboration and sharing of information securely.

  • Enhanced Analytics: offers advanced analytical tools for in-depth analysis of securities or portfolios using valuation models, risk management techniques, and charting options employing technical indicators.

Pros

The extensive data coverage and analysis tools of Bloomberg Terminal are highly praised. The platform’s ability to provide comprehensive financial information is enormous. Additionally, the messaging system allows users to easily communicate with others in the finance industry, facilitating collaboration and networking.

The real-time financial news feeds offered by Bloomberg Termina enable users to stay updated on market trends and developments, allowing for timely decision-making.

Furthermore, the trade execution services provided by Bloomberg Terminal streamline the trading process for investors, enhancing efficiency and ensuring seamless transactions.

Cons

Navigating through the interface can be complex and overwhelming – especially for new users needing time to familiarize themselves with all its features. The visual presentation can be dense and confusing at times.

Furthermore, the cost is a significant drawback as subscriptions for Bloomberg Terminal start at a high price point, making it inaccessible for many individual investors or small firms operating on a limited budget.

While comprehensive search functionalities are available, finding specific information pieces may not be as intuitive or straightforward as expected.

MarketWatch

screenshot of MarketWatch homepage

MarketWatch is an excellent tool for investors looking to stay updated with market, financial, and business news.

They provide detailed stock quote pages, including trading information and graphs displaying the latest data regarding stocks and overall markets.

Key Benefits

  • Business News and Analysis: provides up-to-date business news, market analysis, and financial insights to inform investors about the latest developments.

  • Personal Finance Content: offers a wide range of original unique finance content to help individuals make better financial decisions.

  • Fund Comparison Tool: allows investors to compare mutual funds and ETFs, aiding in investment decisions.

Pros

In addition to its extensive business news coverage, MarketWatch also offers personal finance content. This includes budgeting, saving, retirement planning, investing strategies, and more articles.

Including personal finance topics makes it a well-rounded resource for individuals looking for market updates and practical advice related to their financial well-being.

Furthermore, its Fund Comparison Tool allows users to compare mutual and exchange-traded funds (ETFs). Investors can evaluate performance metrics such as returns over periods or risk-adjusted ratings.

Cons

One limitation of using MarketWatch compared to Morningstar is that it primarily works as a generalist financial website rather than specializing solely in investment analysis or research reports.

While it provides some tools like stock screeners or retirement planners, they are secondary features with relatively limited depth compared to dedicated platforms like Morningstar.

Additionally, while providing some investment-related tools, resources, and information, MarketWatch may not fulfill the requirements of more advanced or professional investors. It might lack specific data points, analytical tools, or detailed reports that such individuals would seek from a dedicated investment analysis platform.

While it does offer valuable content for free access on its website, some users may require greater depth of research or additional features that can only be accessed through paid subscriptions.

Thomson Reuters Eikon

screenshot of Eikon homepage

Thomson Reuters is a highly respected source of financial information and services, offering asset allocation insights to individual investors around the globe.

Acquired by Reuters in 2008, it has gained significant market share compared to Morningstar, providing its users with much pertinent financial data for investment decisions.

Key Benefits

  • Access to industry-leading data: offers insights and exclusive news.

  • Powerful screening capabilities: provided with numerous additional features.

  • Sentiment: provides unique Twitter and news analysis for identifying trends.

  • Market Data at a glance: offers visualizations that aid in quickly pinpointing value in currency markets.

  • AI help: offers personalization through AI on the financial desktop platform.

Pros

Thomson Reuters Eikon offers comprehensive financial data, news, and analysis. Its extensive coverage provides users with access to a diverse set of assets beyond just mutual funds.

It is known for its credibility as a trusted source of financial information.

Regarding screening capabilities, Thomson Reuters Eikon stands out with its powerful customization options. Moreover, it may offer more advanced research tools than Morningstar’s offerings which might lack diversity.

Morningstar’s coverage is not as broad as Thomson Reuters Eikon’s offering, encompassing multiple asset classes beyond mutual funds – limiting its appeal for those requiring broader market insight.

Cons

The abundance of data available on Thomson Reuters Eikon may also overwhelm certain users who prefer a more streamlined approach.

Regarding cost, Thomson Reuters Eikon might appear more expensive than Morningstar.

Nevertheless, its added value in terms of its comprehensive coverage and advanced features may outweigh this disadvantage for those requiring a wider range of financial information.

Koyfin

screenshot of Koyfin homepage

Koyfin is a portfolio management software offering numerous advantages, such as diverse data, user-friendly tools, and scalable business services.

Custom watchlists plus financial graphs to analyze investments using multiple sources of information to manage portfolios efficiently. The platform offers superior performance tracking and a comprehensive stock screener conveniently available through its mobile app.

Key Benefits

  • Comprehensive service: includes data, powerful tools, and excellent customer service.

  • Flexible pricing: offers plans that allow for scalability as a business grows.

  • User-friendly: the interface is intuitive.

  • Extensive range of features: including charting tools, financial statements, SEC filings, stock screener, portfolio tracker, watchlist, news feeds, international stocks, economic data, and forex data.

  • Custom financial analysis: offers various templates and provides comprehensive information.

Pros

Koyfin offers flexible pricing plans for different budgets and business sizes. This allows users to scale their subscriptions based on their needs.

On the other hand, Morningstar Premium has a flat fee pricing plan that may not suit all customers.

Koyfin provides comprehensive data and powerful analytical tools. The platform includes charting tools, fundamental data from financial statements, and access to real-time market information. Koyfin also offers custom analysis templates and company tweets, giving users a unique advantage in conducting research.

Morningstar primarily focuses on mutual funds, bonds, and ETFs, whereas Koyfin covers equities, international stocks, economic indicators, and forex data.

Koyfins’ user experience design makes finding desired information, relevant charts, or reports easy. On the other hand, Morningstars’ user interface is less intuitive when compared to Kofyns’.

Cons

Koyfin, while providing a range of tools and data for investment research, may not offer the same depth in portfolio analysis as Morningstar. Also, if a user’s investment strategy leans heavily on mutual funds, bonds, and ETFs., they might find Morningstar’s in-depth analysis and rating system more beneficial than what Koyfin offers.

Morningstar’s analyst ratings, drawn from a team of experts, are a valued feature for many users. Koyfin doesn’t provide a similar feature at the moment.

Morningstar has a more active user community for discussion and idea exchange, which could disadvantage Koyfin.

Sharesight

screenshot of ShareSight homepage

Designed for retail and institutional investors, Sharesight is a portfolio-tracking platform that provides multiple currencies and exchanges to cater to the requirements of international traders.

Although its free version has restricted functionalities, several subscription packages can be tailored according to individual investment needs or budgets.

Key Benefits

  • Comprehensive tax reporting: provides tax reporting on various holdings, including those from the stock market to ETFs, cash, and more.

  • Robust reporting tools: has strong reporting tools that give in-depth insights.

  • Automatic holding updates: provides automated updates for your holdings.

  • Innovative corporate action processing: offers a corporate action processing feature that stands out among financial portfolio management software.

  • Dividend/distribution tracking: offers a tracking system for dividends and distributions, enabling investors to manage payments from a vast range of stocks, ETFs, and mutual funds worldwide.

  • Tailored for professionals: caters to accountants, financial advisors, and fund managers.

  • Technology licensing: enables partner companies to license Sharesight’s platform technology.

Pros

Sharesight excels in comprehensive tax reporting on various holdings, robust reporting tools, automatic holding updates, and a tracking system for dividends/distributions.

Furthermore, Sharesight stands out with its program that allows partner companies to license Sharesight’s technology for their platforms, enhancing their financial management capabilities.

Compared to Sharesight, Morningstar seems to offer fewer extensive features. Additionally, while Morningstar does guide investors, it might not be the ideal choice for professionals such as accountants, financial advisors, and fund managers who might benefit more from the wide range of specialized tools that Sharesight offers.

Cons

I have to point out that Sharesight can be integrated into Morningstars’ services, allowing subscribers to track all their investments in one place. This integration enhances the convenience of Morningstar, making it a good fit for those looking for a one-stop investment tracking solution.

Despite its extensive features and capabilities, Sharesight has some issues with data accuracy and syncing with brokerage accounts.

Furthermore, some users find the platform’s pricing structure confusing and relatively expensive. Customer service response times are somewhat slow.

Tailored Investment Solutions for Every Investor

Many Morningstar alternatives are available today that offer specific features and benefits to a broad range of investors.

Anyone can determine the most suitable choice by assessing factors like data coverage, portfolio performance tracking tools, investment analysis instruments, cost options, intended users, and user experience.

Whatever your budget or knowledge level, an appropriate substitute option exists that will help with more informed decision-making regarding investments and optimize one’s portfolio efficiency.

Frequently Asked Questions

Who is Morningstar’s biggest competitor?

Fidelity, a leading financial services business offering brokerage, investment, and retirement facilities, is considered to be Morningstar’s primary competitor.

Offering similar outcomes in finance research and investing as those offered by Morningstar. Fidelity provides reliable services across these sectors.

What program is similar to Morningstar?

For investors searching for a program to assist with their decisions, Koyfin and Bloomberg Terminal are all top alternatives worth considering.

These programs offer data analytics tools, portfolio tracking abilities, and access to real-time market information, which can be highly beneficial in making informed investments.

They provide insights into the markets and educational resources so users understand what is happening inside and outside the industry or asset class.

Each platform provides unique features that make them desirable options when investing in software solutions.

Is Morningstar better than Bloomberg?

Customers more widely use Bloomberg Terminal than its competitor, Morningstar Direct. Evidence for this is the higher ratings and more significant number of reviews it receives from users.

What are the top Morningstar alternatives in 2023?

By 2023, top competitors to Morningstar will include Empower (Personal Capital), Quicken, Bloomberg Terminal, MarketWatch, Thomson Reuters Eikon and Koyfin, and Sharesight.

All of these products offer a wide selection of features designed specifically for different types of investors’ requirements.