CHICAGO, Aug 24, 2001 CPA2Biz announced today that it has completed an agreement with Morningstar, Inc., and that Morningstar Reports, Due Diligence information, and editorial content about investing and the latest trends in financial planning are now available online at its business-services hub at www.cpa2biz.com.
"CPAs are expanding their services to include financial planning, and there is a tremendous need for trusted, independent investment information," said Chris Boruff, president of Morningstar's Advisor business unit. "We are excited to work with CPA2Biz and look forward to providing its users with Morningstar information and content."
"Financial planners have relied on Morningstar for more than 15 years as their primary source for investment information," said Doug Wright, vice president of financial services offerings for CPA2Biz and president of Capital Professional Advisors, Inc., a CPA2Biz company. "Morningstar was the obvious choice for value-added and highly relevant investment information and editorial content for the Investment Advisory Services and Personal Financial Planning Resource Centers on CPA2Biz. My experience has shown that approximately every $1 million of revenue for a CPA practice potentially represents about $100 million of investable client assets, and Morningstar will continue to be an invaluable tool for CPAs to help their clients with those assets."
According to the AICPA, 90,000 of its members report that they do financial planning on some level for their clients. The AICPA awards its own credential, Personal Financial Specialist (PFS), to members who are committed to personal financial planning and have demonstrated significant experience in this discipline. In addition, according to a recent study conducted by the Taylor Research Group, 56% of CPAs in public practice now either offer investment planning or plan to do so. At its Investment Advisory Services and Personal Financial Planning Resource Centers, CPA2Biz offers CPAs a vast array of tools and resources, including those from Morningstar, with which they can grow their investment-advisory and planning practices.
About Morningstar, Inc.
Chicago-based Morningstar Inc. is a leading, independent provider of investment information and analytical tools. Morningstar supplies a variety of products and services to professional investment advisors, including Morningstar® Advisor Workstation , a comprehensive set of online tools for investment planning professionals, Morningstar® Principia® Pro investment management software, Morningstar Mutual Funds, the annual Morningstar Investment Conference, and the Morningstar Professional Education Series.
Morningstar's Web site for advisors, www.MorningstarAdvisor.com SM, offers Morningstar Reports on more than 24,000 stocks, mutual funds, exchange-traded funds, and variable/annuity subaccounts. Morningstar launched www.MorningstarAdvisor.com in July 2000 and currently has nearly 60,000 registered users. In addition to the Morningstar Reports and the Due Diligence Center, the Web site includes a Continuing Education Credits Center, a searchable catalog of online courses, books, and tapes that financial advisors can use to earn necessary credits to maintain professional designations, and a Marketplace area that includes Web-based service providers that offer additional services to financial advisors.
CPA2Biz was developed by CPAs for CPAs, their clients and employers as a comprehensive provider of tools, resources, value-added services and application solutions that strengthen and add value to the relationships between CPAs and the organizations they serve. CPA2Biz's partners--the American Institute of Certified Public Accountants and state, district, and territory CPA societies--represent 425,000 members of the accounting profession in the United States. Strategic partners include Microsoft Corporation, Thomson Corporation and Aon Corporation. For more information, please visit CPA2Biz at www.cpa2biz.com.