The last thing a wealth management firm wants to hear is that the platform it relies on to run its business is being discontinued. That was the reality for many Morningstar Office users, including Michael Awosemusi, Founder and CIO of Empowerment Financial Advisors in Irving, Texas. His firm, which provides comprehensive financial planning and investment management services, needed to identify a new technology partner quickly—without compromising the client experience or operational continuity.
A Seamless Transition Through Partnership
Fortunately, Morningstar anticipated this challenge and established a strategic alliance with SS&C Black Diamond® Wealth Solutions to ensure a smooth transition for affected firms. This partnership combined Morningstar’s trusted research and data capabilities with Black Diamond’s award-winning wealth management platform, providing advisors with a future-ready solution that requires minimal disruption.
Awosemusi used Morningstar Office for over three years to drive his advisory practice. He appreciated the versatile, do-it-all nature of the product and the convenience of having a dedicated customer service manager. When the announcement came that Morningstar Office would no longer be available, Awosemusi’s first concerns were the impacts on his clients and the daily operations of his business.
A primary concern for Awosemusi was access to Morningstar’s data, research, and analysis, which he relied on for daily operations. Additionally, he also questioned how he would transfer all his business-critical data from Office to a new solution like Black Diamond.
Black Diamond is recognized for its user engagement and customization capabilities. Its client portal is also a substantial upgrade from Morningstar Office. This appealed to Awosemusi, so he reached out to learn more about Black Diamond, including a product demo.
During the review process, Morningstar assured Awosemusi that a significant benefit of choosing Black Diamond is that the data, research, and analysis he relied on were fully integrated via the Morningstar Direct Advisory Suite. He was also pleased to learn that Black Diamond and Morningstar would handle the heavy lifting of converting his client’s data.
That sealed the deal for Awosemusi, who was also drawn to Black Diamond's competitive pricing, client portal, user engagement, and customization interface. Because his clients represent diverse and unique interests, he wanted to ensure their experience with the product was just as positive as his team’s.
From Disruption to Opportunity
Within one week of transitioning from Morningstar to Black Diamond, he had access to all his information. Onboarding, training, and reconciling the data took two to three weeks. “The process was a lot of work, but it was worth it,” said Awosemusi. “The data conversion ran smoothly, and when I got access to my data in Black Diamond, I found only a few minor issues that were addressed quickly.” The data transition proved to be a valuable opportunity to optimize his data and deepen his understanding of it.
Navigating Black Diamond, he was pleased to find that the Morningstar Direct Advisory Suite integration easily solved his research needs. He also appreciated the client portal linkage to financial planning and was very happy with the mobile application. These features gave him confidence that this technology would be an upgrade and benefit for his team and clients. “The support from Black Diamond has been helpful, and I’m impressed with their efficient issue tracking process,” said Awosemusi.
Now that Empowerment Financial Advisors has completed its transition, Awosemusi and his team are focused on what matters most—their clients. The move not only restored operational stability but also enhanced the firm’s ability to deliver a modern, data-driven client experience through integrated research, robust reporting, and seamless mobile access.
Reflecting on the process, Awosemusi credits the collaboration between the two firms for the ease of transition. “The whole process looked daunting initially, but it was easier than you’d think,” he said.
As part of the growing community of more than 3,000 firms on Black Diamond, Empowerment Financial Advisors joins over 400 former Morningstar Office users who have transitioned—firms representing a new generation of advisors empowered by integrated technology, connected data, and a shared commitment to client success.
To see how SS&C Black Diamond Wealth Solutions can support your growth and complexity, request your personal demo, call 1-800-727-0605, or email info@sscblackdiamond.com today.
