Morningstar, Inc., a leading independent investment research company, today announced a definitive agreement to acquire Financial Computer Support, Inc. (FCSI), a provider of practice management software for independent advisors since 1981. FCSI's flagship product, dbCAMS+, is a popular portfolio management system that lets advisors track and create client reports, along with managing contact information and billing. FCSI employs about 35 people in Oakland, Md., and reportedly has more than 8,000 licensed users of dbCAMS+.
Morningstar plans to rebrand dbCAMS+ and incorporate it into its Morningstar Principia product line, the company's modular, CD-ROM-based investment planning suite for financial advisors. The program incorporates proprietary research, data and analysis with investment management and communications tools. Its modules comprise hypotheticals, presentations and education, defined contribution plans, and asset allocation.
"Investment analytics and portfolio reporting go hand-in-hand," said Chris Boruff, president of Morningstar's advisor business. "By bringing these two popular software applications together in a single product suite, advisors will have powerful options for integrating investment data and analytics with client performance reports."
Although Morningstar has a portfolio management software application within its separate web-based Advisor Workstation Office Edition system, the dbCAMS+ acquisition will significantly expand its capabilities and footprint in that market.
"We have seen strong demand for integrated portfolio management solutions, and felt that offering a similar capability as part of our Principia line would be a valuable enhancement," Boruff said.
"Given Morningstar's reputation and history in serving advisors, we believe our customers will continue to receive quality service and innovative solutions under the Morningstar brand," said David "Dusty" Huxford, Jr., FCSI's president.