Investment research company Morningstar is to acquire PlanPlus Global including FinaMetrica, an investment risk measuring system used by many Financial Planners with their clients.

Morningstar will acquire the full PlanPlus Global range of products including FinaMetrica Profiler, a risk-profiling tool, the Financial Planning solution ProPlanner (formerly Planit) and ProTracker, a portfolio monitoring tool.

In 2018 PlanPlus Global and FinaMetrica joined forces to develop new products. FinaMetrica founder Paul Resnik has been a well known speaker in the UK for many years.

PlanPlus Global CEO Shawn Brayman says his company has enjoyed a “long-standing relationship” with Morningstar and discussions about closer collaboration have taken place over an extended period.

He said: “Over time, it became apparent to both firms that, together on a global scale, we could offer risk profiling, Financial Planning and 'suitability' software unlike any other available.

“Our combined solutions will help advisers better manage their day-to-day workflow, enhance client engagement, meet compliance obligations and produce digital advice underpinned by Morningstar’s institutional-grade data, information and research.”

PlanPlus Global says the additional resources of Morningstar will help provide an expanded product suite, an enhanced level of training and updated tools.