Morningstar reviews

Where to begin. While the founder and CEO deserves high marks for being an approachable and passionate leader, his personnel choices of late and his general approach to operating the company have wreaked a lot of havoc. The senior management is turning over slowly but still features a raft of lifers who manage upwards, engage in passive aggressive behavior, and largely don't have the skill or experience to meet their mandates. There is little consequence for failure if you operate within the favored clique of insider managers, so bad decision making and lack of managerial skill have calcified in most areas of the company. Compensation policies have always been extremely frugal both in general and relative to other companies in the financial services industry. Recently, the company shifted to a socialized, company wide bonus system and the introduced a young and inexperienced global pay czar at the HR level. These moves have lead to pay packages well below even a few years ago's already substandard offers. The company lacks strategic direction, mostly because it retains a very inward-looking approach to business. Strategic initiatives often make no sense . . .the recent cloud based software push that lead to nothing but wasted time and energy, the drive to compete with middle ware software vendors in the Advisor software industry, the push into real time and commodity data that fizzled and died very quickly. There is no emphasis on planning and bench-marking, so major initiatives get way down the road before anyone can determine that they are off the rails and doomed for failure. The recent company re-organization is a prime example. It cannot be stressed enough that there is no real avenue to build a career, gain seniority, and sharpen your skill set without playing the political games the company requires. The current management team basically has a "Do Not Solicit" sign out at all times and emphasizes a yes man culture. Smile and nod your head and you may have a chance. If you voice an independent opinion or offer constructive criticism, it blows back on you. This has lead to a steady stream of departures from the company in the most critical areas. The 10-15 year experienced, value added veterans are leaving as fast as they can, leaving behind a mix of youth and loyalists willing to play the promotion game. The talent pool is definitely depleting at the company. Finally, beware of the company's advertising. It is largely untrue. While it claims great products, it has skimped on development and support. While it claims to attract and retain great people, it underpays them and yawns when they leave.

Astute applicants who have gotten this far probably think they know the cons already. You don't. Morningstar is not a place for anyone to reach their potential. For managers, you are expected to sell the concept of low pay, no raises, and minimal resources for the greater good -- as if this was a startup. Convince the team that they don't need what they need nor should receive the wages they deserve. The success of this company rests largely in its ability to underpay and underresource staff. Place them in inadequate, cramped office space. Condition employees not to ask for anything, however important. Basically, the strategy constrains costs to manage turnover to X percent a year. I have yet to find anyone who was gainfully employed at another firm in the same position actually come to Morningstar. It is usually someone who is a job switcher or whose previous position didn't work. My advice to candidates, consider employment on the coasts - even if you live separately from your family for multiple years -- even if the household economics are worse. Working for Morningstar can have a severe, negative impact on your career trajectory that will be difficult to correct later.