Despite having my Series 6 and 63, I am not an investment expert, by any means, nor do I pretend to be. Luckily, there are free tools out there for people like me to allow me (and maybe you lol) to analyze your portfolio and investments. I personally use Morningstar’s portfolio X-ray tool. Here’s a background on Morningstar and why I use the tool.
What is Morningstar?
MorningStar Inc. is a global financial services firm that specializes in investment research products, management, and analysis. It is a widely recognized and respected company in the investment community, known for its independent research, data, and tools for individual and professional investors. Founded in 1984 by Joe Mansueto, Morningstar is headquartered in Chicago, Illinois, and operates in various countries around the world now.
What is Morningstar X-Ray Tool and Where is It Available?
The Instant X-Ray tool is officially owned and provided by Morningstar, Inc.
It is, however, is now also available on TD Ameritrade’s website. TED Ameritrade is a prominent brokerage firm in the United States that offers a wide range of investment products and services, including online trading platforms, research tools, and educational resources for individual investors.
Why is Morning Star’s tool up on TD Ameritrade’s website? Well, although there’s no official information about it from either of the entities, it seems as if the latter has partnered up with Morning Star. Brokerage firms often partner with financial research and data providers, like Morningstar, to give their customers access to tools and resources that can help them make informed investment decisions.
How Do We Use the X-Ray Tool?
There are actually three ways for investors to access Morningstar’s Portfolio X-Ray tool.
If, however, you run into any problems, you will have to purchase MorningStar’s upgraded suite to get a better perspective on your portfolio. It only costs about $35 a month and users can sign up for a trial version before payment.
1. Just go to the official website of Morningstar > Portfolio where you can either purchase the membership or start a free trial of the suite. The X-Ray Tool’s interface inside the suite should somewhat look similar to the old interface. It will allow you to enter the Ticker name and value of your stock purchase.
2. You can then enter your holdings. This is a screenshot from back in 2009 of my actual holdings from my 401(k).
3. Then click “Show Instant X-Ray”
Check out how much information you get!
What Did I Learn From Morningstar X-Ray Tool?
That I may be too heavily invested in cash for my age! What is a 28-year-old doing with 6% in Cash? I will be doing a post on re-balancing my 401(k).