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MORNINGSTAR RESEARCH SERVICES LLC

CHICAGO, IL · CRD 285164 · IAPD ↗ · morningstar.com · (312) 696-6000

$0Regulatory AUM
128Advisory reps
129Employees
273Clients
0Planning clients
0Private funds
0States
0Disclosures
institutionalSegment
ApprovedSEC status

Filing changes

50
February 2026 — MORNINGSTAR RESEARCH SERVICES LLC (CHICAGO, IL) left the SEC roster (was $0 RAUM, 128 reps).
Firm dropped off the SEC roster: closed, merged, fell below $100M and moved to state registration, or a 120-day provisional registration lapsed.
Recruiting & transitionsM&A & valuation
40
April 2025 — MORNINGSTAR RESEARCH SERVICES LLC shrank from 139 to 128 advisory reps.
Advisory representative count fell materially — advisors are moving, or the firm is shrinking.
Recruiting & transitionsM&A & valuation
40
April 2024 — MORNINGSTAR RESEARCH SERVICES LLC shrank from 160 to 139 advisory reps.
Advisory representative count fell materially — advisors are moving, or the firm is shrinking.
Recruiting & transitionsM&A & valuation

Data: SEC Form ADV monthly roster (public). Confirm on IAPD before acting.