For years, Morningstar has positioned itself as the independent umpire of the mutual fund world. The star ratings.  The analyst reports.  The fiduciary consulting. If Morningstar approves it, fiduciaries feel safe. But buried in Morningstar’s own SEC filings is something most plan sponsors, consultants, and courts do not realize: Morningstar is deeply embedded in the … Continue reading Morningstar: The Referee Who Designs the Insurance Playbook