Ibbotson Associates Australia, the investment management arm of Morningstar, has been appointed by financial planning dealer group Premium Wealth Management as its dedicated investment consultant.

In this arrangement, Ibbotson will provide Premium its full range of retail investment consulting and advice capabilities, including investment committee and governance oversight, asset allocation advice and dealer group and practise support, the firm said in a statement. Premium has 21 aligned advice practices and A$20 billion ($18.9 billion) in funds under advise.

Ibbotson Associates specialises in providing investment management and consulting services to institutions and advisors alike. As at 30 June 2013, it logged $166 billion in assets under advisement and management.