Bank of America Corp.'s consulting services group is planning to launch a unified managed account platform early next year to enhance its quickly expanding fee-based services program. "From a technology standpoint, the foundation is here for us to build a unified managed account platform," said Dan McNamara, the consulting services group's managing director.
The unified managed account is viewed as the next generation of managed account products. It lets an adviser assemble multiple products, including managed accounts, mutual fund wraps and traditional products such as mutual funds and exchange-traded funds, on one platform. McNamara noted that wealthy clients want a comprehensive set of solutions in a "nice neat package."