Bank of America Corp.'s consulting services group will launch a unified managed account platform early next year to enhance its quickly expanding fee-based services program.
"Definitely for us, 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 said wealthy clients want a comprehensive set of solutions in a "nice neat package."
"If you look at why mutual fund wrap programs are successful, it is because it is an easy story to tell and implement," he said. "With wrap accounts you can fulfill an asset allocation strategy with a range of products in one account. With managed accounts a customer can own the securities, take advantage of the tax situation, and customize. [The unified managed account] is the best of both worlds."