Citi has created the first web-based platform to handle all of the various types of investment products inclued in a unified managed household account, with TIAA-CREF coming on board the first asset manager to sign on. TIAA-CREF will be using the platform, OpenWealth, in its fee-based wealth management division.

OpenWealth can replace the multiple platforms sponsors currently have to run to administer all of the various and complex products and tax transactions in a UMH. It also includes automated overlay management and rebalancing and, importantly, end-to-end connectivity from the financial adviser straight through to the custodian.

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