Fidelity Investments' National Financial Unit plans to offer a unified managed account (UMA) this fall to its correspondent broker/dealers, sister publication Securities Industry News reports. The move comes at a time when financial advisers are having a hard time managing the growing number of investment products on the market.

While certainly not a new concept, the idea of combining several investment products under a single umbrella is a step forward for Fidelity, given that it is the second-largest clearing firm catering to retail-oriented broker/dealers. Broker/dealers will gain a capability that their wirehouse competitors have spent hundreds of millions of dollars on in recent years, building supporting technology as well as linkages to managers of the complex, fee-based investments available through the accounts.

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