In an effort to clear up confusion over a new breed of separately managed accounts, the Money Management Institute held a media briefing last week to unveil a narrower definition of the product and discuss its prospects for growth among the nation's high-net-worth.

Responding to feedback from various corners of the financial services industry that unified managed accounts (UMAs) were poorly defined, the trade association explained what to expect from the latest permutation of the SMA and the role it will play in capturing Baby Boomer assets.

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