TD Ameritrade Institutional has launched a managed account solution that expands the investment options that RIAs can offer their clients, while also providing more flexibility in how the portfolios are managed.
The Unified Managed Account Exchange (UMAX) offers two investment management solutions: An open architecture approach that gives advisors the flexibility to choose from a large selection of products using their own research and product selection strategy. There is also a bundled option that includes product research and due diligence, but limits the investment options available to advisors. TD Ameritrade had previously only offered the latter option.
The new platform, developed by Placemark Investments, was built in response to advisor feedback, said Matt Judge, director of product management for TD Ameritrade Institutional. “The RIA really wants to have more of a say over the client and the investment options available,” he said. “The UMAX is just another arrow in the quiver for the advisors. We think it’s the most efficient platform and the most cutting-edge.”
The investment vehicles available to advisors on the UMA platform include separately managed account strategies, mutual funds, exchange traded funds, exchange-traded notes, closed end funds, third party strategists and alternative asset classes. Placemark Investments is responsible for trading accounts in UMAX and customizing portfolios where appropriate for tax management, security or social restrictions or based on client risk attributes.