NEW YORK-As unified managed accounts become more well known among investors and financial advisers, firms creating them are faced with questions of what functions to outsource, along with related technology issues and compliance rules, according to panelists at Financial Research Associates' "Unified Managed Account" conference here last week.

Many firms want to create a UMA and recognize the increasing need to offer the product to clients, but "there is a still lack of knowledge among firms on how to make that happen," said Joseph Mrak, senior vice president and general manager at BISYS Wealth Solutions. Firms are wondering what are all the components needed to start, he said.

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