Cutting edge technology has facilitated the unified managed account (UMA) becoming ubiquitous within the wealth management industry. Today multiple investment products such as separate accounts, mutual funds and exchange-traded funds can all peacefully co-exist, nestled together under a single client registration.
That wasn't the case all that long ago. Before technology allowed for a single customer account to be created to house multiple investment products, the mass affluent and high net worth clients had to contend with multiple brokerage accounts, several account statements with individual performance reporting as well as voluminous 1099 year-end earnings statements. What's more, financial advisors had to juggle a client's individual investments across multiple product offerings on a one-off basis.