E-Trade Capital Management is going the way of the UMA.

On Thursday, E-Trade Financial announced that E-Trade Capital Management, LLC will expand its advisory offerings to include unified managed accounts. E-Trade’s UMA will allow clients to work with an investment professional to “obtain a comprehensive, integrated approach to asset allocation, investments, portfolio rebalancing and tax management.”

The benefit of UMAs is that they seek to maximize returns by investing in diverse vehicles, such as stocks, mutual funds, and exchange-Traded funds. In addition, portfolios are customized to a client’s individual needs through the assessment of goals, time horizon, risk tolerance, and financial situation. Then one of E-Trade Capital Management's core portfolios is selected and customized to the customer's specific investment preferences, tax requirements and cash management needs, the firm said in a statement, resulting in a professionally managed portfolio that is systematically rebalanced on an ongoing basis and reported on a quarterly basis, with the ability for the customer to track the portfolio anytime from etrade.com.

“We've introduced a personalized, flexible investment solution to serve the diverse needs of our customers who want professional help to meet their long-term financial objectives,” said Michael Curcio, President & CEO, E-Trade Capital Management, in a statement.  “With nearly 30% of our brokerage accounts in retirement products such as traditional and ROTH IRAs, we believe our offering is especially well-suited for customers and prospects who want help investing to reach their retirement goals.”

A UMA is not for everybody. E-Trade recommends a fee-based investment solution, like a UMA, for a portfolio of $250,000 or more. E-Trade’s UMA is co-advised by Lockwood Advisors Inc., and is for “goal-oriented investors with a long-term time horizon who wish to delegate management of their investment portfolio to an investment professional.”

Meanwhile, Fidelity Investments introduced a unified managed account platform on Wednesday. Fidelity Personalized Portfolios, which provides a daily tax-sensitive investment management solution and other key features, is aimed at affluent investors with at least $200,000 in investable assets. It offers a single portfolio that can include mutual funds, exchange-Traded funds and individual securities.