New enhancements to Envestnet’s unified managed account (UMA), such as product expansion, systematic income withdrawals and advisor-created asset allocations, announced Monday morning, will allow advisors to customize client accounts ranging from $150,000 to multi-millions on a single platform.

Using the newly improved UMA, advisors can choose from more than 1,200 products in 27 asset classes including mutual funds, ETFs and separately managed accounts. They will also receive performance reports on three levels: individual portfolio, asset class and securities.

“What we’ve done is taken a multi-tiered approach to performance reports,” says Envestnet President Bill Crager. “It’s that mid-tier, that asset-class level, that is new because you want to see how that large cap growth did against the benchmark, for instance.” Envestnet will take care of trading and rebalancing the accounts.

Hypothetically, the typical client account with a $150,000 portfolio would be charged somewhere between 75 and 85 basis points: 35 points for the platform fee, 20 for the custody fee and 35 for the manager’s fee, Crager said.

Other enhancements include tax sensitive management and SRI screening for portfolios. “The big leap forward is the flexibility for advisors,” Crager says. “It really puts the power in their hands.”