Broker-dealers may be interested in unified managed accounts, but advisors remain skeptical.
According to a report issued by Cerulli Associates, broker-dealers are interested in asset managers who create off-the-shelf allocation models for unified managed accounts. The problem is, advisors want more control over how assets are allocated and are increasingly reluctant to recommend UMAs that don’t allow them to define where their clients’ assets are invested and when to drop a manager they think is underperforming.
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