While unified managed accounts (UMAs) hypothetically allow advisors to hand off the complex asset management aspect of their jobs, affording them more time to spend on financial planning and prospecting for new clients, take up among advisors has been lukewarm at best, according to a new report by Cerulli Associates.

Indeed, while independent advisors have the most on their plates when it comes to administrative chores, only 35% of them have used UMAs, Cerulli says. Some 56% of advisors at regional firms and 46% of wirehouse advisors have never used a UMA.

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access