Glossary
Unified Managed Account (UMA)
A single investment account that holds multiple investment strategies — such as SMAs, mutual funds, and ETFs — managed holistically.
A Unified Managed Account (UMA) consolidates multiple investment strategies — including separately managed accounts, mutual funds, ETFs, and alternative investments — into a single client account with unified reporting and overlay management. UMAs simplify the client experience (one statement, one tax overlay) while giving advisors the flexibility to combine strategies from different managers. For income-focused advisors, the UMA structure makes it easier to incorporate dividend income analytics across a mixed portfolio of direct equities and ETFs, since all holdings are visible in a single view rather than fragmented across multiple custodial accounts.