What is a Unified Managed Account in the context of a Registered Investment Advisor (“RIA”)?

Definition: This is an account type that logistically enables multiple investment approaches (ex: advisor-led, SMA Manager, investment model, etc.) to be executed within a single account. Each investment approach, or “sleeve,” in turn can be isolated for performance reporting purposes, fee billing, etc.

When used in an RIA context: “The financial advisor used a United Managed Account with the client which enabled three different SMA Managers to manage their respective amount of the assets within the account.”

See also: SMA Manager, UMA