Building the Foundation for Household-Level Wealth Management 

This blog recaps recaps MyVest’s byline in Wealth Management | August 5, 2025.

MyVest published a byline thought piece in Wealth Management called “The Evolution of the UMA,” where we explore the progression of Unified Managed Accounts (UMA) role in modern wealth management through three stages – from what we call the original 1.0, to today’s 2.0, to the future state of 3.0.  We cover how over the past two plus decades, UMAs have evolved from a tool to consolidate separately managed accounts (SMAs) into a client-centric methodology that enables wealth managers to scale advice, personalize portfolios, and work toward Unified Managed Households (UMH). ​

Here is a synopsis from our byline: 

UMA 1.0: From Product Convenience to Coordinated Accounts

UMA 1.0 marked the transition from SMAs to UMAs, simplifying client experiences by consolidating accounts and introducing active overlay management for coordination between SMA products. ​ However, challenges like limited flexibility and the need for personalization persisted. ​

UMA 2.0: Overlay Management and the shift from Coordinated Products to Client-Centric Solutions

UMA 2.0, the current stage, reimagines UMAs as foundational for delivering advice and personalization at scale. ​ Key advancements include personalized investment strategies, advisor-driven customization, program consolidation, and tax management. ​ Despite progress, barriers such as fragmented platforms and isolated tax services remain. ​ Firms are focusing on re-platforming and unified strategies to prepare for the next stage. ​

UMA 3.0: Futureproofing Toward UMH

UMA 3.0, the future of UMAs, aims to unify clients’ financial lives across accounts, goals, and services. ​ It introduces householding, multi-account completion portfolios, and native tax management at scale, enabling comprehensive wealth management for families. ​ However, achieving UMA 3.0 requires overcoming challenges like technology integration, advisor adoption, and program consolidation. ​

The Destination: UMH

The ultimate goal is the Unified Managed Household (UMH), a unified advisory platform that also includes financial planning and holistic investment management for the entire household. ​

While UMA 3.0 promises personalized, tax-aware, and goal-based wealth management, firms must first perfect UMA 2.0 and adopt the necessary tools, strategies, and talent to deliver consistent outcomes. UMA 3.0 will be the operating system for household-level wealth management, paving the way for UMH as the future of serving families effectively. 

Further Reading about UMAs from MyVest 

Read about how all the features in MyVest’s platform helps firms future proof their UMA

Read MyVest’s product announcement: MyVest Enhances UMA Offering to Help Wealth Firms Design, Implement, and Evolve Their Managed Account Programs

Read the full byline on Wealth Management.