Multi-Account Unified Managed Account (UMA) with Harry Bartle

Sep 6, 2022

Ask episode

Chapters

Transcript

Episode notes

As the world of wealthtech continues to evolve, so do the products and services financial advisors use to manage their client's portfolios. The multi-account unified managed account is one of the exciting developments in the industry. While UMAs are the backbone of the wealth management industry, what does it take to implement multi-account UMAs?

In this episode, Jack talks with LifeYield colleague Harry Bartle. Harry is the Executive Vice President of Enterprise Sales. In his role, Harry helps enterprises build complete household wealth management platforms. Having seen all the positives and negatives of piecing together a new wealthtech platform, Harry has become a resource for current and future clients looking to build household wealthtech platforms.

Harry talks with Jack about improving financial outcomes and increasing overall tax efficiency at the household level. He also discusses the evolution of the unified managed account (UMA), how the multi-account UMA came to be, and what it takes to implement multi-account UMAs.

Key Takeaways

[01:01] - The evolution of the unified managed account (UMA).
[05:46] - The impact of asset location on tax results.
[06:37] - Maximizing the after-tax return on household accounts.
[09:26] - Managing portfolios on the decumulation side.
[14:05] - How the multi-account UMA came to be.
[16:13] - What it takes to implement multi-account UMAs.
[18:49] - How LifeYield provides solutions to major companies.
[20:29] - Harry's three key takeaways.
[22:35] - What Harry does outside of work.

Quotes

[06:30] - "You can't do tax management effectively unless you're doing it across all your accounts in concert with each other." - Harry Bartle

[16:27] - "Anybody that's ever gone from a single account system to UMA knows how painful that process is. It's very painful, very expensive, and has years of work." - Harry Bartle

[20:45] - "Everybody's talking about multi-account management and multi-account implementation household. You don't need to replace UMA. You can create household multi-account implementation capabilities while still having the backbone of your firm." - Harry Bartle

Links

Connect with our hosts

Subscribe and stay in touch