A Placemark news release said the new system allows financial advisors to directly manage a portion of the client’s assets invested in a single unified managed account (UMA). This offering provides the advisor with control over how their clients’ portfolios are managed, while simultaneously enabling them to take advantage of the efficiency and diversification of UMAs, Placemark said.
This new service is available to advisors whose firms are currently using Placemark’s OPM system. Placemark’s OPM enables the co-mingling of assets, streamlining account management, and adding new tax savings, risk management and rebalancing features, the company said.
“Until now, there has been no vehicle that allowed an advisor who is also a discretionary asset manager to take advantage of the benefits offered by a unified managed accounts platform,” said Lee Chertavian, chief executive officer at Placemark. “Our program allows those individuals to incorporate their own investment selections within a UMA.”