TD Ameritrade Creates New Platform for UMAs

The Unified Managed Account Exchange, UMAX, will provide independent registered investment advisers (RIAs) with more flexibility and allow them to expand investment options for clients.

With UMAX, Ameritrade is upgrading its unified managed accounts (UMAs) by giving RIAs two choices: 1) an open architecture approach in which advisers can build solutions from a larger selection of products using their own research and product selection strategy or 2) a bundled option that includes product research and asset allocation guidance. 

“Advisers working with UMAs have been limited by rigidity and lack of investment options,” said Matt Judge, director of product management, TD AMERITRADE Institutional, in a press release.  “With its open architecture and comprehensive product access, UMAX aims to provide advisers with the added flexibility and investment choice to help them respond to today’s volatile markets.” 

With the open architecture option, advisers can offer clients a range of investment options, including Separately Managed Account (SMA) strategies, mutual funds, exchange-traded Funds (ETFs), exchange-traded notes (ETNs), closed end funds, third party strategists, and alternative asset classes.