Cheryl Nash, president of Investment Services at Fiserv, writes about how wealth managers use the unified managed household (UMH) to drive collaboration and transparency while fostering long-term relationships in this FundFire article.
Through technology enhancements, wealth managers can now offer clients family-office level services. One service advancement in particular, the unified managed household (UMH), drives collaboration and transparency while fostering long-term relationships based on trust.
As UMH adoption becomes more prevalent, wealth management firms should consider it part of their dominant approach. Meanwhile, investors and advisors need to know more about the key benefits of the UMH, which are three-fold:
- Higher-quality financial advice – A comprehensive UMH-view into all of a client's accumulated assets, including savings and investment accounts, enables the advisor to provide far more strategic advice
- Long-term wealth preservation – This benefit particularly appeals to high-net-worth and mass-affluent investors who want to extend and preserve their wealth for future generations
- Ease of asset management – UMH allows clients to work with a single trusted wealth manager as their point of contact for all assets and investments, facilitating an easier and more transparent asset management process