Demand for UMAs skyrocketing

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Unified managed accounts are becoming more attractive to boutique advisory groups who want to compete effectively in the SMSF space and differentiate their advice.

OneVue has announced an increased interest in unified managed accounts (UMA) by self-licenced boutiques, with a possible 19 new advisory groups to sign up. The platform has just been made available to nine new groups and OneVue is in discussion with another ten.

The attraction is due to the UMA’s ability to administer more sophisticated asset types than traditional platforms – being ideal for advisers wanting to compete more effectively in the SMSF space, said OneVue head of sales Stephen Karrasch.

“In October last year we reported 18 consecutive months of positive net funds flow on to the UMA and we’re aiming to reach the 24 month mark this April, something we are confident we can do,” he said.

Karrasch said the consolidated reporting and accounting integration that the UMA provides makes the process for advisers more streamlined as well as simpler for those that work closely with clients’ accountants and other third party providers. They will also be coming up with a new process this year which will simplify their fee structure.

Popularity for UMAs spreading through word of mouth, greater brand awareness, and on the back of the AIOFP’s announcement to use the UMA as a new private label solution for members in March last year.