Unlock Your Access for the Data Webinar: Winning Data Teams: Getting Started and Scaling Your Team aired November 15, 2022

The next generation of wealth management products will be centered around Unified Managed Households (UMH).  This is a prediction made by Cheryl Nash at the FRA’s 8th Annual Managed Accounts Summit.  A UMH provides financial organizations with wider and deeper relationships with investors, she explained.  The goal is a more holistic approach to wealth management.

UMH Lifecycle

Cheryl, Senior VP of Strategic Marketing and Business Development Investment Services at Fiserv, said that Fiserv’s definition of UMH is “a platform for delivery of holistic wealth management advice.”  The platform must be able to inform management of discretionary assets based on a total view of the household versus looking at separate, individual accounts, she advised.

Holistic reporting is a critical component of the UMH platform, Cheryl explained, and she emphasized that advisors must provide custom solutions based on investor needs instead of proprietary products that appeal to mass markets.

Data aggregation technology needs to include both assets and liabilities to get the full picture of the investor’s wallet, Cheryl stressed. It should support discretionary and non-discretionary assets and should include both non-managed assets and liabilities.

Cheryl reported that many Fiserv clients are looking to move from solely holistic planning tools to a holistic planning cycle that includes implementation and monitoring.  An important part of this cycle is for advisors to regularly review their client’s financial plan to ensure that it’s still focused on the client’s goals.  There is also a move by clients towards reporting based on goals and strategies as opposed to benchmarks, she noted.

Cheryl believes that the industry should move away from selling products and move more towards selling solutions.

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