Unified Managed Account
A Unified Managed Account, or “UMA,” is a discretionary, multi-discipline strategy housed in a single account.
The BFE UMA is a flexible UMA in that once you and your advisor have determined the correct strategic asset allocation model, the Advisor has discretion to follow the core model as determined by BFE and Lockwood or to adjust asset allocation/style percentages within the allowable bands in addition to substituting in other approved investment vehicles. This customization and flexibility allows the Advisor to work with the you and tailor the UMA to your specific needs, objectives, preferences and circumstances.
There are six diversified core models that span the Firm’s nine strategic allocation models. BFE is the sponsor, and Lockwood Advisors, Inc. (Lockwood), an affiliate of Pershing LLC., serves as the overlay manager. BFE and Lockwood work together to determine the default asset allocation percentages and allowable bands for each model. Lockwood and BFE select the investments to be used for each style allocation, also known as each sleeve, of the core models. Additionally, Lockwood’s investment committee and BFE approve each investment vehicle available in the UMA. A sleeve can contain a third-party money manager’s equity model, an exchange traded fund, a mutual fund or a combination of all three. Additionally, a mutual fund model or ETF model provided by BFE or a 3rd party strategist may be used within the UMA.