Unified Managed Household Account (UMHA)
A type of unified managed account that will allow not only for the investing of any form of security by an individual investor, but also will allow any member of the immediate family the same investing access under the same account. This type of account will allow for the ease of administration on behalf of the financial institution and greater transparency for the investing family. Investopedia Says:
The UMHA is currently a theoretical account as no unified managed accounts exist - as defined in its purest form. This type of account would allow a family, defined by a parenting couple and their children, to make all types of investments under one account, and most likely, one financial planner. However, there may be many kinks to work out in this account concept in regards to tax implications and account insurance. Related Terms:
Certified Financial Planner™ - CFP™
Chartered Financial Analyst - CFA
Financial Planner
Investment Advisor
Money Manager
Separate Account
Unified Managed Account - UMA |