what is a unified managed household account umha 
a unified managed household account umha is a privately managed account that consolidates multiple unaffiliated products including mutual funds etfs and individual securities this type of account allows immediate family members such as parents and children to access the account a unified managed household account allows for ease of administration for the financial institution along with greater transparency for the investing family understanding unified managed household accounts umhas unified managed household accounts umhas operate on a single integrated system this system allows a financial advisor to view various assets and product types to create performance reports in some umha programs clients can create account groups for each investment goal the system supports groupings with individual performance reports billing and statements the asset management firm where the umha is located will designate a central relationship manager for large families that have accounts located in different parts of the business often umhas are discretionary programs this means the account s financial advisor has the authority to make investing decisions as with mutual fund advisory programs the investor selects a model based on risk tolerance and goals and the firm takes care of rebalancing or even changing asset allocations altogether depending on the degree of discretion inherent in a particular program pros and cons of a umhaconsumers should be aware of both the advantages and drawbacks of consolidating accounts into a umha transparencystreamlined managementlower feessimplificationno private accountssuccess depends on managementwho should open a unified managed household account a unified managed household account is often most appropriate for high net worth individuals with a complex financial picture they are most likely to benefit from combining their disparate assets into a single account especially for the purposes of wealth management and tax planning 