6 Keys to Launching a Successful UMA Program

This is a summary of a session from the FRA’s 11th Annual Managed Account and UMA Summit that was held in September 2013 in NYC.

Moderator: Bill McFadden, U.S. Business Development, CGI

Panelists:
Chris Gibbons, VP Investment Product Management, PNC Asset Management
John McDevitt, CFA, SVP, Brown Brothers Harriman
Sophie Schmitt, Senior Analyst, Wealth Management, Aite Group

1. Centralize investment management processes before launching a UMA.

Schmitt explained that it would be easier for firms to launch a UMA if their investment management was centralized, since the advisors would already be used to outsourcing these decisions.  Advisors are creatures of habit and prefer to sell products with which they are already comfortable, she said.

Brown Brothers made that decision a few years ago and it was a struggle, McDevitt reported.  One important factor was communicating to their advisors that it was better for their clients to have a dedicated asset allocation team that could provide proprietary investment products along with third party mutual funds, he said.

According to Gibbons, PNC rolled out their UMA solution in late 2010 and they are now closing in on $4 billion in AUM.  While much of their growth was mandate-driven (the stick), it was easier because they already had a centralized investment management and asset allocation infrastructure in place. Continue reading

Financial Planning in 10 Minutes or Less with goalgamiPro

Origami is the Japanese traditional art of paper folding and is made up of two smaller words; “ori”, meaning to fold and “gami” meaning paper.

goalgamiPro (which starts with a lowercase ‘g’) is not an ancient art form, but the name of a software product developed by Advisor Software Inc. (ASI).  It is designed to be a “lite” financial planning tool that enables advisors to create financial plans in as little as ten minutes.

I recently spoke with Neal Ringquist, President and COO of Advisor Software Inc. about their software and how ASI is planning on revolutionizing the financial planning process.

While origami began sometime in the 6th century C.E., goalgamiPro has a more recent origin.  It was launched 12 months ago and was designed to fill the gap between calculators and widgets on the low end and comprehensive planning software on the high end.  goalgamiPro is a quick planning solution and already has around 500 users. It produces modular, single page reports that have questions as the title, such as “What is my plan” and “How do I pay for retirement?” And take just ten minutes to produce. Continue reading