Pershing to Deploy New UMAPershing to Deploy New UMA
Pershing will be offering the new UMA through its Lockwood Advisors affiliate.
Pershing affiliate Lockwood Advisors is using existing portfolio construction tools to build and deploy a new unified managed account (UMA) offering, according to an announcement.
The Lockwood flexible UMA includes a broader list of investment options, more customization and lower minimums, according to the firm. It will be available to clients on Monday, Nov. 23.
With a program fee starting at 30 basis points and an account minimum of $50,000, the new UMA includes investment options such as model and fixed-income SMA strategies, third-party strategist models, and proprietary Lockwood models, alongside ETFs and mutual funds. The offering can be paired with Lockwood Advisory Consulting services.
Pershing has been pushing to lower its fees and introduce new pricing options, as it aims to attract advisors to its platform. Sensing an opportunity to impress advisors who may be exploring their options following the Charles Schwab-TD Ameritrade acquisition, executives at Pershing Advisor Solutions vowed to “get creative” as they angled to get more advisors utilizing their services.
