Others are concerned about the rush to offer UMAs. "I'm finding that everyone is touting that they have a UMA," says Kawakami, "but it's unclear whether anyone has a true UMA yet." For him, the idea of a brokerage account with the capacity to run multiple types of investment vehicles with some overlay management still seems dicey, once you factor in accounting and regulatory concerns.

Veteran financial writer Allen Plummer assisted with this article.

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