Unified Managed Households in Wealth Management

This white paper presents research conducted by Pirker Partners, commissioned by MyVest, focusing on the Unified Managed Household (UMH) approach in wealth management. The research investigates the current state of householding and its significance in delivering holistic financial advice. It outlines how wealth managers have increasingly adopted holistic advisory models, emphasizing comprehensive financial planning to optimize clients' investment portfolios. Despite the potential benefits of UMH, the paper identifies challenges in its implementation, noting that many wealth managers have only partially adopted this approach due to various obstacles. The findings suggest that as the industry shifts towards a more personalized investment strategy aligned with clients' financial plans, the full adoption of UMH is likely to increase, driven by advancements in technology. The paper also discusses the importance of asset location and the complexities involved in managing multiple accounts within a household, highlighting the need for a more tailored approach to portfolio management.