As client portfolios have grown in complexity —incorporating a mix of active and passive strategies, multiple managers, and a heightened focus on tax efficiency—the structure used to implement those portfolios has become increasingly important. Unified Managed Accounts (UMAs) have emerged as a compelling strategy, offering financial advisors a more integrated and scalable way to deliver diversified investment portfolios.

What Is a Unified Managed Account?

A Unified Managed Account is a single investment account that consolidates multiple types of investment strategies and vehicles into one coordinated structure.

Following last weekend’s announcement of a deal between the U.S. and Iran to bring the war in the Middle East to an end, markets rallied and oil prices dropped. This reaction is logical given that elevated oil prices have contributed to accelerating inflation data. However, the Federal Reserve’s (Fed) June meeting reinforced that inflation remains a primary concern for policy makers.

This dynamic highlights the competing forces that currently shape markets. On one hand, easing geopolitical risk and falling oil prices support optimism. On the other hand, persistent inflation keeps pressure on the Fed to potentially tig

Municipal bonds often see a seasonal lift during the summer months. This pattern, known as summer technicals, stems from a straightforward supply and demand imbalance that tends to favor bond prices. Over the past ten years, the summer months (May through July) have generally been positive months for the Bloomberg Municipal Bond Index, with monthly returns averaging +0.83%, +0.43%, and +0.82%, respectively.

In simple terms, summer brings lighter new issuance as many state and local governments, along with underwriters, slow their activity during vacation periods. At the same time, investors receive a wave of cash from coupon paym

A hawkish debut. At his first Federal Open Market Committee (FOMC) meeting, Chair Kevin Warsh paired a hawkish, minimalist tone — tersely emphasizing price stability — with the launch of five task forces to review key aspects of Federal Reserve (Fed) policy. Many Fed governors want to follow the Bank of Japan’s lead and hike rates in the near term.

Uncertainty in projections. While officials’ projections show a split on future rate hikes and a higher path for rates, alongside elevated inflation forecasts, uncertainty remains high, underscored by Warsh’s decision not to submit projections. Importantly