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Home Dictionary U Unified Managed Account (UMA) A Unified Managed Account (UMA) is a private investment account that can include various investments such as mutual funds, stocks and bonds. The UMA is usually rebalanced on a regular schedule to make sure the assets reflect the correct investment balance. This type of account is often preferred by wealthy investors who want a wider range of investments than what they can get with a separately managed account. UMA providers work with investors to develop an integrated portfolio of multiple investments, provide tax planning support, and create an effective rebalancing schedule. Family Offices
September 25, 2022 Family offices provide a wide range of wealth management services to one or a small number of ultra-high income families. Fully Vested
September 25, 2022 A full transfer of rights occurs when the funds contributed by the other party become fully available to the beneficiary recipient. Goal-Based Investing
September 25, 2022 Purpose investing focuses on achieving life goals. High-Net-Worth Individuals (HNWI)
September 25, 2022 A high net worth individual is a person with at least $1 million in liquid financial assets. Non-Accredited Investor
September 25, 2022 An unaccredited investor is any investor who does not meet the income or net worth requirements of the Securities and Exchange Commission (SEC). Private Banking
September 25, 2022 Private banking is an enhanced offering for high net worth private clients (HNWI) of a financial institution. Risk-Averse
September 25, 2022 Risk aversion is the tendency to avoid risk and have low risk tolerance. Widely Held Fixed Investment Trust (WHFIT)
September 25, 2022 A widely held fixed investment fund (WHFIT) is an investment vehicle in which at least one interested third party participates. Window Guaranteed Investment Contract
September 25, 2022 Guaranteed Window Investment Contract (WGIC) promises a guaranteed return on a series of installment payments made during the installment window. A-B Trust
September 25, 2022 AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B). Account in Trust
September 25, 2022 Trust accounts are managed by a trustee on behalf of a third party. Accumulation Phase
September 25, 2022 The accumulation phase refers to the period of a person’s life during which he saves money for retirement. Agency by Necessity
September 25, 2022 The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so. Bare Trust
September 25, 2022 Naked trusts or “naked trusts” grant the beneficiary, if over 18 years of age, an absolute right to the capital, assets and income within the trust. Blind Trust
September 25, 2022 A blind trust is a trust established by an owner (or trustee) that gives another party (the trustee) full control of the trust. Contingent Beneficiary
September 25, 2022 The notional beneficiary is the beneficiary of the proceeds or payment if the primary beneficiary is deceased or cannot be located. Cross-Sell
September 25, 2022 Cross selling is the practice of marketing additional products to existing customers, often practiced in the financial services industry. Declaration Of Trust
September 25, 2022 A declaration of trust or declaration of a nominee appoints a trustee to oversee the assets for the benefit of another person or persons. Distributable Net Income (DNI)
September 25, 2022 Distributable net income is the income distributed among the beneficiaries of the trust. Dynasty Trust
September 25, 2022 Dynasty trusts allow rich people to leave money to future generations without paying inheritance taxes. Endowment
September 25, 2022 Most donations are designed to keep the principal amount intact while using income from investments for charitable purposes. Engel's Law
September 25, 2022 Engel’s Law is a 19th-century observation that as household income increases, the percentage of that income spent on food decreases in relative terms. Escheat
September 25, 2022 Escheat refers to the government’s right to take possession of real estate or unclaimed property. Estate
September 25, 2022 Real estate is the economic evaluation of all investments, assets and interests of a person. Estate Tax
September 25, 2022 Inheritance tax is a financial levy on property based on the current value of its assets.