Wells Fargo Wirehouse to Offer Alts Products in Unified Managed Account Program
Wells Fargo’s Wealth & Investment Management, or WIM, division, in collaboration with InvestCloud, now offers alternative investments as an eligible investment in its personalized unified managed account, or UMA, program. The firm said the move demonstrates WIM’s market leadership as one of the first large wirehouses to make this option available at scale.
Amidst the growing demand for alternative investments, this capability – a single account with the broadest array of investments to fulfill clients’ asset allocations – simplifies the adviser and client experience, according to Wells Fargo.
“We are committed to providing new technologies that deliver personalized, scalable, and data-driven client experiences,” said Greg Maddox, WIM investment solutions product management executive. “We are proud to offer industry-leading investment capabilities and find new and innovative ways to make the company an easier place for advisers and clients to do business.”
Now, both traditional and alternative investments can be held within WIM’s UMA program where suitable for qualifying clients. This allows its clients and advisers to collaborate more closely and ensure their portfolios are truly tailored to their specific needs.
“History shows that diversifying investments or asset classes generally has been an effective strategy to help manage a portfolio’s risk and return profile,” said Darrell Cronk, chief investment officer for WIM. “Investors are looking for ways to build more resilient portfolios, and we are dedicated to developing new strategies and tools to help them reach these goals.”
Leadership of wealth technology company InvestCloud also expressed enthusiasm for the partnership and its capabilities, including tech, tools, and other resource.
“InvestCloud is delivering innovations which enable an exceptional and personalized wealth management experience to enhance the client-adviser relationship,” said Jeff Yabuki, chairman and chief executive officer of InvestCloud.
Wells Fargo Wealth & Investment Management offers financial products and services through affiliates of Wells Fargo & Company.
Financial services firm Wells Fargo & Company (NYSE:WFC) has roughly $2 trillion in assets. It provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through its four operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
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