MyVest, an enterprise wealth management technology provider, has released a white paper based on research by Pirker Partners, which examines the evolving role of householding and the Unified Managed Household (UMH) approach in delivering comprehensive wealth management advice. The report suggests UMH is critical for addressing gaps in personalized client service.
The report, titled “Unified Managed Households and the Future of Wealth Management,” draws on interviews with wealth management leaders across broker-dealers, RIAs, and private banks. It reveals that while many firms position themselves as holistic advisors, their portfolio construction often falls short of fully supporting a client’s financial plans. This discrepancy is attributed to traditional account-by-account investment practices and a focus on scalability, which limit personalized and tax-efficient solutions.
The research identifies householding and the UMH framework as a critical mechanism to bridge this gap. By managing all of a household’s accounts as a single, multi-account portfolio, firms can more effectively align investment strategies with client objectives, tax profiles, and liquidity requirements. Firms that have partially adopted UMH have observed benefits such as more consistent advisory experiences, improved tax management, and streamlined trade execution.
Brian Marchiel, Chief Product Officer at MyVest, stated, “Holistic advice depends on portfolios that reflect the full financial picture of the client. This research reinforces that UMH capabilities are essential for firms looking to deliver personalized, tax-aware portfolios in a scalable way.” Alois Pirker, Founder and CEO of Pirker Partners, added, “Householding has long been viewed as an ideal approach but difficult to execute at scale. Our findings show that firms increasingly recognize UMH as foundational to modern wealth management, and that perception is driving renewed focus on adoption.”
Despite the recognized benefits, the report details several barriers to comprehensive UMH adoption, including legacy technology systems, competing technology priorities, operational complexities, and concerns regarding advisor productivity. Consequently, most firms currently concentrate their UMH efforts on specific use cases rather than widespread implementation.
The research indicates growing momentum for UMH. As holistic advisory models become more common, competitive differentiation is shifting towards a firm’s ability to manage portfolios that directly support financial plans, moving beyond a sole focus on investment performance. Advances in technology are also contributing to firms’ expanding UMH capabilities. MyVest has specialized in householding and household-level portfolio management for over two decades. The company, a subsidiary of TIAA and headquartered in San Francisco, offers an established UMH framework and platform designed to provide the operational foundation for firms to deliver personalized, household-level advice at scale.
The report concludes that firms adopting a deliberate, phased approach to UMH implementation will be better positioned to differentiate their advice and provide increased value to clients as the wealth management industry evolves. It also offers insights into adoption trends, challenges, and practical guidance derived from firms actively advancing their UMH capabilities.
