As wealth management services continue to evolve, high-net-worth households are increasingly seeking comprehensive solutions that address their complex, multi-generational needs. Unified Managed Households (UMH) have emerged as a pioneering approach, consolidating financial planning, portfolio management, tax strategies, and estate planning into a single, cohesive platform. By integrating all aspects of wealth management, UMH platforms provide a holistic approach that benefits not only individual clients but also their entire families and future generations. UMH is widely regarded as the future of high-net-worth wealth management, and firms embracing this model are setting themselves apart in a highly competitive industry.

UMH structures have rapidly gained traction, particularly among advisors focused on serving high-net-worth clients who require more than standard portfolio management. According to recent Cerulli Associates research, demand for UMH platforms has been rising, driven by the need for comprehensive family wealth solutions that provide seamless management across various accounts, tax planning needs, and estate considerations (Cerulli Associates). As the wealth management landscape shifts towards personalization and integration, UMH platforms, supported by Milemarker’s ability to centralize data and control reporting, are positioned to become essential to high-net-worth families seeking long-term wealth preservation.

What is a Unified Managed Household (UMH)?

A Unified Managed Household, or UMH, is a consolidated wealth management solution that brings together all of a client’s financial holdings, often across multiple accounts and asset types, under one comprehensive management platform. This includes everything from liquid assets and real estate to tax considerations, estate planning, and even family trusts. Unlike traditional models, where each account may be managed separately, UMH treats the household’s entire financial picture as a unified entity.

Bain & Company describes UMH as the “next logical step in personalized wealth management,” especially for affluent families who have diverse financial goals that extend beyond individual investments (Bain & Company). By aligning the entire family’s financial strategy into a single, cohesive plan, UMH platforms facilitate better alignment of goals across generations, ensuring that all aspects of the household’s wealth are managed in concert. With Milemarker, advisors can demonstrate this structure effectively, maintaining visibility across advisor, client, and household levels to provide cohesive financial insights and management.

The Holistic Benefits of UMH for High-Net-Worth Families

UMH platforms provide several distinct advantages for high-net-worth households, particularly in offering a comprehensive, integrated approach to wealth management.

1. Comprehensive Family Wealth Management

With UMH, wealth management is no longer viewed through the lens of individual accounts or portfolios. Instead, advisors can create a unified strategy that considers the family’s complete wealth picture. According to McKinsey, one of the major shifts in wealth management has been the move from focusing solely on asset management to offering broader financial solutions that include estate planning, philanthropy, and family governance (McKinsey & Company). UMH platforms enable this transition by integrating these services seamlessly, helping advisors deliver a holistic approach to family wealth.

With Milemarker, firms can extend these services by consolidating client data in a way that allows advisors to monitor and manage all aspects of the household wealth. This centralization not only enhances comprehensive wealth management but also allows advisors to report client finances dynamically, bringing greater clarity to clients and supporting long-term planning.

2. Improved Tax Efficiency and Portfolio Management

UMH platforms provide enhanced tax management capabilities by treating all accounts within the household as part of a single tax-efficient strategy. This allows advisors to implement strategies that reduce capital gains taxes and optimize asset location across taxable and tax-advantaged accounts. The America’s Best TAMPs 2024 report highlights that TAMPs offering UMH structures have specialized tax planning features that align with the unique needs of high-net-worth clients, providing them with a competitive edge over traditional account management methods (The Wealth Advisor).

With Milemarker’s flexible data model, advisors can adapt tax strategies to align with the household’s financial goals, continuously updating and refining these strategies as client needs evolve. This adaptability allows Milemarker to support ongoing tax efficiencies within a comprehensive UMH framework, helping clients maximize their after-tax returns.

3. Multi-Generational Wealth Preservation and Legacy Planning

High-net-worth families often prioritize wealth preservation and legacy planning to ensure that their wealth benefits future generations. UMH platforms enable advisors to develop long-term strategies that align with these goals, integrating estate planning and family trust management directly into the wealth management plan. As Cerulli Associates points out, UMH platforms allow advisors to structure portfolios in a way that accommodates each family member’s unique financial needs and goals while adhering to the overarching objectives of the family trust or estate (Cerulli Associates).

Milemarker’s platform enhances this focus on legacy, giving advisors the flexibility to tailor portfolios and estate plans to meet each generation’s unique goals while keeping the overarching family legacy intact. By unifying data across generations, Milemarker enables seamless estate planning and wealth preservation, helping families build a financial legacy that can be passed down efficiently.

4. Enhanced Client Experience and Family Engagement

A UMH approach doesn’t just simplify wealth management for advisors; it also provides a smoother, more engaging experience for clients. InvestmentNews notes that high-net-worth families are increasingly seeking advisors who offer UMH services, as they appreciate the efficiency and peace of mind that comes with having their financial matters handled in a holistic way (InvestmentNews). By simplifying complex financial arrangements into a single, accessible platform, UMH enhances transparency and trust, creating a positive client experience.

Milemarker enables this streamlined client experience through accessible dashboards that provide comprehensive views of the family’s wealth, segmented across advisors, individual clients, and the household as a whole. This transparency builds trust with clients, fostering engagement across generations and encouraging active involvement in wealth preservation and growth.

The Role of Technology in UMH

The success of UMH platforms relies heavily on technology, as it enables the integration of multiple financial components into a cohesive system. Digital advancements have made it possible for UMH platforms to seamlessly aggregate and analyze data from a variety of accounts, providing advisors with a complete view of each household’s financial position.

According to McKinsey, technology has been a critical driver in the evolution of UMH by making it easier to manage and customize portfolios at scale (McKinsey & Company). Many UMH platforms also leverage artificial intelligence and machine learning to identify trends, optimize tax strategies, and recommend adjustments based on real-time data. As UMH platforms continue to evolve, firms investing in robust technology infrastructures will be best positioned to serve high-net-worth clients with precision and efficiency.

Milemarker supports this technological evolution by offering a flexible data model designed to adapt as households grow and their financial needs become more complex. This ability to scale and adjust helps firms continuously unify the household’s finances, keeping the platform relevant and effective as families’ wealth management goals change over time.

The Future of UMH in Wealth Management

As the demand for comprehensive, multi-generational wealth management solutions grows, UMH platforms are expected to become a standard in high-net-worth wealth management. Firms that offer UMH services are positioned to attract clients looking for long-term, holistic solutions that extend beyond traditional portfolio management. The Wealth Advisor highlights that as more wealth managers adopt UMH platforms, they are likely to gain a competitive advantage by appealing to affluent families seeking integrated financial solutions that simplify complex financial lives (The Wealth Advisor).

The future of UMH may also include further integration with fintech solutions, enhancing capabilities for wealth managers to customize portfolios, optimize tax strategies, and engage multiple family members through intuitive interfaces. With platforms like Milemarker, wealth managers will have the tools to align client and household financial needs fully, delivering an adaptable, high-quality experience that resonates with today’s affluent families.

Conclusion: UMH as the Key to High-Net-Worth Wealth Management

Unified Managed Households represent a significant step forward in the wealth management industry, particularly for high-net-worth families seeking to preserve and grow their wealth across generations. By integrating comprehensive wealth management services into a single platform, UMH structures offer a unique combination of holistic planning, tax efficiency, multi-generational support, and enhanced client experience. For wealth managers, adopting UMH platforms is not merely a trend; it is a strategic response to the complex needs of affluent families who demand a cohesive approach to managing their financial legacy.

For firms that aspire to lead in high-net-worth wealth management, embracing the UMH model is essential. As technology continues to enable deeper integration and customization, UMH platforms will only grow in importance, positioning advisors who use them—and solutions like Milemarker—as trusted partners in the journey toward lasting family wealth and legacy preservation.

Works Cited

• Bain & Company. “Wealth Management in an Era of Wealth Transfer.” Bain & Company, 2022, www.bain.com/insights/wealth-management-in-an-era-of-wealth-transfer.

• Cerulli Associates. “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2023.” Cerulli Associates, www.cerulli.com/reports/us-high-net-worth-and-ultra-high-net-worth-markets-2023.

• InvestmentNews. “How Unified Managed Households are Changing Wealth Management.” InvestmentNews, 2023, www.investmentnews.com/how-unified-managed-households-are-changing-wealth-management.

• McKinsey & Company. “The Future of Wealth Management: Building a Better Client Experience.” McKinsey & Company, 2023, www.mckinsey.com/industries/financial-services/our-insights/the-future-of-wealth-management-building-a-better-client-experience.

• The Wealth Advisor. “America’s Best TAMPs 2024.” The Wealth Advisor, 2024, www.thewealthadvisor.com/americas-best-tamps-2024.