UMA (Unified Managed Account). An account that can utilize several independently managed strategies in one account to implement a desired asset allocation. This account will have multiple sleeves that utilize SMA, Strategist and Rep as PM strategies.

Sleeve Technology. The technology that allows multiple strategies to be independently managed under one account registration.

SMA (Separately Managed Account). A portfolio strategy that utilizes individual equities and bonds.

Strategist Portfolio. A portfoLio strategy or asset allocation that uses ETFs and mutual funds.

TAMP (Turnkey Asset Management Platform). Same as TPAM.

TPAM (Third Party Asset Management firm). Same as TAMP.

Tactical Manager. A manager that actively manages and typically has an unconstrained asset allocation policy. Often these managers are focused on risk management.

Strategic Manager. A manager that follows a passive asset allocation policy in which reallocation happens at the margins. Often these managers are focused on tax minimization.

Rep as PM. A situation in which an advisor acts as portfolio manager and picks the in vestment vehicles, primarily mutual funds, for the client’s portfolio.

Wrap Program. An asset management program in which all the fees (manager, custody, trading and platform) are wrapped into one fee.