The UMH model is for advisors looking to address a client’s entire financial situation, based on all the client’s investment assets as opposed to those only managed by the advisor, according to Envestnet.

To cater for advisors using this model, the new platform provides data aggregation features which assemble a picture of a client’s total wealth, including investable assets (those managed by the advisor) and external assets.

"UMH is all about the creation and delivery of truly customised and integrated solutions that analyses a client's wealth to address the most fundamental, long term personal goals. The UMH is an offering wealthy clients are asking for but the industry has struggled to deliver," said Bill Crager, Envestnet president.

To facilitate the fiduciary decision-making process, the platform offers an interactive feature to help advisors document this process. Other features include portfolio analysis and filter and comparison tools, as well as new investment portfolios.