According to a recent Fidelity survey of affluent investors, among those who own a UMA, nearly half (48 per cent) chose it because they had an increase in wealth and wanted to reduce the complexity of their portfolios, or address their significant investment-related tax obligations.

Fidelity Personalized Portfolios was developed with Strategic Advisers a registered investment adviser and wholly owned subsidiary of FMR, Fidelity’s holding company.

The account minimum for the UMA is $200,000. Fees range from 0.55 per cent to 1.5 per cent of the total balance on managed assets in the account.