Just
one day after
Fidelity Investments launched its first unified managed account,
E*Trade Financial has followed suit by rolling out its own.

The
online brokers appear to be looking to grab market share from large full
service brokerage firms, which dominate the UMA space.

At
E*Trade clients will work with an investment professional to customize a
portfolio. The UMA will invest in stocks through more than 30 manager models,
mutual funds, and/or exchange-traded funds.

The
minimum investment for E*Trade’s UMA is $250,000. It will be co-advised by
Lockwood Advisors. The account minimum for Fidelity’s UMA is $200,000.