The addition of nonmanaged assets to a unified managed account could be the next step in the product's evolution, but some industry providers are skeptical whether the interest in stock-picking right now is enough for this enhancement to take off.

BMO Nesbitt Burns, a wealth management unit of Bank of Montreal, announced that it has expanded its partnership with Placemark Investments Inc., a Boston unified managed account provider, to add a client-directed investment account to BMO Nesbitt's unified managed account offering, the BMO Nesbitt Burns Architect Account.

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