After a comprehensive discussion of your financial assets, needs and goals a USAA Financial Advisor will recommend a portfolio that is consistent with your goals, risk tolerance and time horizon. USAA will then begin to manage your UMP Wrap account on a discretionary basis. This means that our investment professionals will make investing decisions in the account on your behalf. You cannot select specific stocks, mutual funds or other securities to hold as part of the overall investment strategy.

However, you may request reasonable restrictions regarding the management of your account. You can do this by submitting a written request when opening your account, or by contacting USAA at any time thereafter. Any reasonable restriction regarding the management of your account is subject to our review and approval.

Most account types are available including: Individual, Joint, IRAs, UGMA/UTMA, Trusts and Business accounts. To receive a recommendation for an IRA account, please call 800-531-1345 to speak with an advisor.

No. The $25,000 minimum is per account registration. For example, if you have $20,000 in a joint account and $5,000 in a Roth IRA you cannot combine these accounts to meet the minimum. If you have $25,000 or more in a joint account, you would meet the minimum requirement.

You may request that UMP accounts within your household be grouped together for potential reduced program management fees.

If your account falls below the minimum, USAA will contact you requesting that you bring your balance up to the minimum. If you're unable to maintain the minimum balance, a financial advisor can help you explore other investment choices that meet your needs.

If you have a Custom UMP account that falls below the $500,000 minimum, it will convert to a UMP Wrap account.

When you fund your account with securities from a non-IRA account, all or some of your securities may need to be sold to purchase your UMP Wrap or Custom portfolio. This will generally cause a taxable event. Please consult with your tax professional to discuss the implications of moving your current investment account.

If you are funding a UMP Wrap from a IRA, 401(k), Thrift Savings Plan (TSP), or other retirement account there generally would not be a taxable event to sell your securities and have the money transferred. As always, please consult with your tax professional.