Set Password on Email Activation
This plugin will allow users to set their passwords on the email activation after registration. It generates a link for email templates to allow the users. For the installation guide, you can read it in this document.
Go to wp-admin>Ultimate Member> Settings> Email>Account Activation Email. Click on the gear icon to edit the Account Activation Email template.
Add the shortcode in the Message Body - Text and customize the email template accordingly. Click on the Save Changes button.
After the user register on your site, they will receive a Set Password email. Once they click on the "Set your password" button, they will be redirected to the password reset page on your site, where they can set and save their new password.