Separately Managed Accounts or SMAs

Wall Street advisers, with their usual marketing diligence, have been doing relatively well, marketing yet another way to make money.

Assets held in investor’s name. Separately Managed Accounts or SMAs.

I repeat my past comments about SMAs: They’re expensive. About $600 billion are being handled this way. They represent the same advisory problem, of high cost for a service available from mutual funds and ETFs, when you are a relatively modest investor. ( See the Earl J. Weinreb NewsHole® comments.)