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What are SMAs?

Separately managed accounts are expertly crafted bespoke portfolios.

The basics of separately managed accounts

Separately Managed Accounts (SMAs) are investment strategies where you own the individual stocks or bonds directly and can customize the securities in your portfolio. SMAs are not a one-size-fits-all solution like mutual funds or exchange-traded funds (ETFs), which offer partial ownership in a pooled investment vehicle designed to fit a broader investor group.

Who should consider an SMA?

SMAs are best suited for high net wealth, or individuals that have substantial investable assets, looking for a professionally managed portfolio that offers personalization, transparency and implementation advantages.

What are the advantages of SMAs?

Separately managed accounts provide investors with several key advantages. Customization allows SMAs to align with individual risk profiles and goals while direct security ownership ensures transparency and allows for the added benefit of tax-loss harvesting. Additionally, SMAs are often available for lower fees than mutual funds. SMAs suit investors seeking personalized, long-term investment solutions for effective wealth management.

What is SMA

Harvesting is the ability to manage the implementation of your investment portfolio by selectively selling investments with capital losses to offset capital gains on other securities or vice versa. You can work with your clients to identify capital gains or losses that can be offset through harvesting.

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SMAs vs. pooled vehicles (mutual fund/ETF) – Understanding the difference

SMAs can provide investors with many of the benefits available through exchange-traded funds (ETFs) and mutual funds while introducing a high degree of flexibility and control. 

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What are the features and benefits of SMAs?


Provide clients with the opportunity for growth potential, wealth preservation, and flexible tax planning within a portfolio that can deliver a more differentiated level of service than traditional investment vehicles.


Investors have the flexibility to buy or sell specified portfolio holdings in order to manage their wealth needs


Access to portfolio holdings and transaction history makes it easy to compare performance against goals and objectives.


SMAs combine the expertise of professional management, with the flexibility of an approach that considers investors' personal needs and preferences.

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