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, called Separately Managed Accounts or SMAs.
I repeat my past comments about SMAs: They’re expensive.
Over $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 and @BusinesNewshole at Twitter.)
