There can be more moving parts to them. It does require that somebody keep up with it.

198

The financial adviser's job is to marry up the proper money manager's strategy with your unique individual needs as an individual investor and your tolerance for risk.

176

Typically, in a separately managed account, the fee that you pay as an investor includes transaction costs, so there's no incentive for the money manager to run up transactions on you.

155

Outside of honoring those specific instructions that you implement on the front end, they have full discretion to buy and sell whatever they see fit.

154

There's better tax control inside a separately managed account.

107