Separately Managed Accounts (SMAs) give you the ability to own individual stocks or bonds directly, rather than holding shares of a fund. This direct ownership allows for greater tax flexibility, personalization, and transparency—your portfolio can be tailored to your preferences, goals, and specific restrictions you may have. SMAs may also offer improved tax management, since gains and losses can be handled based on your unique situation rather than the actions of other investors in a fund. Because of this personalized structure, SMAs typically require a minimum investment of $100,000.