25.2 Managed Fee-Based Accounts

In this section

• 25.2.1 Separately Managed Accounts (SMAs)
  An in-depth exploration of Separately Managed Accounts (SMAs) in the context of managed fee-based accounts, highlighting the customization and control offered, as well as the advantages of direct ownership in investment portfolios.
• 25.2.2 Unified Managed Accounts (UMAs)
  Exploration of Unified Managed Accounts (UMAs), focusing on the integration of assets, and the benefits of efficiency and simplicity in portfolio management.
• 25.2.3 Discretionary Accounts
  A detailed exploration of discretionary accounts within fee-based account structures, emphasizing advisor authority and suitability for investors.