To avoid the „reciprocal“ nature of investment funds, you may choose to buy individual stocks and bonds to build your own portfolio, but this takes time and denies you the benefit of professional portfolio management, which is the main reason why most investors invest their money in investment funds. More and more investors are turning to separate accounts for the benefits of professional portfolio management without the barrier of mutual ownership of the underlying securities. SMAS is popular with wealthier investors and their financial advisors because they are considered exclusive and offer investment options that are not available to those with more modest resources. According to the State of the Financial Advisory Industry: 2008 report, MSOs are popular with consultants to national brokers/traders and asset managers. Consultants to national brokers/traders and asset managers (defined as any financial advisor with at least $2 million in assets) made much more aggressive allocations to ADMs than the average. The national broker/trader divided 29 per cent into separately managed accounts, 17 per cent into investment funds; Asset managers reported 18% of separately managed accounts and 28% of investment funds.  MMS has gained popularity with consultants and clients because it provides investors with a practical opportunity to hold the various underlying securities in a larger investment portfolio, unlike an investment fund or ETF in which the investor simply holds a stake in a higher fund. These types of managed accounts were designed to provide clients with challenging investment opportunities that in the past were only available to larger institutions. ALMs can offer more freedom of choice, tax and operational efficiency, and more personalized investment solutions. Some distinctive features should be considered in deciding whether SMEs with a dual or single contract are the best choice for RIAs and their clients to access these investments. For stylistic investors looking to engage in different investment styles (for example. B the wide cap value, the growth of small seats), the entry price increases, because there is a separate ADM and a separate minimum account for each style chosen.