BOSTON - Managed accounts used to be for the wealthy, but in the last 18 to 24 months, they have become increasingly available to the mass affluent because of a reduction in costs and an increase in efficiency, said AJ Harper, managing director of Lockwood Advisors, an affiliate of Pershing, a BNY Mellon company, in an interview at the Money Management Institute annual conference here.

“Now we can deliver a solution to someone with $10,000 in assets, whereas before clients would need $50 million with a blue-chip bank,” Harper said.

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