If you think it's challenging to convince your clients to open a separately managed account, imagine the work Yoshishige Saigusa, CEO of Nikko Cordial Advisors, a unit of Japan's third-largest brokerage, has cut out for him.

Nikko Cordial is introducing Japan's first separately managed account product in a market where most investors keep their money stashed in passbook savings accounts and the stock market has been notoriously disappointing over the past decade. Thus, Nikko Cordial is offering SMAs with a minimum $100,000 with $20,000 per sub-account. That could be a big draw, since stocks trade exclusively in large lots in Japan -- typically 1,000 share blocks at an average price of $10 a share -- which limits access to the market and the ability to diversify, Saigusa said.

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