NEW YORK - "Separately managed accounts are about a process, not a product," reminded Jack Sharry, president of the private client group of Phoenix Investment Partners of Hartford, Conn., speaking at a media conference held here earlier this month. The event, which detailed how the separately managed accounts consulting process works, was sponsored by the Money Management Institute, the national organization of the managed account industry, headquartered in Washington.

"Too often, too much emphasis is on the product and features," cautioned Mark Pennington, partner and director of advisory services at Lord Abbett of Jersey City, N.J., which has $14 billion among its 54,000 separately managed accounts. "What's rooted in the separate account business is working with an adviser," he added.

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