NEW YORK - No software platform for separately managed accounts is without its limitations. None can handle the multiple products that advisers and clients want to tether, and all use different interfaces, forcing SMA execs to turn to the archaic means of faxes, messengers and mail.

And while some platforms may be able to benchmark holdings against indexes, they might do a poor job of reconciling trades. Some may do a terrific job at minimizing taxes but fail to handle multiple currencies. Still others may make it easy for the legal team to do due diligence but are unable to take standing orders. And so it goes.

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