It takes society 30 years to become comfortable with a new technology - be it steel plows, electric lights or video recorders. The device doesn't matter. By that standard, financial advisers are doing pretty well with separately managed accounts.

Although separate accounts began growing in popularity just a half-dozen years ago, a number of financial advisers have already developed a deeper understanding of what SMAs are good for and how to manage them. With this understanding, some have the confidence to begin experimenting with them.

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