Separately Managed Accounts (SMAs) - typically offered through a ‘Managed Investment Scheme’ – are an evolution of unit trust managed funds and ’fund of funds’ that enable retail investors to own the underlying assets or stocks in a portfolio. Amongst many other benefits and features, SMAs greatly increase transparency and tax efficiency for the investor. SMAs have been in Australia for some time, since about the late 1990s. While everybody thought they would grow
There doesn’t seem to be a day that goes by without someone announcing a new robo-advice offering, mentioning about ‘fintech’ or telling us we need to be more innovative. Throw in the word ‘disruption’ and you are guaranteed to invoke emotions ranging from excitement, inspiration, all the way down to skepticism, anxiety and downright denial.
For as long as I can remember, business and financial professionals have been trying to form referral relationships with other professionals – be they accountants, lawyers, financial planners or mortgage brokers. The idea isn’t new but experiences can be mixed. For every referral relationship that’s working well, there are far more that under deliver what