Making Sense of Separately Managed Accounts and Individually Managed Accounts

Individually Managed Accounts (IMAs) and Separately Managed Accounts (SMAs) both offer investors a highly transparent managed share portfolio while avoiding the tax distortions that come with pooled investment vehicles such as managed funds.However, there are some important differences between individually and separately managed accounts and while they may sound very similar, these differences can have a significant impact on investment performance, suitability, and tax effectiveness.In General, Separately Managed Accounts are a good alternative to managed funds for many investors, while investors with $1 million or more, are likely to find the features of an IMA more compelling.The key differences between the two types of managed accounts rests in their approach to building an investment portfolio.SMAs are constructed with a ‘model portfolio’ where each investor receives precisely the same portfolio, based on a template created by the fund manager. IMAs however, are constructed individually for each investor, although each account will share some common holdings. These two approaches have some important differences:Investors in a SMA may buy stocks that have already enjoyed most of their returns, but remain in the model portfolio to avoid realising capital gains tax. IMA investors however will receive a portfolio that is assembled incrementally, as attractive opportunities arise.For the same reason, new investors in Separately Managed Accounts will receive a larger position in stocks that have already performed well, while IMA investors are likely to receive larger holdings in stocks the investment manager believes will perform well in future.IMAs also provide the ability to tailor the portfolio to the investor’s circumstances. For instance, an IMA manager may place more weight on generating franked dividends for a SMSF, while long term capital appreciation could be more valuable for an investor with a high tax rate. These differences in investment management help produce good after tax results for each investor. Since every investor in a SMA receives the same portfolio, the Separately Managed Account manager cannot factor individual considerations into their management.Both structures will allow the transfer an existing portfolio, with the IMA providing some additional flexibility and tax advantages. When importing an existing portfolio into a SMA, only those shares contained in the model portfolio will be retained and only to the proportion held in the model portfolio. Therefore, investors may still realise capital gains when entering an SMA. Conversely, a diligent IMA manager will adapt the existing portfolio over time and with consideration to tax events.Both offer tax effective investment management to tax conscience investors.For investors wishing to exclude individual stocks or sectors, an Individually Managed Account manager will hold alternative positions, while the SMA will generally hold cash in lieu of the excluded positions. This can have a significant impact on the portfolio’s overall returns.In executing trades, SMA investors will generally receive ‘at market’ prices on their transactions, while an IMA manager may attempt to get best execution and/or exercise discretion over the timing of buys and sells.Service levels are also different, with holders of Separately Managed Accounts receiving a service akin to a managed fund. while those using Individually Managed Accounts have ongoing access to the fund manager responsible for their portfolio and will likely receive personalised reporting.

Proven Article Marketing Tips in Terms of Article Titles

The first article marketing tip that you need to look at when drafting a post is the title. This is because, the first thing people see when they visit an article directory or visit your blog is the article title. Since there are thousands of articles, you have to make sure that your titles are captivating enough to grab the attention of readers.

On this article you will find some simple and effective article marketing tips to better improve your online marketing campaign.

A strategy to consider is “Question titles”: If you pose to your reader questions that are aimed at resolving their issues you will sure get their attention. The idea behind this article marketing tip is to trigger readers to ask themselves whether they are doing something right or not. Identify one issue that challenges people in your market niche and address it in question format.

“How to titles”: This article promotion idea best works when you have instructions that help readers resolve a certain issue. It can also work perfect and get the attention of readers when the body of the article is in point form. Most importantly make sure that the article title addresses your target audience challenges.

Then there is the “The Keyword Title”: For any online business person seeking to rank high on search engine listings then this is the way to go. With proper use of both short and long tail keyword phrases in your article title, search engines will be picking your articles and indexing them on their first or second page. The idea behind this article marketing tip is to avoid over stuffing your article with keywords.

One thing that cuts across all these article marketing tips is making sure that your content is informative and insightful. Your articles should always aim at adding value to readers rather than posting content full of marketing pitches. In addition, when you identify a title that is doing remarkably well, try to write another headline in a similar format.

For more educative material on article marketing tips follow the links below.

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