Manage the risks of concentrated stock positions. Learn when to hold, how to diversify, and strategies to protect your wealth from single-stock exposure.

While mutual funds offer pooled efficiency, separately managed accounts (SMAs) are gaining traction among high-net-worth investors for their ability to deliver precise control and tax optimization. Unlike shared fund structures, SMAs allow direct ownership of securities, enabling strategies like custom tax-loss harvesting and personalized constraints. By flipping the model from standardization to tailoring, SMAs empower investors to align portfolio actions with their specific tax pictures and values-based exclusions.