Investments & Savings
Professional portfolio management with an ongoing advisory relationship.
Managed-account programs may provide access to professionally managed portfolios and ongoing guidance aligned with your goals and risk profile.
Advisory programs involve fees and market risk, including possible loss of principal. Advisory and brokerage services differ in costs, services, and obligations — understand which relationship you are entering before enrolling.
How a managed-account relationship may work
A managed account typically begins with an investment policy conversation: your goals, time horizon, risk profile, and any constraints. From there, a portfolio is constructed — which may include stocks, bonds, mutual funds, and ETFs when applicable — and managed on an ongoing basis.
- Goals and investment policy set the direction.
- Portfolio construction reflects your time horizon and risk profile.
- Manager selection may be part of the program, depending on its structure.
- Rebalancing and monitoring continue over time.
What ongoing service may include
- Periodic portfolio reviews and rebalancing.
- Updates when your goals or circumstances change.
- Reporting on holdings and performance.
- Scheduled check-ins with your representative.
Costs and conflicts to understand
- Advisory fees, typically charged as a percentage of assets.
- Underlying product expenses (fund and ETF expense ratios).
- Other program or account costs, where applicable.
- How advisory services differ from brokerage services — and when each may make sense.
All costs and material conflicts are disclosed in the program's advisory documents before you enroll — and you should read them, not just file them.
Questions to ask before enrolling
- What is the total annual cost, including underlying expenses?
- Who makes the day-to-day investment decisions?
- How often is the portfolio reviewed and rebalanced?
- How is this different from a brokerage account for my situation?
- How do I end the relationship if it stops fitting my needs?
Frequently asked questions
Is there an account minimum?
Program minimums vary. Some managed-account programs are designed for investors just consolidating their first meaningful balance; others require larger amounts. We'll tell you the minimum for any specific program before you spend time evaluating it.
How are advisory fees charged?
Advisory fees are typically calculated as an annual percentage of the assets in the program and billed periodically. Underlying investments (such as funds and ETFs) carry their own expenses on top of the advisory fee. Both layers are disclosed in writing before you enroll.
Can I keep some decisions in my own hands?
Program structures vary — some are fully discretionary, where the manager makes day-to-day decisions, and others involve you in decisions. The right structure depends on how involved you want to be, and it's one of the first things we'll clarify.