A Separately Managed Account (SMA) provides what primary feature?

A Separately Managed Account (SMA) primarily offers both the benefits of professionally managed assets and direct ownership of those assets, which is why the correct answer encompasses both of these features.

Professionally managed assets imply that a professional investment manager makes decisions regarding the buying and selling of securities within the account, aiming to achieve specific investment objectives or strategies tailored to the investor's needs. This professional management can lead to more effective investment performance compared to self-managed approaches.

Direct ownership of assets means that the investor holds individual securities in their own account rather than participating in a pooled investment product where ownership is shared among multiple investors. This direct ownership structure allows for greater transparency and potentially more control over tax implications and investment strategies, as the account is distinct and specifically aligned with the investor's goals.

In combination, these features make SMAs a compelling option for investors looking for tailored investment strategies while benefiting from the expertise of financial professionals.