SMAs as Part of Your Portfolio

Separately Managed Accounts (SMAs) offered through Fidelity® Strategic Disciplines are single asset-class portfolios that seek to achieve a specific investment objective, such as growth using large-cap stocks or income from municipal bonds.

What role can SMAs play within your overall portfolio?

Since SMAs seek to achieve a specific investment objectives, such as dividend-income, or federally tax-exempt interest income from municipal bonds, they can be used to complement a well-diversified portfolio, helping you to achieve your investment goals.

You choose the strategy and we'll work with you to help you personalize your SMA based on your preferences. And because you have direct ownership of the holdings in your account, you can personalize what you own, or don't own, as long as what you ask to eliminate doesn't impact the investment team's ability to achieve the strategy's investment objectives.

Pie chart depicts the role an SMA can play in an overall portfolio. In this hypothetical illustration, one or more SMAs are used as a portion of a client's domestic stock, foreign stock, and bond allocations

Maintaining your overall portfolio

When you're using SMAs as part of a self-directed portfolio, both you and Fidelity will have specific responsibilities.


Your investment team will build and maintain the SMA itself, including security research and selection, as well as trading, to pursue the SMA's investment objective while taking into account any personalization requests.


However, you'll be responsible for overseeing your overall portfolio. This may include maintaining any investments outside of your SMA that we're not managing on your behalf, and making sure that your exposure or allocation to various asset classes remains in line with your goal, time horizon, and comfort with risk. For instance, let's say your Fidelity SMA comprises 15% of your portfolio. Over time the value of this SMA might grow at a faster rate than the rest of the investments in your portfolio, to the point where the value of your SMA represents 20% of your portfolio. It's your responsibility to rebalance your portfolio, which may require action such as adding more money to the other assets in your account or reducing your exposure to that SMA.

Working Together

Financial planning is part art, part science—and always personal and evolving. Your dedicated advisor will review your family's financial plan regularly to help you feel confident that you're on track, so you can focus more on what matters to you most.


Ongoing support


Whether you have questions about the markets, your investments, or your goals, your advisor can help provide perspective.


Strategic reviews


At least once a year, your advisor will initiate an in-depth strategic review to help you uncover opportunities and make any necessary adjustments to the way you’re invested.


Keeping you informed


You'll receive exclusive communications from your investment management team, designed to keep you informed about market events, account activity, and trades we make on your behalf.