What is a SMA Manager in the context of a Registered Investment Advisor (“RIA”)?

Definition: An informal name given to the third party money manager tasked with investing the assets in a Separately Managed Account.

When used in an RIA context: “As opposed to managing the client’s assets themselves, the financial advisor opened a Separately Managed Account and chose a SMA manager to oversee and manage the investments in the account.”

See also: Episode 128, Separately Managed Account, SMA