CHOICE SMA is the classic institutional investment program. A Separately Managed Account (SMA) provides clients direct access to some of the world's leading investment managers and ownership of all underlying investments. Advisors may choose from a diverse list of non-proprietary institutional money managers ensuring the most appropriate selections based on individual wants and needs. Individual ownership gives clients their own cost basis, allowing greater flexibility, more control and significant tax advantages over other investment vehicles. CHOICE SMA is ideal for clients seeking a long-term, customized, goals-driven approach to investment management.