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Title: Investing in Separate Accounts by Kevin D. Freeman, Erik H. Davidson ISBN: 0-07-138508-8 Publisher: McGraw-Hill Trade Pub. Date: 06 March, 2002 Format: Hardcover Volumes: 1 List Price(USD): $27.95 |
Average Customer Rating: 4.5 (8 reviews)
Rating: 5
Summary: Best book explaining mutual funds and separate accounts out
Comment: I've read this book and it expained the differences between separate accounts and mutual funds very clearly. Especially with the scandal in mutual funds it is obvious it is better to be personally managed than to be part of a school of fish. One reviewer of this book ranted about the separate accounts industry, but did not recognize this book addressed many of the issues he raised. He, unfortunately, is angry at a manager and took it out on the industry. That is like buying a bad carton of milk and considering the entire dairy industry is spoiled.
Separate accounts are without a doubt the best way to get personalized financial service without the worries. Just keep in mind, use reputable managers and follow the advice of this book.
Enjoy!
Rating: 5
Summary: Don't believe the naysayers, this is the best
Comment: This book does a great job disspelling the myths put out by mutual fund lackeys who so greatly fear separate accounts. For example, it powerfully and accurately demonstrates that the total cost of funds (with trading, advice, loads, unrealized cap gains, and management fees of which many are never disclosed)is typically higher than separate accounts (which typically have a fully-disclosed bundled fee). The naysayers fail to recognize the fee trends and discounts prevalant in the industry today that make separate accounts more than competitive. Further, the "index" crowd ignores three facts demonstrated in this great book:
1. Separate Accounts offer index options if investors want them,
2. Index returns lagged active managers significantly in the recent bear market, and
3. There is no perfect index to follow so they're not the panacea they're made out to be.
This book overall addresses and overwhelms the simplistic arguments against separate accounts. When used in the proper context, separate accounts are superior in every respect. They also are immune from the manipulation suffered by funds that has been so well documented in recent months due to their high level of transparency.
I highly recommend this book to anyone who wants to get a fair review of investment options. This work should not be ignored.
Rating: 1
Summary: Be Careful!
Comment: Separate accounts are the darling of the investment industry. They are targeted at wealthy investors, and they charge significantly higher fees than mutual funds. Moreover, because the fees are billed as a percentage of assets they generate consistent income for money managers and brokers, in contrast to brokerage commissions which decline when investors stop trading in down markets. In other words: separate accounts are big earners for Wall Street.
This book advocates separate accounts, and in so doing runs counter to two widely accepted findings of academic finance: (1) active management fails to beat the market indexes, and (2) keeping costs (ie. fees) down has a dramatic impact on long term investment returns.
If you're going to read this book, make sure you read the myriad of arguments on the other side of the debate. (The debate is actually rather lopsided.) You can find material in book form or for free online. For the former, try works by John Bogle on mutual funds, William Bernstein on asset allocation and indexing, and Chandan Sengupta for a basic outline of the arguments for indexing. For the latter, try the material at ABetterWayToInvest which has a chapter on separately managed accounts.
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Title: Individually Managed Accounts: An Investor's Guide by Robert B. Jorgensen, Robert Jorgensen ISBN: 0471238635 Publisher: Wiley Pub. Date: 08 November, 2002 List Price(USD): $59.95 |
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Title: The Managed Account Handbook: How to Build Your Financial Advisory Practice Using Separately Managed Accounts by Stephen D. Gresham ISBN: 0972303308 Publisher: Phoenix Investment Partners Pub. Date: 14 October, 2002 List Price(USD): $39.95 |
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Title: Legacy: The History of Separately Managed Accounts by Sydney LeBlanc ISBN: 0972195807 Publisher: The Money Management Institute Pub. Date: 15 December, 2002 List Price(USD): $39.95 |
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Title: Attract and Retain the Affluent Investor: Winning Tactics for Today's Financial Advisor by Stephen Gresham, Evan Cooper ISBN: 0793144337 Publisher: Dearborn Trade, a Kaplan Professional Company Pub. Date: 17 May, 2001 List Price(USD): $35.00 |
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Title: Wealth Management: The Financial Advisor's Guide to Investing and Managing Your Client's Assets by Harold R. Evensky ISBN: 0786304782 Publisher: McGraw-Hill Trade Pub. Date: 01 August, 1996 List Price(USD): $55.00 |
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