The ultimate separately managed account:  Investors using them are afforded complete customization and maximum flexibility, allowing them to tailor-make portfolios of directly owned securities precisely suited to each unique need. Risk tolerance, time horizon, tax and estate planning requirements, sector exposure, philanthropic desires and personnal preference can all be accommodated in these accounts. What are these perfect separately managed accounts? There called brokerage accounts. John C. Helmer, Caldwell Securities.