text: There is no official designation for the SMA but there are common characteristics that are represented in all SMA programs . These characteristics include an open structure or flexible investment security choices ; multiple money managers ; and a customized investment portfolio formulated for a client 's specific investment objectives or desired restrictions .
simplified: Common characteristics of SMA programs are : they provide open investment choices ; have multiple managers ; and , offer a customized investment portfolio created for a client 's specific needs .