I'm just starting to invest and going with a managed account.
I'm sure any investment firm would love to manage all my available money, however I'm not ready to put all my eggs in one basket (if ever). I have more traditional savings available that I'm not touching until I feel more confident.
The result, it seems, is that the asset allocation model I'm discussing with the advisor is very different than my "actual" model. He insists that I must have a cash component. What's the point of having any cash in that account's makeup if, once I count my separate CD/savings, the result is balanced or even conservative?