Pamela Yip at the Dallas Morning News has written a pretty good article discussing Separately Managed Accounts. As with anything, SMAs aren’t for everyone. The minimums for these accounts are usually at least $100,000 and the fees run 2% – 3% per year (according to the article). The benefits are that the accounts are supposed to be designed for individual needs, which also includes better tax management.
Although it wouldn’t be taylor-made for an individual’s specific needs, one alternative to SMAs and their fees would be the target funds by Vanguard and Fidelity, which invest based on the year you want to retire.