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Lastly, let's delve into managed accounts. Wealthy clients often turn to these services to manage their money without realizing the potential downsides. Many professionals charge significant fees and don’t always guarantee better returns than what you could manage on your own. As advice from an experienced investor points out, why pay someone else to lose your money when you could very well do that yourself? If you’re considering such services, ensure that the manager has a good track record of making prosperous decisions.