Most investment advisors will try to lure investors into separate managed bond portfolios with "very low" management fees. As a market insider I can tell you, that "low fees" are a mere ilusion. The spreads (hidden fees) are most likely not disclosed and can add up to 100 basis points to each purchase and sale on top of the management fee. Therefore, I opt to manage the fixed income portion of my clients' portfolios with ETFs. They are more transparent, bonds are purchased with extremely low spreads and much more efficient.