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In fact, you may need to have $1+ million, just to get in the door.

I think you are confusing passive index funds vs. normal actively managed funds with a "managed account" which is different.

Managed Accounts can be found for a lot less than $1 million these days but the goal of such is not typically to beat an index, it is to better protect against losses by exercising descretionary authority over the underlying investments (the manager has the authority to buy and sell any holdings without first consulting the client).
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