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If you are an existing investor the only time you would need to open a new Professionally Managed Account (PMA) is if you wish to invest in a different name or entity or should you wish to hold multiple diversified portfolios under the same name.
For example:
If you have an account in your name as an individual and wish to invest for your SMSF
If you hold the Balanced Portfolio but wish to also invest in the Growth Portfolio
As an existing investor you can add funds to your existing PMA or add a new investment portfolio to your PMA via the Add Funds feature in My Account.
Here are some examples of when you would open a new account:
You're a new client with no account
You want to invest in multiple diversified portfolios
You wish to invest in the name of a different investor or investment entity
You want to add your partner as a legal owner
You previously closed your account