Business / Taxes / Wrap Account: A wrap account is a professionally managed investment plan in which all expenses, including brokerage commissions, management fees, and administrative costs, are wrapped into a single annual charge, usually amounting to 2% to 3% of the value of the assets in the account. Wrap accounts combine the services of a professional money manager, who chooses a personalized portfolio of stocks, bonds, mutual funds, and other investments, and a brokerage firm, which takes care of the trading and recordkeeping on the account.
Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
Business / Finance / Discretionary Account: Variable like 1, 2, 3. Bond ratings are examples of discrete classifications. MORE
Business / Finance / Money Market Demand Account (MMDA): An account that pays interest based on short-term interest rates. MORE