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Finance Dictionary and Glossary of Investment Terms
Asset management account
Account at a brokerage house, bank, or savings institution that integrates banking services and brokerage features.
A single account at a brokerage or bank which includes both banking and brokerage services. Most asset management accounts allow checking, a debit or credit card, automatic transfer of excess funds into a money management account, and margin loans. also called central assets account.
A type of checking account offered by some banks and brokerage firms. The typical asset management account allows you to write an unlimited number of checks each month. The bank or brokerage house will also provide a comprehensive statement of the account''s activity at the end of the year. You can use the account for all your banking and investment needs, which helps to make your own bookkeeping easier.Unfortunately, such flexibility comes with a cost. You must usually have at least $5,000 on deposit with the bank or brokerage firm in order qualify for an asset management account, and many institutions require a minimum $10,000 or even $25,000 deposit. Often there is an annual fee as well, in addition to any commissions or fees you pay for investment-related services.