Asset management account


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Asset management account

Account at a brokerage house, bank, or savings institution that integrates banking services and brokerage features.

Asset Management Account

An account at a bank or other financial institution that allows the account holder to place money for both banking and investment services. When money is placed into the account, it is automatically placed into a money market account, which carries a higher interest rate than normal checking or savings accounts. The account holder can then direct the money to various banking and investment services. Asset management accounts were allowed after the passage of the Gramm-Leach-Bliley Act, which allowed financial institutions to offer both banking and investment services for the first time since at least the Great Depression.

asset management account

A comprehensive brokerage account that includes checking, a credit or debit card, margin loans, and the automatic sweep of cash balances into a money market fund. Examples of brokerage asset management accounts include Cash Management Account® by Merrill Lynch (the first firm to offer this type account), Financial Management Account® by Smith Barney, and Schwab One® by Charles Schwab. Features and fees vary by firm. Also called central assets account, sweep account.

Asset management account (AMA).

All-in-one asset management accounts provide the financial advantages of an investment account combined with the convenience of an interest-bearing checking account.

AMAs generally offer check-writing and ATM privileges, credit cards, direct deposit, and automatic transfer between accounts, as well as access to reduced-rate loans and other perks. There are usually annual fees and minimum account requirements.

AMAs are offered by many brokerage firms and mutual fund companies, and are also known as central asset accounts (CAAs) or cash management accounts (CMAs).

References in periodicals archive ?
The real value of an asset management account can easily be seen at the end of the month with the issuance of the account statement.
With the Home Asset Management Account, customers have the option to convert all or a portion of the outstanding balance of their home equity line of credit during the draw period, into a fixed-rate advance and use it to finance expenses at a lower rate than they may get with other types of credit.
Initially, the Crestar Asset Management Account will be offered by Crestar Investment Group Financial Consultants.
IP3 reduces time, errors and fees associated with insurance payments by directly drawing from clients' SEI asset management accounts.
a) Eligible assets include those held in USAA Private Investment Management, USAA Strategic Fund Adviser, USAA College Savings Plan (529) accounts, and USAA mutual funds; non-USAA managed assets held in USAA brokerage or Asset Management Accounts (AMA) are not included in calculation of eligible assets.
Frankola also sold Piercing Pagoda shares held in his personal account, as well as in ten asset management accounts over which he had discretionary control.
Typical held-away asset information includes self-directed brokerage accounts, away asset management accounts, trust accounts, pension plans, 401k's and IRA's.
has opened a full-service trust office in New York City to provide comprehensive fiduciary and trust services for corporate trust, retirement plan and asset management accounts.
a NASD member brokerage firm and a wholly-owned subsidiary of People's Bank, offers a complete range of investment products, including stocks, bonds, options, mutual funds and fixed- and variable-rate annuities, and asset management accounts.
an NASD member brokerage firm and a wholly owned subsidiary of People's Bank, offers a complete range of investment products, including stocks, bonds, options, money market funds and fixed and variable annuities, and asset management accounts.
He also managed the technology integration of a First Union brokerage acquisition, developed a leading Internet mortgage origination application and launched one of the first Internet personal asset management accounts.

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