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 ?
He has also been involved in negotiating asset management accounts with regional sovereign wealth funds.
April 30 /PRNewswire-FirstCall/ -- SEI , a leading global provider of outsourced asset management, investment processing and investment operations solutions, today announced it has launched Insurance Premium Payment Program (IP3), a program for advisors that enables clients to automatically deduct payments for insurance premiums through their asset management accounts.
He had a brief stint with Bear Stearns as a marketing executive for new asset management accounts, before taking his current position with the Giuliani administration.
Mutual fund asset management accounts, such as those offered by Merrill Lynch or Charles Schwab, enable households readily to transfer assets from bond and stock funds to checkable money market funds when needed.
DeMarino is responsible for the sales and servicing of designated insurance and asset management accounts on the East Coast.
The Wells Fargo Financial Plans include, but are not limited to Full Service Brokerage Accounts, Wells Asset Management accounts, WellsChoice account, and WellsSelect account.
Beyond the scheme of things, however, all asset management accounts vary widely, and any interested investor would be wise to window-shop different vehicles before committing his or her hard-earned savings.
Since 1979, he has served as Vice President of Marketing or National Accounts Manager for SunAmerica Securities, Dreyfus Mutual Funds and Federated Investors involving mutual funds, pension fund programs and asset management accounts.
The firm offers a complete range of investment and insurance products, including stocks, bonds, mutual funds, options, money market funds and fixed- and variable-rate annuities, life insurance and asset management accounts.
Salem Five Investment Services, LLC offers stocks and bonds, mutual funds, asset management accounts, annuities, domestic and foreign securities, as well as financial and retirement planning, portfolio review and professional money management services.
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.
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.

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