began offering the wrap account
service on May 1 by teaming up with Mizuho Bank, an arm of Mizuho Financial Group Inc.
Before amendment After amendment * Wrap account
commissions for * Commissions to be determined discretionary and non- between securities company discretionary investment advisory and investor services by securities companies based on total assets managed * Securities companies barred * Securities companies allowed to from charging brokerage charge brokerage commissions for commissions for securities securities trading for wrap trading for wrap accounts
For a free guide explaining Wrap Accounts
call 0800 544 644.
Morris said it has transformed from an asset-gathering organization that sold variable annuities and mutual funds into an organization with full trading capabilities, including wrap accounts
, separately managed accounts and fee-based planning, all initiatives to give Signator's agents the ability to "compete in a world that's not just an insurance world today.
A recent report on such accounts by Cerulli Associates, a Boston investment consulting firm, says that mutual fund Wrap account
assets make up 11% of total Wrap assets under management, with $12.
In the typical wrap account
program, every aspect of investing--from trade execution to account management--is handled by a single manager for one all-inclusive fee.
In the United States, assets held in wrap accounts
, more popularly called SMAs, stand above $500 billion, according to Nikko Cordial Securities Inc.
Firstly, a wrap account
is an administrative tool and is not a product.
Areas of interest may include wrap account
suitability, effectiveness of disclosures, conflicts of interest, and brokerage practices, including best execution and trading away.
A wrap account
provides a platform through which all of these different products may be managed, including those policies that are run by companies other than the provider of the wrap account
Yunger also held senior positions with Bank of America in their Consulting Services Group, where she played an integral role in the launch and success of their fee-based brokerage & managed wrap account
3 billion, which Ameriprise attributes to wrap account
net inflows and higher earnings on cash balances that were more than offset by lower client activity and a 5% decline in average equity markets.