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.