asset management account

asset management account definition - business

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 savings account or money market fund. Examples of brokerage asset management accounts include Cash Management Account by Merrill Lynch (the first firm to offer this type account) and Financial Management Account by Smith Barney. Features and fees vary by firm. Also called central assets account, sweep account.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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