Business Glossary

bank or other depository account that provides for automatic overnight investment of all or a portion of idle balances.

In general: any bringing together of parts or units to form a collective whole; in the case of data, to consolidate and thus reduce it.
Personal finance: Internet-related service, usually called account aggregation, that provides all-in-one convenience by consolidating on one web page information and service from various sources, such as your bank account, your brokerage account, and your credit cards. Confidential access is gained by entering a user name and password. Some banks offer account aggregation as a convenience to customers, usually free of charge.
Corporate finance: collecting and treating as one the investment proposals of different operating units.
Futures: combining of all the positions owned or controlled by a trader for reporting and compliance purposes.

brokerage account placing assets managed by several investment advisors under a single account relationship. In a wrap account, all administrative and management fees, including broker commissions, are rolled into one comprehensive fee, which is paidquarterly. Wrap fees generally vary from 1% up to 3% of the assetsmanaged.

Wrap accounts provide a convenient way for investors to spread their assets over an assortment of mutual funds and have access to top money managers. The broker selects funds matching the investor's asset allocation objective for risk and investment return and receives an ongoing fee to monitor the account. Typically, the wrap fee ranges from 1% to 3% of assets. The mix of funds in the investor's portfolio is adjusted, or rebalanced, periodically to stay within original investment objective.