Definitions for wrap account
This page provides all possible meanings and translations of the word wrap account
A wrap account is a means of consolidating and managing an investor's investment portfolio and financial plans. Wrap fee services are offered by many financial institutions. Often wrap services are offered for a fee or a series of charges. These charges cover all administrative and management costs. This type of service is what is also known as an investment platform or financial platform service. Wrap services originated in Australia and New Zealand and then came to the UK in about 2000. As of 2010, approximately £110 billion of assets are held on wrap services in the UK. Transact was the first Wrap service to come into the UK market approximately 11 years ago. With the forthcoming RDR - Retail Distribution Review - being undertaken by the FSA in the UK more investors are likely to move their investments onto Wrap Services by the end of 2012 if they have a financial adviser. The better Wrap services or accounts usually enable investors - usually with the advice of a financial adviser - to select from an extensive range of UK and offshore funds and assets – including unit trusts, OEICS, investment trusts, equities, cash, structured products, external fund managers and other investment products. The service can then be used to allocate these assets to the most appropriate tax wrappers – including ISAs and pensions plans. Both investors and advisers can then view a holistic picture online of the complete Portfolio – all in one place, from anywhere in the world – 24/7.
Images & Illustrations of wrap account
Find a translation for the wrap account definition in other languages:
Select another language:
Discuss these wrap account definitions with the community:
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Use the citation below to add this definition to your bibliography:
"wrap account." Definitions.net. STANDS4 LLC, 2015. Web. 26 Nov. 2015. <http://www.definitions.net/definition/wrap account>.