Asset Management Account

An asset management account, offered by a brokerage house, bank, or savings and loan, combines a number of financial services, such as checking, money market, brokerage, and margin accounts, or a revolving line of credit. These accounts allow a person to receive one statement that covers all of their finances. Customers sometimes use these accounts to shift assets and income automatically or as needed. For example, a person might have excess funds in a checking account automatically transferred to a money market account. Several variants of this account exist, with brand names like Cash Management Account, Active Assets Account, and Financial Management Account.