SIE Exam Practice Question 123
Question: 123
An account in which customers with large portfolios pay a brokerage firm a flat annual fee that covers the cost of a money manager's services and the cost of commissions is called a __________ account.
Correct Answer: D
Explanation:
A wrap account is an account in which customers with large portfolios pay a brokerage firm a flat annual fee that covers the cost of a money manager's services and the cost of commissions.
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