wrap fee
n.— «It allows broker-dealers to charge fees based on assets under management (sometimes referred to as a “wrap fee”) rather than product commissions—just as the registered investment advisers do. If the client’s portfolio goes up in value, so does the broker’s compensation. Brokers no longer have to push products to earn a reasonable return from their clients.» —“The Minnesota Investor: A ruling for the clients” by Gene Walden Star Tribune (Minneapolis-St. Paul, Minnesota) July 7, 2007. (source: Double-Tongued Dictionary)
Further reading
She sells seashells by the seashore. Who is the she in this tongue twister? Some claim it’s the young Mary Anning, who went on to become a famous 19th-century British paleontologist. Dubious perhaps, but the story of her rise from seaside...
Following our conversation about the secret cup code of the old Harvey House restaurant chain, a listener in Minneapolis, Minnesota, shares a far more complicated and efficient restaurant code, the elaborate plate marking system used at Waffle House...