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What is a Central Assets Account?

Malcolm Tatum
Malcolm Tatum
Malcolm Tatum
Malcolm Tatum

A central assets account is a single account that may be set up with a brokerage firm or with a bank. The purpose of the account is to provide a single source for all the management of the assets of the given client. Providing this one stop shop approach to asset management allows the client to deal with the same people regardless of what aspect of financial planning or function is required.

Sometimes referred to as an asset management account, the process addresses most elements that are common to the task of money management. Often, the basic package will include a checking account that comes complete with a debit card. A credit card is often included as part of the package as well.

Central asset accounts frequently offer checkwriting ability.
Central asset accounts frequently offer checkwriting ability.

Along with providing these types of day to day finance products, a central assets account also provides full service options when it comes to managing stocks, bonds, and other types of investments. This can include a brokerage account that will allow for buying and selling stocks, acquiring bonds, and even engaging in foreign exchange investments. Because the central assets account allows all financial resources to reside under one umbrella, it is possible to transfer funds between the accounts, which makes moving assets where they are most needed an easy task to perform.

Many banks allow central assets account holders to access their funds with a debit or ATM card.
Many banks allow central assets account holders to access their funds with a debit or ATM card.

Depending on the number and type of support services that are included in a central assets account, there may be a range of monthly and annual fees associated with the management of assets. In addition, many providers of central assets account management also require minimum balances to be maintained in at least a portion of the sub accounts included in the package. In return, the client has access to a wide range of financial professionals, often can command reduced rates on loans, and is usually able to review the current status of all elements at any convenient time.

Malcolm Tatum
Malcolm Tatum

After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Since then, he has contributed articles to a variety of print and online publications, including WiseGEEK, and his work has also appeared in poetry collections, devotional anthologies, and several newspapers. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling.

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Malcolm Tatum
Malcolm Tatum

After many years in the teleconferencing industry, Michael decided to embrace his passion for trivia, research, and writing by becoming a full-time freelance writer. Since then, he has contributed articles to a variety of print and online publications, including WiseGEEK, and his work has also appeared in poetry collections, devotional anthologies, and several newspapers. Malcolm’s other interests include collecting vinyl records, minor league baseball, and cycling.

Learn more...

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    • Central asset accounts frequently offer checkwriting ability.
      Central asset accounts frequently offer checkwriting ability.
    • Many banks allow central assets account holders to access their funds with a debit or ATM card.
      By: Andres Rodriguez
      Many banks allow central assets account holders to access their funds with a debit or ATM card.