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
After our conversation about towns with extremely short names, many listeners wrote to tell us about Why, Arizona. Others pointed out that there are towns called Ely in Iowa, Minnesota, and Nevada. Other super-short appellations include Rye, New...
The expressions your mother wears combat boots and your mother wears army boots descend from the African-American tradition of the Dozens, also known as sounding or capping or snapping, where people try to top each other’s insults. This is part of a...