WRAP Accounts

There are two main types of accounts.† WRAP accounts with investment brokerage firms provide investors with a portfolio that is managed for a flat fee, in most cases charged either monthly, quarterly or annually. This management fee covers all commission and management expenses, and administrative fees.† WRAP accounts with some institutions including some financial advisors or banks sometime involve a portfolio of funds, mutual funds or fund of funds.††

WRAP accounts are designed and managed according to an investors risk tolerance level, objectives and investment experience in many cases.† In most cases WRAP accounts involving a fund of funds requires a minimum initial investment of $25,000.† Managed WRAP accounts with investment brokerage companies in most cases have higher minimum thresholds and a minimum investment is $100,000.†††

Management fees on WRAP accounts vary significantly from institution to institution.† On mutual fund WRAP accounts, investors still indirectly pay a management fee which is built into the mutual fund unit value, however, in they will also pay additional investment management fee.† For investment brokerage WRAP accounts or managed accounts, investors will pay a management fee which is tax deductible in most cases for non-registered accounts.†

There are many types of WRAP accounts available in Canada.† Investors need to be cognisant of how fees are charged and whether the fee structure is tiered based on individual assets, combined individual assets or family of assets.† In addition, investors need to be fully aware of what the fee covers, as in some cases there are additional fees known as custodial fees.†

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