COST REDUCTION Definition

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COST REDUCTION is actions taken in the present designed to decrease costs in the present. See COST AVOIDANCE.

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WRAP ACCOUNT at its most basic is an alternative form of commission arrangement between a securities firm and its client. Wrap accounts generally charge the client an annual fee based on assets in the account in lieu of a per transaction commission structure. In other words, the firm "wraps" together all the costs and charges them off as a "management fee". Firms often add further features to wrap accounts such as investment management, custodial services, and enhanced reporting.

TESTIMONY is evidence given by a competent witness under oath.

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