Definition of 'Advisor Account'
A type of investment account where an investment advisor works closely with a client in formulating and implementing investment purchases and strategies. In most cases, the client has the final say on all investment decisions.
The fee structure of an advisor account is typically asset-based, in which the annual fee paid by the client is based on a percent of the assets held in the account. There are no trading commission fees.
Investopedia explains 'Advisor Account'
These types of accounts are generally for investors who would like to take a hands-on approach to their investments but would also like to work with a financial expert. In addition to working with an investment advisor, the client will often have access to a wide range of investments, including IPO stock and lower cost mutual funds.