Word: wraparound
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...money for me, spreading it among Fidelity's dozens of "equity, bond and short-term mutual funds." My "portfolio" will be "personally tailored," of course, but basically the program promises what we all want: "preservation of assets as well as ... growth and income." This is known as a "wraparound account." It is one of the newer products invented by the financial-services industry, whose explosive growth is traced in Joseph Nocera's new book, A Piece of the Action: How the Middle Class Joined the Money Class. Words like product and industry are intended to give "financial services" the smell...
...worth 1% to have a Fidelity expert guide me through the financial maze created by Fidelity and its rivals. Nevertheless, the wraparound account is a reductio ad absurdum. "Put Fidelity's Renowned Investment Management Expertise to Work For You," blares the brochure. That is what I thought I was doing when I invested in a Fidelity mutual fund. Now I'm told I must pay someone to tell me which mutual fund I should buy. Then I pay the mutual-fund managers to put me into the right stocks and bonds...
...actual business, as a 19th century capitalist might have recognized it. Then there's the management of the corporate shell. Then there are the investment bankers, putting companies in and out of "play." Then there are the mutual-fund managers, buying and selling company shares. And now there are wraparound account managers, buying and selling mutual funds...
Well, that's capitalism's problem. I have problems of my own. Like which financial-service company's wraparound account should I sign up for? Clearly, what's needed is a "product" that will invest your money in different wraparound accounts. That would be worth another percent or so off the top, wouldn...
That was how the score stood through one period, as strong forechecking pressure helped hold Vermont to four shots on net. But the Cats struck early in the second, as Dominique Ducharme struck for his first of two on the night with a wraparound goal at the :27 mark...