Asset management companies compete to serve the investment needs of high-net-worth individuals and institutions.

Accounts that are held by financial institutions often include check-writing privileges, credit cards, and brokerage services. Another added benefit is that the needs of the account holders from banking needs to investment needs can be met by the same institution.

Asset Management:

• Their clients give them discretionary trading authority over their accounts and are legally bound to act in good faith
• They cater to the wealthy and usually have a higher minimum investment threshold

Brokerage:

• Brokers require the client's permission before executing a trade 
• Brokerages are open to any investor and the companies have a legal standard to manage the fund to the best of their ability and in line with their clients' stated goals.