Asset Management Company vs Brokerage

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.