Managed Account is also known as fee-based accounts.  An investment advisor will charge a fee to manage a portfolio.  The fee is usually a percentage of the assets under management.  Additionally, the mutual funds held in the account will have annual operating expenses. It is always important to read the prospectus before investing.  Non-deposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.