discretionary account


An account for which the holder gives his/her broker or someone else the authority to buy and sell securities, either absolutely or subject to certain restrictions. also called controlled account or managed account.

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It was a discretionary account and that meant that we could buy and sell securities, which was good for us.

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The old man trusted his longtime broker of 45 years so much he had given him a discretionary account to manage as the broker saw fit.

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John Smith didn't have time to do his own trading so he put his lottery winnings in a discretionary account so his broker at Fidelity could buy and sell on his behalf.

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brokerage account trading authorization