Some banks, whose trust officers have long managed money for the rich, are considering their own wrap accounts and mutual fund selection services.

With a wrap account, brokerage firms offer clients a choice of money managers to pick stocks for them.

While wrap accounts are not new, the growing interest in them is.

Besides the convenience, a major advantage of wrap accounts is the access to money managers who may not otherwise be available.

With wrap accounts, "you and your adviser have the same objectives," he said.

Some of the recent attention to who's on duty watching wrap accounts will help investors.

It now hopes that the new, less expensive wrap account, with access to on-line trading, will become much more popular.

In return, the fund companies receive a portion of the annual fee, averaging 2.25 percent, charged by wrap accounts.

In response, the big brokerages have tried to develop fee-based products, like the investment programs known as wrap accounts.

But he is confident that the contest will generate positive publicity for his company, which basically sells a wrap account.