A "wrap fee" is the fee for a securities investment program (a "wrap account") that bundles or "wraps" a number of services (management, brokerage, or advisory) together and covers them with a single quarterly or annual fee based on the value of assets under management. No separate commission expenses are charged for securities trading in the account. The wrap fee varies, but usually ranges from 1% to 3% of the value of the assets in the wrap account. Wrap accounts usually require a minimum initial investment of anywhere from $50,000 to $10 million.