1.   Advisers can use fund supermarkets and brokerage-firm wrap accounts to assemble fund portfolios from many companies without incurring transaction fees.

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

3.   But investors are falling for it, says Smiley, who recently sat in on a seminar pitching wrap accounts that used mutual funds.

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

5.   In some ways, wrap fee accounts are similar to mutual funds.

6.   The average wrap account at Paine Webber has several hundred thousand dollars.

7.   The second tier is more like a traditional wrap account.

8.   They are not advertising it, but brokerage firms are lowering the fees on their popular wrap accounts.

9.   They have been offering these so-called wrap accounts for more than a decade, but the appeal has been limited.

10.   Whatever the name, the mutual fund wrap accounts mostly offer advisory services.