發展歷史
現金管理賬戶的產生與取消固定佣金制度密切相關。
在證券市場發展初期，各國採用的都是固定佣金制。但從1970年代開始，歐美國家經歷了一場持續至今的金融自由化浪潮，主要是以金融服務價格(匯率、利率和券商佣金費率)以及金融機構跨業經營(銀行、證券和保險)的放鬆管制為主要內容。
1975年5月1日，美國的證券交易所率先打破固定佣金制，採取競爭性的協定佣金制，即由客戶和證券公司協商決定。更為引人關注的是，英國10年後在1986年對證券業實施了一場重大變革――徹底取消政府對佣金標準的控制，客戶可與證券經紀商根據市場供求情況、交易額度及各自的實際情況，協商決定按何種標準收取佣金或是否收取佣金。這場變革使英國重新贏得全球主要證券市場的地位。此後，更多的國家放棄了固定佣金制。目前在世界主要的27個證券交易所中，對佣金的收取絕大部分採用自由協商的方式。
浮動佣金制度的創立，帶來了佣金下調的趨勢。這之所以成為可能，是由於新技術使交易成本大大降低。隨著電子交易的發展，經紀人在交易過程中的作用，越來越沒有實際意義。而佣金的降低，卻直接影響了券商的收益，使其面臨巨大的生存壓力，也因此產生了創新動力。不開發新產品來創造新利潤，整個行業都將面臨虧損的局面。
作為美國投資銀行業金融創新的帶頭人，美林證券率先以投資銀行業務爭奪資金，來彌補經紀業務的虧損。它使用的工具就是“現金管理賬戶”――帶有美林金融市場基金的信用卡及支票填寫特權的一攬子服務。這等於是在證券市場與貨幣市場之間蓋了個理財超市，5年內便成功開發了53.3萬個資產管理客戶，使美林得以成功應對浮動佣金制度和銀行業務滲透的挑戰。很快便在全球範圍內受到券商和銀行的關注、效仿。
1980年代末，為增強競爭優勢，美林再一次領導了金融創新潮流，通過財富管理戰略，將現金管理賬戶與貨幣市場基金賬戶結合，擴大資產組合的範圍；隨著客戶網路的擴大，進一步將現金管理賬戶升級到集交易和理財於一體的無限優勢賬戶，給客戶更大的選擇空間。同時，券商收入模式向費用模式的轉變也被再次提速。
可以說，現金管理賬戶是美林養得最好的一隻下蛋雞，它不僅給美林和美林的客戶帶來雙贏，它也將全球金融產品創新帶到了一個新高潮。
特點
現金管理賬戶，在於其功能的綜合性：客戶既可以在這個賬戶上實現證券交易，也可以像一般存款賬戶那樣存取款項，還可以同信用卡公司進行結算，外加支票轉賬等各種支付功能。
該賬戶的資金規模不固定，客戶可隨時按照自己的意願提取資金或進行消費，在這點上又很符合活期存款和開放式基金進退自由的特點，管理人可以採取基金的直接投資形式。
在投資服務方面，券商根據客戶的風險偏好和資金規模，設計個性化的投資組合，獲取超過銀行存款利率的投資收益，從而收取相應的管理費。除了獲取專業諮詢服務外，客戶還可定期(每日、每月)知曉本人的資產狀況。
運作流程
1.尋找客戶：券商通過與銀行合作，尋求有理財需求的銀行儲戶(機構和富人)，了解投資偏好。並與客戶進行充分接洽，了解客戶的性質，委託資產的規模、期限、收益預期及風險承受能力。客戶也籍此了解管理人的資信、業績歷史和業務能力。
2.簽立協定：在彼此認可對方條件之後，雙方共同簽訂資產委託管理協定，確定各方具體的權利和義務。
3.資金到位：券商利用客戶在銀行的資金賬戶開設對應的現金管理綜合賬戶，並按約定將動態的資金餘額作為委託資產轉入專戶。
4.委託運作：由受託人向委託人提出投資建議書並設計具體的投資組合，運作委託資產。受託人將根據需要，每月向客戶提供交易清單，定期走訪，了解客戶對理財操作的意見。在契約期滿或提前中止後，對專門賬戶上的資產進行清算，並以此鑑定受託人的經營業績。委託理財契約到期時，券商將客戶本金及應獲收益劃至客戶在銀行的賬戶。也可續簽協定，重新開始新的資產管理委託流程。
CMA at Merrill Lynch
What is the Merrill Lynch CMAAt Merrill Lynch, we understand that you want to maximize both yourlong-term investments and day-to-day finances. Managing both within asingle relationship provides you with a more comprehensive view of yourassets, making it easier to monitor and track your overall financialpicture.
When should you consider a CMA accountIf you're seeking the convenience and simplicity of an investmentaccount that offers an automatic sweep of cash balances, acomprehensive array of cash management tools and a quick, easy way tomonitor and manage financial assets, you can benefit from consolidatingfunds in a Merrill Lynch CMA account.
What are the benefits of a CMA accountManage all your financial assets in one place
Witha CMA account, you can invest, save, borrow and spend. Also, you maymanage a wide range of investments and benefit from a full array ofeveryday transaction services, such as check writing, direct deposit,online bill payment, ATM transactions, a deferred debit Visa card and more.
Keep your money working with an automatic sweep
Toensure that your money keeps earning interest, cash balances areautomatically swept into your choice of tax-exempt money market fundsor deposit accounts through the Merrill Lynch bank deposit program.
Earn potentially higher rates by linking accounts
Theinterest rates on deposits made through the Merrill Lynch bank depositprogram vary based on the value of assets in your accounts. With ourstatement-linking feature, the total assets of all the eligible linkedaccounts will be used to determine your interest rate.
Earmark assets for specific needs and goals
You can establish CMA SubAccounts to segregate funds for specific investment goals, such as education, supplemental retirement savings, emergencies or travel.
Access a convenient source of home financing solutions
Witha CMA account, you gain access to an extensive range of loan products,including mortgages and home equity loans. A Financial Advisor can helpyou determine which solutions are right for you in the context of yourfinancial picture and cash flow needs.
Automated Investment Program
Withour Automated Investment Program, you can invest in mutual funds usingyour CMA account. This program takes advantage of dollar costaveraging, which can lower your costs and potentially enhance yourinvestment returns over the longer term.
reinvest cash dividends
Automatically reinvest cash dividends in eligible securities with no commission charges through our Reinvestment Power program.
Provides comprehensive and summary information
Acomprehensive monthly statement provides a snapshot of your accountbalances, spending, asset allocation and current portfolio valuations.
Asupplementary, consolidated year-end statement eases tax returnpreparation by providing a detailed, chronological breakdown of taxableinvestment activity and realized capital gain or loss.
Statement-linkingservices conveniently package the individual monthly statements for allthe eligible accounts you choose in one envelope with up to fivesummary pages. The linked statements provide a comprehensive view ofthe accounts, which can include your CMA account, CMA SubAccounts andother linked accounts, such as your IRA. By linking your statements,you'll be able to manage your assets more efficiently and reduce theamount of paper in your mailbox.Offers convenient account access and support
Merrill Lynch OnLine offers a secure online platform for viewing account information and performing a variety of routine transactions:
― Check balances and account activity
― Transfer funds between accounts
― reorder checks― Print images of canceled checks
― Establish e-mail alerts
― E-delivery of account materials
When you call (800) MERRILL (637-7455)and provide your account number, you have access to our easy-to-use,voice-activated telephone system for day-to-day service requests, suchas quotes and account balance information.
You also can consult your Financial Advisor for advice and guidance on investments and cash management strategies. Your assets are protected
Yourassets held in a CMA account are protected by the Securities InvestorProtection Corporation (SIPC). The SIPC provides up to $500,000 ofaccount protection per customer, including up to $100,000 for cash.
Throughthe Merrill Lynch bank deposit program, deposits placed at each of theMerrill Lynch Affiliated Banks (FIA Card Services, N.A. (FIA) andMerrill Lynch Bank & Trust Co., FSB) are FDIC-insured up to theapplicable standard maximum deposit insurance amount (SMDIA) for eachownership category per bank.
