Asset management institutions are fiduciary firms. That is, their clients give them discretionary trading authority over their accounts, and they are legally bound to act in good faith on the client's behalf. Brokers must get the client's permission before executing a trade. (Online brokers let their clients make their own decisions and initiate their own trades.) Asset management firms cater to the wealthy. They usually have higher minimum investment thresholds than brokerages do, and they charge fees rather than commissions. Brokerage houses are open to any investor. The companies have a legal standard to manage the fund to the best of their ability and in line with their clients' stated goals.