The processor-based device may be additionally configured to transmit the financial transaction rules defined by the primary account holder to a designated financial institution that manages the subsidiary account.

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In general, the financial transaction rules may be defined by the holder of a primary account to which the subsidiary account is associated.

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The financial institution may store a record of user preferences associated with the primary and subsidiary financial accounts, and may update these account holder preferences based on the received financial transaction rules.

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Someone who invests with an adviser who outsources the portfolio to another firm could pay four different layers of fees: one from his primary adviser, another from the portfolio manager, one from the underlying ETFs and another for the portfolio's transaction costs, says Rick Ferri, founder of Portfolio Solutions, an investment adviser in Troy, Mich.

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