discretionary account

n.
A stock or commodity account in which an agent is free to trade without prior consultation with the customer.

An account that allows a broker to buy and sell securities without the client's consent. The client must sign a discretionary disclosure with the broker as documentation of the clients consent.

This is sometimes referred to as a "managed account".

Investopedia Says:
Sometimes broad guidelines are set by the client regarding trading in the account. For example, a client might only permit investments in blue chip stocks.

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Account managed by a bank acting as an Attorney in Fact or Fiduciary usually through its Trust Department. The bank has the right to buy or sell assets, usually securities, without prior consent.