A "rap account" is an alternate name for a fee-based advisory account. The correct word is actually a "Wrap Account" since the fee paid for that type of service is generally considered an all-inclusive "wrapper" that covers trading and rebalancing costs. Those costs are paid by the investor on an "as used" basis in brokerage accounts. Trading ticket charges and sales commissions are typically waived in a "wrap account" platform in lieu of a quarterly advisory fee.
A wrap account is a fee structure between you and a financial advisor. To expand on Bruce's answer above, it's an agreement where you pay a fee for service rather than paying commissions for each trade. What is the amount being charged? Is it to manage all of your assets or just a portion? If you're purchasing an annuity or life insurance policy from this same advisor you may be able to reduce your fee based on these commissions.