Account email alerts will be sent to every user who 'Manages' a group that contains the relevant account. In the example below, the account is in the group 'Squared Group'.

Any users who are set to 'Manages: Squared Group' will receive the email alerts for this account. In the example below, Alex Smith would not get the alerts while John Smith would.

If no users have been set to 'Manages' on one of the account's groups, the email will be sent to all users who are set to 'Manages: All Clients'.
You can create a new group or edit them here. And 'admin' users to can set users to 'Manage' a group here.