Raymond James vs Schwab, Vanguard, and Fidelity: Key Takeaways
• Brokerage and managed accounts are available at Vanguard, Schwab, Fidelity, and Raymond James.
• Raymond James focuses on full-service accounts and is generally the most expensive of the four.
• Fidelity and Schwab have the best trading software.
Raymond James vs. Vanguard, Schwab, and Fidelity Introduction
Before opening your next investment account, you really should take a look at Vanguard, Fidelity, Raymond James, and Charles Schwab. These four giants are among the biggest names in the securities industry, and they do provide a lot of attractive services.
Raymond James and Competitors: Fees
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Margin
Rate |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
11.825%
|
$0
|
$0
|
|
Fidelity
|
$0
|
$49.95
|
11.825%
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
12%
|
$25*
|
$25*
|
|
Raymond James
|
$9.95
|
$30
|
$30
|
1.00% to 2.25%
|
1.00% to 2.25%
|
Raymond James and Competitors: Services
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Visit Schwab Website
Fidelity, Vanguard, and Raymond James: none
Investing
Investment-advisory and brokerage accounts can be opened at all four securities firms in this contest. Raymond James leans heavily toward the traditional advisor model, which means many accounts are opened through a local financial advisor. The other three firms in this contest offer lower-cost accounts, including robo accounts, that can be opened online (some full-service accounts at Schwab, Vanguard, and Fidelity need to be opened through a financial advisor). Raymond James has the largest branch network; Vanguard has no local offices at all.
All four investment firms specialize in securities trading, and a long list of products is available at all four companies. The standard lineup includes stocks, bonds, funds, and options. Fidelity has cryptocurrencies, while Schwab has futures and forex. Raymond James, because it is a full-service firm, has a very broad lineup that includes private real estate and hedge funds.
Winner: We call it a draw between Fidelity and Schwab
Banking
All four investing heavyweights understand the cash needs of their clients and have rolled out significant banking programs. Schwab and Raymond James actually own their own banks. Fidelity doesn’t, but it does have very robust cash-management programs. One is called Bloom; it comes with useful perks like round ups and cash back. Then there is the company’s Cash Management Account (CMA), which comes with ATM fee refunds and an FDIC-sweep program.
Raymond James has something called a Capital Access account. It is similar to Fidelity’s CMA, although ATM fee refunds are capped at $200 per year for clients with less than half a million dollars in assets. Like the CMA, the Capital Access account is a brokerage account that can hold securities. Bill pay and checkwriting are standard features.
Schwab skips the hybrid brokerage-bank setup and offers standard checking and savings accounts that can be linked to investing accounts. But the checking account is really not so standard. It comes with unlimited ATM fee refunds around the world. There is no FDIC sweep on it, though.
Of the four, Vanguard has the weakest offering in this category. Its cash account is called the Vanguard Cash Plus Account. It does have an FDIC-sweep system, although there are no other perks, like round ups or even a debit card.
All four brokerage firms offer money market funds that are yielding as high as
3.64% right now. At Schwab, these must be held in investing accounts as its checking and savings accounts are strictly bank accounts.
Winner: Pretty close between Fidelity and Schwab
Margin
The four investing powerhouses in this contest offer both cash and margin accounts. Short positions, which are available at all four broker-dealers, require the latter setup. Here are the pricing schedules for borrowed money:
Vanguard: 10% to 12%
Schwab: 10.075% to 11.825% (negotiable above $500k)
Fidelity: 10.075% to 11.825%
Raymond James: 8.75% and ends at 11.5%
Schwab and Fidelity offer portfolio margin for large accounts.
Winner: Tie between Schwab and Fidelity
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
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Websites
Account management begins on the four giants’ websites. Vanguard’s and Raymond James’ sites are rather simple with basic tools for charting and order entry. Schwab and Fidelity go further with advanced order tickets that have pro-level trade types, such as OCO and OTO orders. And Schwab’s website has a trade bar and a browser platform called thinkorswim. Here, we found Level II quotes and time & sales data, plus simulated trading.
Vanguard’s site has no browser platform and no trade bar, although its order ticket does have separate selections for buy to cover and sell short, which is about the full extent of advanced trading there.
Winner: Schwab
Mobile Apps
All four investment outfits in this survey have remembered the mobile lifestyles of their customers. Schwab actually has two apps: a high-powered trading app, with the thinkorswim name again, and a basic app. Together, they provide a long list of advanced tools like powerful charting and streaming video news.
Fidelity also has multiple apps, and one of them focuses on cash management. Nevertheless, the main trading app has lots of bells and whistles, including advanced options trading.
The Vanguard and Raymond James apps are on the simple side with few advanced tools. Charts on the Vanguard app, for example, only have line format.
Winner: Schwab
Desktop Programs
Schwab and Fidelity, but not Raymond James or Vanguard, have desktop software for the highest level of self-directed trading. Both programs come with lots of features that are sure to please the most advanced traders. Schwab’s platform, which is once again called thinkorswim, seems to be on a somewhat higher level. It has more technical studies and a backtesting widget, for example. It also has a practice mode, which Fidelity’s platform, called Active Trader Pro, lacks.
Winner: Schwab
Additional Services
IPO Access: Investors at Raymond James, Schwab, and Fidelity can purchase shares of Initial Public Offerings.
Extended Hours: Post-market trading in equities is available at all four brokerage firms in this contest. Fidelity, Raymond James, and Schwab also offer pre-market trading. Futures and forex at Schwab trade 24/5, and the brokerage house has overnight trading in some ETFs, too. Cryptocurrencies at Fidelity are available 24/7.
Automatic Mutual Fund Purchases: Fidelity, Vanguard, and Schwab offer recurring purchases of mutual funds (at Vanguard, the service is restricted to Vanguard funds).
DRIP Service: Auto dividend reinvesting is available at all four firms.
Fully-Paid Stock Lending: Traders at Vanguard, Fidelity, and Schwab can earn income by loaning out their stock shares.
Fractional Shares: Fidelity customers can trade stocks and ETFs in whole dollars. Schwab clients can do the same for the S&P 500 securities, and Vanguard delivers fractional-share trading in Vanguard ETFs.
IRAs: All four firms offer Individual Retirement Accounts in several modes. Vanguard does have some fees on business IRAs.
Winner: Tie between Fidelity and Schwab
Our Recommendations
Mutual-Fund Trading: Schwab and Fidelity have great fund resources on their websites with effective screeners.
Small Accounts: Brokerage accounts at all four companies have no minimums. Managed accounts are a different story. Raymond James has the steepest minimums for its advisory service, while Fidelity’s robo program has no minimum.
Beginners: An investment-advisory account at any of the four companies would be a good idea. Adding a human financial advisor to the picture would be an even better idea.
ETF and Stock Trading: Schwab’s thinkorswim desktop platform will provide the overall best experience, although Fidelity’s website does have really good research tools.
Retirement Planning & Long-Term Investing: Raymond James, Fidelity, or Schwab (preferably with a financial planner).
Find a Financial Advisor
Find a Financial Advisor
Judgment
For old-school investing, there is Raymond James. But Fidelity and Schwab have financial planning and branch locations, too, along with a lot more.
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Visit Schwab Website
Fidelity, Vanguard, and Raymond James: none
Updated on 4/2/2026.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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