Raymond James vs Schwab, Vanguard, and Fidelity: Key Takeaways
• Brokerage and managed accounts are available at Vanguard, Schwab, Fidelity, and Raymond James.
• Raymond James does not offer discount accounts and is 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 have to check out Vanguard, Fidelity, Raymond James, and Charles Schwab. These four titans are some of the biggest players in the securities industry, and they do offer a lot of enticing 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)
|
12.075%
|
$0
|
$0
|
|
Fidelity
|
$0
|
$49.95
|
12.075%
|
$0
|
$0
|
|
Vanguard
|
$0
|
$20
|
12.25%
|
$25*
|
$25*
|
|
Raymond James
|
$9.95
|
$30
|
$30
|
1.00% to 2.25%
|
1.00% to 2.25%
|
Raymond James and Competitors: Services
Investing
Investment-advisory and brokerage accounts can be opened at all four securities firms in this contest. Raymond James is a traditional-only firm, which means every account must be opened through a local financial advisor. The other three firms in this contest offer budget 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 large list of products is available at all four companies. The standard lineup is composed of 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 large list 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 has very thorough cash-management programs. Its Cash Management Account (CMA) comes with ATM fee reimbursements, bill pay, checkwriting, a debit card, 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 $500,000 in eligible assets. Like the CMA, the Capital Access account is a brokerage account that can hold securities. Bill pay and checkwriting are standard fare.
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 has an FDIC-sweep system and provides routing and account numbers for direct deposit and bill payments, but there is no debit card, ATM card, or checkwriting.
All four brokerage firms offer money market funds that are yielding as high as
% 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: 10.25% to 12.25%
Schwab: 10.325% to 12.075% (negotiable above $500k)
Fidelity: 10.325% to 12.075%
Raymond James: 9% to 11.75%
Schwab and Fidelity offer portfolio margin for large accounts.
Winner: Tie between Schwab and Fidelity
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Websites
Account management begins on the four leviathans’ 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. Schwab.com has SnapTicket and a browser platform called thinkorswim web, where we found Level II quotes, time & sales data, and simulated trading. Fidelity now has its own browser-based advanced platform called Fidelity Trader+ Web, with streaming data and advanced charting.
Vanguard’s site has no browser platform and no trade bar, although its order ticket does have discrete selections for buy to cover and sell short, which is the 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 moniker again) and a basic app. Combined, they provide tons of advanced tools like powerful charting and streaming video news.
Fidelity’s main investing app also includes Fidelity Trader+ Mobile, an active-trading mode with advanced charting and a more trading-focused interface. The main app also 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 Trader+ Desktop 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. Schwab offers 24/5 trading in more than 1,300 stocks and ETFs, while many futures markets are also available nearly around the clock on trading days. Cryptocurrencies at Fidelity are available 24/7.
Automatic Mutual Fund Purchases: All four firms offer recurring or periodic mutual-fund investment plans (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 all four firms can potentially earn income by lending eligible securities.
Fractional Shares: Fidelity customers can trade more than 7,000 U.S. stocks and ETFs in whole dollars starting at $1. Schwab clients can buy fractional shares of most U.S.-listed stocks and ETFs starting at $1, and Vanguard delivers fractional-share trading in Vanguard ETFs starting at $1.
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 Go has no minimum to open an account and requires $10 before it begins investing.
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).
Judgment
For old-school investing, there is Raymond James. But Fidelity and Schwab have financial planning and branch locations, too, with a lot more.
Visit Charles Schwab Website
Visit Schwab Website
Updated on 8/28/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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