|
Largest Brokerage Firms by AUM in 2025
Total amount of assets under management at the largest brokerage companies for online
investing. The largest broker-dealers by AUM.
|
|
The Largest Brokers by Assets
|
The Largest Brokerage Firms by Assets Under Management
Charles Schwab
In first place is Charles Schwab. This well-known investment firm has approximately $9.93 trillion
in assets under management (AUM) at last count. This amount is in addition to over $100 billion in
deposits with Schwab Bank. The company’s large asset base is spread across more than
37 million financial accounts and includes nearly
$1 billion in Schwab mutual and exchange-traded funds.
In addition to being the largest broker-dealer by AUM, Schwab also has some of the best
software in the business. It owns and operates the famous thinkorswim platform, which
advanced traders often use.
For clients who prefer Schwab to manage their investments, there are branch locations that
offer investment-advisory services. Schwab has more than 300 of these centers, providing
customer service to brokerage clients as well.
Free Charles Schwab Account
Visit Schwab Website
Vanguard
Next is Vanguard. This well-known financial firm is also one of the largest brokerage
firms by AUM. The company has $10.4 trillion in assets under
management. This large asset base is made up of more than 50 million clients using both active
and passive funds.
In addition to managing a wide range of mutual and exchange-traded funds, Vanguard also offers brokerage
accounts to help customers trade and invest for the future. However, their digital trading tools are basic as Vanguard emphasizes buy-and-hold investing.
Unlike Schwab, Vanguard has no branch locations. However, it does manage to provide
investment-advisory accounts through online channels.
Fidelity Investments
Third in our survey of the largest brokerage firms by AUM is Fidelity. This investment firm manages roughly
$5.9 trillion in mutual funds, ETFs, and discretionary advisory accounts.
It also has non-discretionary accounts, cash-management programs, and brokerage accounts that bring the
company’s assets under administration to an impressive $12.6 trillion.
The company itself has even more impressive numbers. For example, it has 215 branch locations in the United
States and a few around the world. It employs more than 70,000 workers who assist more than
51.5 million customers. It has partnered with over 24,000 employers to create more than
43 million workplace retirement accounts.
Fidelity is truly one of the largest brokerage firms by AUM. But it also has an impressive suite of trading
tools, including Active Trader Pro, a sophisticated desktop program suitable for both experienced traders and beginners. The company’s website and mobile app also have a range of trading tools.
J.P. Morgan
Next on our list of the largest broker-dealers by AUM is J.P. Morgan. The company operates multiple
investment firms, each with its own specialty. These divisions include J.P. Morgan Investing, J.P. Morgan
Personal Advisors, J.P. Morgan Private Client Advisor, and J.P. Morgan Asset Management.
J.P. Morgan Asset Management oversees a suite of funds accounting for roughly $3.6 trillion. Adding in retail advisory assets, the total exceeds $4.0 trillion for the parent company J.P. Morgan. The company’s investment banking business adds trillions more. Chase Bank contributes additional trillions in deposit accounts and credit-card transactions. Essentially, J.P. Morgan is a massive entity.
At J.P. Morgan Investing, we found basic trading tools. They don’t quite match Fidelity’s or
Schwab’s software, but they are adequate for many types of investing. The company’s extensive
network of financial planners through J.P. Morgan Private Client Advisor offers better options for
traditional in-person service. There are hundreds of branch locations throughout the United States; some
are located at Chase Bank centers.
Merrill
Last, but certainly not least, on our list of largest brokerage firms by assets under management is Bank
of America’s investing division. Most commonly known as Merrill Lynch, the investment firm has recently
been rebranded simply as Merrill. It operates the online discount firm Merrill Edge along with a large
suite of traditional full-service programs available at branch locations.
We count around $3.6 trillion in total client assets at Merrill,
including both advisory and brokerage accounts through both Edge and traditional channels. This definitely
makes Merrill one of the largest broker-dealers by AUM. Combined with deposits at Bank of America, the
total is around $5.0 trillion. It’s enough to produce billions of dollars in revenue every year.
What Exactly is AUM?
Assets Under Management can be defined in different ways. The most common definition is the total assets a firm manages. To be considered managed, assets must be under the control of the investment firm. Thus, assets in mutual funds, ETFs, and discretionary advisory accounts are counted towards AUM. Assets in non-discretionary advisory accounts and brokerage accounts aren’t usually included, although ETFs and mutual funds in brokerage accounts are managed assets. For example, a Vanguard ETF at E*Trade is part of Vanguard’s AUM but not E*Trade’s.
Fidelity’s impressive $12.6 trillion figure is assets under administration. This number is calculated by adding AUM to other data points, including assets in brokerage and cash accounts that aren’t actively managed by any firm.
Is AUM Important?
The choice of a brokerage firm is subjective and depends on various factors. Day traders who need advanced software may prefer a smaller firm like Interactive Brokers, which offers better trading tools than a large firm like Vanguard. Long-term investors may not benefit more from larger firms, although some offer excess SIPC insurance.
In all cases, size is just one part of the equation. Both large and small firms can provide good and bad experiences. The key is to know what you want from an investment firm and use this information to choose the one that best meets your investment and trading needs.
Alphabetical List of Online Brokers’ Total Assets Under Management (AUM)
Largest Brokerage Firms by Assets Disclaimer
The total amount of client assets held by a broker-dealer changes on a daily basis as market prices fluctuate and as customers deposit and withdraw funds. Please see a company's financial statements before choosing any investment firm.
Updated on 4/22/2025.
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.
|