Largest Brokerage Firms by Assets

Largest Brokerage Firms by AUM in 2024


Total amount of assets under management at the largest brokerage companies for online investing. The largest broker-dealers by AUM.



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Charles Schwab rating

Charles Schwab


Charles Schwab has close to $8.7 trillion in total client assets. 34.8 million active brokerage accounts. Learn more... Charles Schwab Review


Vanguard rating

Vanguard



Vanguard has over $8.6 trillion in total assets under management. Learn more...

Vanguard Review


Fidelity Investments rating

Fidelity



Fidelity Investments has close to $4.9 trillion in total assets under management (AUM). Learn more...
Fidelity Review


Merrill Lynch rating

Merrill Lynch



Merrill Lynch has close to $3.2 trillion in total customer assets. Learn more...

Merrill Lynch Review


J.P. Morgan Chase Brokerage Rating

J.P. Morgan Chase



JP Morgan has close to $2.9 trillion in total customer assets. Learn more...

JP Morgan Review



Charles Schwab


In first place is Charles Schwab. This well-known investment firm has approximately $8.7 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 34.8 million financial accounts and includes nearly $1 billion in Schwab mutual and exchange-traded funds.


largest broker dealers by aum


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.


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Vanguard


Next is Vanguard. This well-known financial firm is also one of the largest brokerage firms by AUM. The company has $8.6 trillion in assets under management. This large asset base is made up of more than 50 million clients using both active and passive funds.


brokerages by aum


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 $4.9 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.


largest brokerage firms by aum


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 49 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.


largest brokerage firms by assets


J.P. Morgan Asset Management oversees a suite of funds accounting for roughly $2.9 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 $2.9 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)


Brokerage AUM Notes Incentives For Opening New Account
Acorns$4.7 billion Get $20 when you open an Acorns account with this referral link.
Ally Invest$15 billionOwned by Ally Bank which has much larger, $178 billion AUM Get zero commission on stock and ETF trades.
Betterment$40 billionNone
Charles Schwab$8.7 trillionMostly at Schwab's mutual funds$0 commissions + satisfaction guarantee at Charles Schwab.
Etrade$420 billion Get zero commission on stock and ETF trades.
Fidelity$4.9 trillionMostly at Fidelity's mutual fundsGet $0 stock commissions.
Firstrade$6 billionGet up to $250 in transfer fee rebate.
Interactive Brokers$373 billionUse this referral link to get up to $1,000 of IBKR stock for free!
JP Morgan$2.9 trillion Get $0 stock commissions at J.P. Morgan.
M1 Finance$7 billion Get up to $500 when you make a deposit in your new M1 account.
Merrill Edge$353 billionNone
Robinhood$87 billion 1% IRA match and up to $200 FREE stock at Robinhood.
Stash Invest$3 billion Get $20 cash bonus with this referral link.
Vanguard$8.6 trillionMostly at Vanguard's mutual fundsNone
Wealthfront$22 billionNone
Webull$57 billion Up to 75 FREE fractional shares when you make a deposit at Webull.


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 6/25/2024.


About the Author
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.