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 $9.57 trillion in total client assets. 35.7 million active brokerage accounts. Learn more... Charles Schwab Review


Vanguard rating

Vanguard



Vanguard has over $9.3 trillion in total assets under management. Learn more...

Vanguard Review


Fidelity Investments rating

Fidelity



Fidelity Investments has close to $5.5 trillion in total assets under management (AUM). Learn more...
Fidelity Review


Merrill Lynch rating

Merrill Lynch



Merrill Lynch has close to $4.7 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 famous investment firm has approximately $9.57 trillion in assets under management (AUM) at last count. This figure is in addition to more than $100 billion in deposits with Schwab Bank. The company’s very large treasure trove is calculated across more than 35.7 million financial accounts and includes nearly $1 billion in Schwab mutual and exchange-traded funds.


largest broker dealers by aum


Besides the distinction of being the largest broker-dealer by AUM, Schwab also has some of the best software in the business. It is the owner and operator of the very famous thinkorswim platform, which advanced traders often use.

And for its clients who would rather let Schwab do all the heavy lifting, there are branch locations that deliver investment-advisory services. Schwab has more than 300 of these centers, which manage to provide customer service to brokerage clients as well.


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Vanguard


Up next is Vanguard. This well-known financial conglomerate is definitely one of the largest brokerage firms by AUM. The company has $9.3 trillion in assets under management. This enormous treasure chest is composed of more than 50 million clients using both active and passive funds.


brokerages by aum


In addition to managing a large suite of mutual and exchange-traded funds, Vanguard also offers brokerage accounts to help customers trade and invest well into the future. Digital trading tools, however, are on the elementary side as Vanguard emphasizes buy-and-hold investing.

And unlike Schwab, Vanguard has no branch locations. It does, nevertheless, manage to deliver 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 $5.5 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 a staggering $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 handful around the world. It employs more than 70,000 workers who assist more than 51.5 million customers. And it has partnered with more than 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, not least of which is Active Trader Pro, a sophisticated desktop program that is advanced enough for experienced traders and easy enough for beginners. The company’s website and mobile app have their own impressive collections of trading tools.


J.P. Morgan


Up next in 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


The last unit manages a suite of funds that account for roughly $2.9 trillion. Adding in retail advisory assets, the number increases to more than $4.0 trillion for the parent company J.P. Morgan. Adding in the company’s investment banking business, there are trillions of more dollars. And Chase Bank adds in trillions more in deposit accounts and credit-card transactions. Basically, this is a really, really big company.

At J.P. Morgan Investing, we found simple trading tools. They don’t quite measure up to Fidelity’s or Schwab’s software, although they will be adequate for many forms of investing. The company’s large network of financial planners through J.P. Morgan Private Client Advisor will be a better option for traditional in-person service. There are hundreds of branch locations throughout the United States; some of these are at Chase Bank centers.


Merrill


Last, but certainly not least, in 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 that are 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 treasure trove 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, hence the term ‘Assets Under Management.’ 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 in brokerage accounts aren’t usually a part of the calculation, although ETFs and mutual funds in brokerage accounts are managed assets. Thus, they will be part of someone’s AUM. For example, a Vanguard ETF at E*Trade is part of Vanguard’s AUM but not E*Trade’s.

Fidelity’s astounding $12.6 trillion figure is assets under administration. This number is calculated by adding AUM to a lot of 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 a subjective decision that will naturally vary by a variety of factors. Day traders who need advanced software may prefer a smaller firm like Interactive Brokers who has much better trading tools than a large long-term firm like Vanguard. Long-term investors themselves may not get better insurance policies out of larger firms, although some of these will have excess SIPC insurance.

In all cases, size is only one part of the equation, and good and bad experiences will both be found at large and small firms alike. The really important goal is to know what you want out of an investment firm and use information here to choose the firm that best fits your investment and trading needs.


Alphabetical List of Online Brokers’ Total Assets Under Management (AUM)


Brokerage AUM Notes Incentives For Opening New Account
Acorns$22 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$50 billionNone
Charles Schwab$9.57 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$5.5 trillionMostly at Fidelity's mutual fundsGet $0 stock commissions.
Firstrade$8 billionGet up to $250 in transfer fee rebate.
Interactive Brokers$509.5 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$5 billion Fund within 30 days of joining with $10,000 to get $75 bonus.
Merrill Edge$370 billionNone
Robinhood$139.7 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$9.3 trillionMostly at Vanguard's mutual fundsNone
Wealthfront$22 billionNone
Webull$60 billion Up to 40 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 7/23/2024.


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.