largest brokerage firms 2024

The Largest Brokerage Firms in 2024


The largest brokerage firms in the U.S. and the world. Top 10 brokerage firms for retail stock investors.


The Largest Brokerage Firms


Our 2024 list of the largest brokerage firms in the United States includes some well-known names like Charles Schwab that make the list for number of accounts and client assets. There are also some smaller names like Webull that made the list for rapid growth. However they made the list, the brokers included here are popular, large, and growing.

For sheer size, we can look at the ‘Club of Five.’ This short list of the largest US brokerage firms includes companies with huge treasure troves of assets. These firms are Schwab, Vanguard, Fidelity, Robinhood, and Morgan Stanley/E*Trade. This group has actually changed a bit in recent years, at least at the bottom. As market prices fluctuate, and as customers come and go, the calculation of client assets changes. The figures in this article represent the most recent numbers available.

Certainly, the explosion of many smaller firms in recent years (brokerages like Webull and Robinhood) have led to some adjustments to the list of largest brokerage firms in 2024 in terms of number of accounts and client assets. A company can get on our list of largest brokerage firms in the US by growth, number of accounts, assets under management, or total client assets.

Although the list of the largest brokerage firms presented here focuses on size and growth, it’s important to point out that sheer size does not guarantee the best investing experience. Certainly, smaller investment firms out there like Firstrade and Betterment have been able to attract loyal followings and good track records. Besides size, other factors, like cash management, customer service, account types, and investment products offered should be considered when choosing an investment firm.

Without further ado, here’s our list of the largest investment firms in 2024:

Brokerage
Rating
Investing
Commissions
Investments
Offered
Brokerage
Review


Charles Schwab rating

Charles Schwab


Stocks, ETFs: $0

Mutual Funds: $49.95 to buy, $0 to sell

Options: $0.65 per contract
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • Annuities
  • ETFs
  • Futures
  • Forex
Charles Schwab
Review


Fidelity Investments rating

Fidelity


Stocks, ETFs: $0

Mutual Funds: $49.95 to buy, $0 to sell

Options: $0.65 per contract
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • Annuities
  • ETFs
  • Crypto
Fidelity
Review


Vanguard rating

Vanguard


Stocks, ETFs: $0

Mutual Funds: $20

Options: $1.00 per contract
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • ETFs
Vanguard
Review


Robinhood Trading rating

Robinhood


Stocks, ETFs: $0

Mutual Funds: na

Options: $0
  • Stocks
  • Options
  • ETFs
  • Crypto
Robinhood
Review


Etrade rating

E*trade


Stocks, ETFs: $0

Mutual Funds: $0

Options: $0.65 per contract
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • Futures
  • ETFs
  • CDs
E*Trade
Review


J.P. Morgan Chase Brokerage Rating

J.P. Morgan Chase


Stocks, ETFs: $0

Mutual Funds: $0

Options: $0
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • ETFs
JP Morgan
Review


Merrill Edge rating

Merrill Edge


Stocks, ETFs: $0

Mutual Funds: $19.95

Options: $0.65 per contract
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • Annuities
  • ETFs
Merrill Edge
Review


Webull rating

Webull


Stocks, ETFs: $0

Mutual Funds: na

Options: $0
  • Stocks
  • Options
  • ETFs
Webull
Review


Interactive Brokers rating

Interactive Brokers


Stocks, ETFs: $0

Mutual Funds: $14.95

Options: $0.65 per contract
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • Futures
  • Forex
  • ETFs
  • Crypto
Interactive Brokers
Review

Firstrade rating

Firstrade


Stocks, ETFs: $0

Mutual Funds: $0

Options: $0
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • ETFs
Firstrade
Review

Charles Schwab


Starting our list is the very famous Charles Schwab. At last count, this firm had more than 34.8 million brokerage accounts and 5 million workplace plan participant accounts. And then there are nearly 2 million deposit accounts through Schwab Bank, another unit of this very large financial conglomerate.

Schwab got its start a little later than Fidelity. Founded by Charles Schwab in 1971 in San Francisco as Commander Industries, Inc., the purpose of the business was to conduct securities broking and to publish a newsletter entitled Schwab Investment Indicator. The brokerage house still publishes a quarterly investing periodical (entitled OnInvesting).


biggest brokerage firms in the us


Charles Schwab the person remains chairman of the company today. It is headquartered in Westlake, Texas, although it has several branch offices in San Francisco and several hundred throughout the world. Most of these locations are in the United States.

One of Schwab’s (the person and the company) claims to fame is its move towards lower and lower fees. Long before Robinhood and the Internet, Schwab started slashing commissions in the late 1970s after the New York Stock Exchange allowed member firms to charge any commissions they wished. Learn more...

Promotion: $0 commissions + satisfaction guarantee at Charles Schwab.

Visit Schwab Website


Fidelity Investments


Up next in our list of the largest broker-dealers in the United States is Fidelity Investments with more than 49 million accounts, a staggering number by any standard.

Fidelity got its start in 1943 when Edward C. Johnson II was elected president of the Fidelity Fund. Since then, Fidelity has grown into one of the largest asset managers on the planet. Remarkably, it is still a private company with Edward’s granddaughter Abigail Johnson serving as CEO today.

Fidelity was founded in Boston and remains headquartered there today. Although this New England city is the hub of the company, there are more than 200 Fidelity branch locations through the United States with another 13 offices outside the U.S. Fidelity employs more than 68,000 people, another testament to the sheer size of this very large brokerage firm.


Vanguard


Third in line is Vanguard. This famous investing company boasts more than 50 million customers, many of whom are loyal to the firm’s emphasis on low-cost index investing. This form of financial management was pioneered by the company’s founder John C. Bogle, who started Vanguard in 1974.

Like Schwab and Fidelity, Vanguard manages its own family of mutual and exchange-traded funds. These funds are in the trillions of dollars, an astonishing fact that represents the enormous size of this Pennsylvania-based company. The average expense ratio for Vanguard’s funds is just 8 basis points, a fact that reflects the company’s continued emphasis on low-cost investing.

Vanguard is the first, but not the last, firm in our list of largest broker-dealers without any branch locations. Despite its online-only presence, it manages to conduct both brokerage and investment-advisory businesses.

Vanguard is also unique in its ownership structure. The company is owned by its 423 funds, which are in turn owned by their shareholders.


J.P. Morgan


Fourth on our list is J.P. Morgan. With millions of customers and trillions of dollars in custody, this large brokerage firm caters to both retail and institutional clients. On the retail side alone, it has roughly $4 trillion in client assets at last count. Its sister company Chase Bank has similar numbers (millions of accounts and trillions of dollars in client assets). Combined with its banking unit, JPMorgan Chase & Co. is one of the largest financial-services companies in the world. It is headquartered in New York City.


Morgan Stanley/E*Trade


Rounding out the top five is Morgan Stanley and its online discount broker E*Trade. Combined, these two investment firms have more than $2.7 trillion in client assets through brokerage, investment-advisory, and workplace channels.

E*Trade was acquired by Morgan Stanley in 2020, giving the parent company a large self-directed retail operation to complement its investment banking, wealth management, and institutional services. The company is headquartered in Times Square in New York City. Learn more...

Largest Brokerage Firms


Merrill


Up next is Merrill. Combined of the traditional firm Merrill Lynch and the online discount firm Merrill Edge, this investing company is owned by Bank of America, which creates yet another huge financial-services company (just slightly behind JPMorgan Chase & Co.). Merrill Edge has more than 3.5 million accounts that make up roughly $320 billion in assets. That’s an average of about $107,000 per account.


Robinhood


Next on our list is Robinhood. The brokerage house had slightly more than $87 billion in client assets under custody, which isn’t a huge number, judged by the other firms in our survey. However, the company has more than 23.3 million accounts, which is a very significant number, especially given the company’s recent founding in 2013. And the numbers are growing. Learn more...

Promotion: 1% IRA match and up to $200 FREE stock at Robinhood.

Visit Robinhood Website

Biggest Brokerage Firms


Webull


An even newer brokerage firm on the scene is Webull. Founded in 2017, this investment firm has more than 19 million registered users around the globe today. These customers have deposited more than $57 billion in assets across both brokerage and robo accounts. This phenomenal rate of growth has led to a planned IPO on the Nasdaq exchange in the second half of 2024. Expected valuation is around $400 million.

Headquartered on Wall Street in New York City, Webull is owned by a Chinese holding company. It operates multiple subsidiaries around the world, notably in Hong Kong and Singapore. An HK-based account can trade Chinese A-shares on the Shanghai and Shenzhen exchanges, an exciting service that’s hard to find elsewhere. Learn more...

Promotion: Up to 75 FREE fractional shares when you make a deposit at Webull.

Visit Webull Website

largest brokerage firms in the world


Updated on 4/9/2024.


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.