The 5 largest broker dealers by assets under management. Biggest broker dealers in the U.S. by total AUM.

The 5 Largest Broker-Dealers Overview

The five largest broker-dealers serve millions of customers and manage trillions of dollars in assets. Together, they hold a major share of the investment market. Here’s a closer look at these firms and how they stack up against each other.

Fidelity Investments

Fidelity has over 23 million brokerage accounts, generating close to half a million trades every day. The firm manages assets worth $5.5 trillion, making it the largest broker-dealer in the U.S. Nearly $2 trillion of this total is invested in Fidelity’s own funds, with around 51.5 million accounts under management.

Why do so many investors choose Fidelity? The firm provides a range of services, including a cash management account with free checks and a Visa debit card. Fidelity also reimburses all ATM fees and does not charge account minimums or maintenance fees. Additionally, Fidelity offers life insurance, college savings plans, annuities, managed portfolios, IRAs, and 401(k) plans.

The Fidelity website is packed with educational resources, from videos and articles to webinars and courses, which can be filtered by experience level. Topics cover everything from commodities and volatility to ETF valuation and agency bonds.

Fidelity also manages 329 mutual funds and 21 ETFs and offers access to over 11,400 mutual funds on its platform, along with all U.S. exchange-traded funds.

Fidelity’s trading tools include a mobile app and a platform for Apple Watch. The website provides a straightforward trading experience, while an advanced desktop platform is available for active traders.

Learn more in Fidelity Reviews.

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Charles Schwab

Schwab manages client assets worth $9.57 trillion, including 1.6 million corporate retirement plan members and 1.1 million bank accounts with Schwab Bank. Of these assets, $1.2 trillion are in managed accounts. Schwab employs 1,500 financial advisors and works with 15,000 registered investment advisors. The company has also created over 100,000 financial plans for its clients.

Like Fidelity, Schwab has its own mutual and exchange-traded funds, offering 71 mutual funds and 21 ETFs that can be traded on its website without fees. The firm provides access to 5,331 mutual funds, with 3,247 being no-load, no-transaction-fee funds.

Schwab has 325 branches nationwide, providing in-person service, and offers checking accounts through its FDIC-insured bank, complete with a Visa debit card and worldwide ATM fee reimbursements.

Schwab’s website includes a new menu for easier navigation, along with a broad educational section featuring articles, videos, and webinars covering topics like cash flow, debt-to-equity ratios, and tax strategies.

Schwab’s trading tools include an app for Apple Watch, a mobile app with CNBC live streaming, and the advanced thinkorswim desktop platform, which requires just a $1,000 account balance.

Learn more in Charles Schwab review.

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Robinhood

Robinhood ranks as the third largest broker with over $139.7 billion in client assets, covering over 24.8 million accounts. This is the largest broker-dealer by the number of users.





Robinhood provides an easy-to-use app and website with a strong selection of educational resources and some of the lowest margin rates in the industry.

Robinhood is especially strong in cash management, offering 4.5% APY on cash balances and a credit card with unmatched rewards.

Robinhood also offers commission-free crypto trading, with 19 cryptocurrencies currently available. Options include both major and unique coins, like Tezos and Chainlink.

Learn more in Robinhood review.

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Edward Jones

Next on the list is Edward Jones. This full-service broker focuses on managing accounts for a fee and currently oversees more than $2 trillion in client assets across 8 million accounts. The management fee is a percentage of assets under management, which varies based on factors like account size and the types of investments in the portfolio, such as stocks, bonds, and ETFs. The fee typically ranges from 0.85% to 2.5% per year, which can be a substantial cost. In addition to this fee, clients may also pay high commissions on trades.

Edward Jones has the largest network of physical locations of any U.S. broker, with nearly 15,000 offices across all 50 states and Washington, D.C. The firm also operates about 600 locations in Canada.

Learn more in Edward Jones review.

Raymond James

Finally, we have Raymond James. Similar to Edward Jones, this firm focuses on managing client accounts for a fee based on assets under management, totaling more than $1.48 trillion. The management fee depends on portfolio balance and generally ranges from 1.0% to 2.25%. For instance, on a $100,000 account, a customer could pay $2,250 annually in management fees.

Like Edward Jones, Raymond James also charges high commissions for trades. Accounts with the firm are subject to a $50 annual fee for balances under $100,000, and IRAs have a $100 closing fee.

Raymond James has more than 2,800 branch locations nationwide, staffed by approximately 7,100 financial professionals. Phone customer support is also available on weekdays.

Account holders at Raymond James can access in-depth security research covering nine economic sectors and over 1,300 stocks. The firm also provides free information on mutual funds and bonds.

Raymond James operates its own FDIC-insured bank, providing clients with cash management options. Free cash balances can be swept into multiple FDIC-insured banks, extending FDIC insurance up to ten times the standard $250,000 coverage. The Capital Access account is another cash management option, linked to a brokerage account and offering check writing and a debit card. However, Raymond James charges a $150 annual fee for this service for accounts below $500,000. To qualify for ATM fee reimbursements, clients need at least $250,000 in assets, with a maximum of $100 reimbursed per year.

Learn more in Raymond James review.

Comparison

Active traders may prefer Charles Schwab, with its $0 commission on stocks and ETFs, compared to Raymond James and Edward Jones, which charge $9.95.

Investors in small towns may find it more convenient to work with Edward Jones or Raymond James, as both have extensive branch networks, including in smaller communities. However, those interested in managing their finances independently may find that these firms are less suitable for their needs. Edward Jones, with its large network, is often more accessible in smaller towns.

Both Raymond James and Edward Jones charge $30 for mutual fund transactions, while Schwab and Fidelity charge $49.95 for funds with a transaction fee. The largest broker-dealers have large lists of commission-free (NTF) funds, though Schwab offers the fewest. Unlike Fidelity and Schwab, neither Raymond James nor Edward Jones provides commission-free ETFs.

Largest Broker-Dealers in the U.S. Recap

The five largest broker-dealers manage vast sums of money and serve millions of clients. However, some investors may find better value with smaller firms, like Firstrade.

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