Largest Brokerage Firms in the U.S.

The largest brokerage firms in the U.S. include Schwab, Vanguard, Fidelity Investments, J.P. Morgan, Morgan Stanley and Merrill Wealth Management. 

Whether you're a long-term investor looking for a stable, reputable firm to protect your assets or a new investor wanting the best educational content, low costs and stable returns, the largest brokerage firms in the U.S. offer comprehensive solutions. 

Collectively, they have more assets under management than any country's GDP. More importantly, the largest brokerage firms saw solid asset under management growth after the stock market rally in 2023 and continue to grow. Read on for an in-depth overview of the largest brokerage firms.

9 Biggest Brokerage Firms by AUM and Active Accounts

We will include these companies as part of the largest brokerage firms through assets under management and active brokerage accounts. Here is a summary of the brokerage firms ranked:

1. Vanguard 

Assets under management: 9.3 trillion

Active accounts: Over 50 million

Vanguard was started by John Bogle in 1975. It is well known for its role in creating low-cost index mutual funds for individual investors. Unlike most brokerage accounts, Vanguard is owned by its investors. If you invest in funds managed by the firm, you become an owner of the company. 

Vanguard remains an early adopter. It was among the first to adopt an online portal for investors in 1995, allowing investors access to accounts, services and educational materials online. It now has a highly rated app. By the number of accounts, it remains the largest U.S. brokerage firm. 

2. Charles Schwab 

Assets under management: $9.41 trillion

Active accounts: 35.6 million

Charles Schwab, founded in 1971 and based in San Francisco, recently surpassed Vanguard as the largest brokerage firm by assets under management and remains a leading investment brokerage and IRA custodian firm in the U.S.

Additionally, it operates Schwab Bank, allowing clients to easily link their trading accounts with a checking account. It has 1.9 million active banking accounts.

Schwab acquired TD Ameritrade in November 2019, growing its client base and AUM. It offers clients a variety of investment products, including stocks, mutual funds, exchange-traded funds (ETFs), money market funds, fixed-income products, options, futures, insurance and annuities. 

Charles Schwab is famous as a full-service brokerage but offers self-directed accounts at no minimum. 

3. Fidelity Investments

Assets under management: $4.9 trillion

Active accounts: 37.1 million

Fidelity Investments is a full-service broker established in 1946 in Boston, Massachusetts. It offers a wide selection of mutual funds, exchange-traded funds (ETFs) and low-cost index funds.

Fidelity gives investors access to international markets and fractional share investing. Fidelity is also the largest 401(k) retirement savings plan provider in the United States. There are no minimums to open an account. 

4. J.P. Morgan 

Assets under management: $3.2 trillion

J.P. Morgan was founded in 1871, making it one of the oldest brokerage firms. It is a full-service brokerage that is part of Chase Bank. You can open a self-directed brokerage account, work with a dedicated advisor, or invest using a robo-advisor. If you qualify for Chase Private Client based on minimum balance or platinum business checking account, a J.P. Morgan Private Client Advisor can help you build a personalized investment portfolio. 

The broker offers zero-commission trading and a $0 minimum on self-directed accounts. Automated accounts have a $500 minimum.

5. Merrill Wealth Management

Assets under management: $2.75 trillion

Active accounts: 3.8 million

Merrill Wealth Management was founded in 1914 by Charles E. Merrill and Edmund C. Lynch and was acquired by Bank of America in 2009. Merrill Lynch is now the main brokerage option through Bank of America. For professional guidance, you can choose between the Merrill Edge Self-Directed and Merrill Guided Investing. Bank of America also offers Bank of America Private Bank for clients with $10 million or more.

6. Morgan Stanley

Assets under management: $3.2 trillion

Morgan Stanley was founded in 1935 and has grown to serve the global economy. It is dedicated to helping clients and communities with insight, integrity and impact.

Morgan Stanley was originally an investment bank. It has offices in 42 countries, and it offers a wide range of investment banking, securities, wealth management and investment management services. In addition to private clients, it serves corporations, governments and institutions.

7. Coinbase 

Assets under management: $348.03 billion

Active accounts: 8 million

Coinbase was founded in May 2012 by Brian Armstrong and Fred Ehrsam in San Francisco, USA. Unlike all other brokerages on this list, Coinbase focuses on cryptocurrencies. It aims to make the process of buying, selling and storing cryptocurrencies simple and accessible to the masses.

Coinbase is a digital currency exchange that offers online wallets, crypto trading, and debit cards linked to a Coinbase account. On its Coinbase Custody platform, Coinbase provides cryptocurrency custody and asset management services for institutional investors.

8. Robinhood 

Assets under management: $119 billion

Active accounts: 10.9 million

Vladimir Tenev and Baiju Bhatt founded Robinhood on April 18, 2013. They aimed to design a free, easy-to-use, accessible mobile app for the average investor. Robinhood offers professional-level trading tools, real-time market data and a variety of investment accounts.

In addition to traditional assets like stocks, bonds, exchange-traded funds, mutual funds and other investments, you can buy cryptocurrencies, NFTs, dapps, and more and store them on a Robinhood Wallet. Robinhood allows you to invest in stocks, options and ETFs commission-free.

9. Ally Invest

Assets under management: $193 billion 

Active accounts: 500,000

The smallest on our list, Ally Invest was founded in 2005 and is the brokerage side of Ally Bank, headquartered in Detroit. It is an online brokerage known for commission-free investments, including stock, options and ETF trades. 

There's no account minimum. Ally Invest's strong web-based platform seamlessly integrates with Ally Bank's high-yield savings accounts. Its low $0.50 options-contract fee attracts options traders. 

Investing With the Largest Brokerage Firms

The list of the largest investment firms in the U.S. and the best full service brokerage firms is very similar. These large companies have evolved exceptional investment services and a range of options for individual investors, from self-directed accounts to robo-advisors or custom financial management. This list of brokerage firms includes big online brokerages, such as Coinbase, a crypto leader and new stars, Robinhood and Ally Invest. 

When choosing a brokerage firm, remember to carefully assess your investment goals, the account types offered and the total fees to choose a brokerage so that you optimize your financial growth. 

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