These Are the Biggest Brokerage Firms. Is One the Best Place for Your Money?

If you're looking for an investment account, the biggest brokerage firms are a good place to start. After all, they're popular for a reason. People invest their money with these firms because they're trustworthy and offer some of the best brokerage accounts.

Below, you'll find the five largest brokerage firms as of 2024, according to data gathered by The Motley Fool Motley Fool Money. They're ranked by assets under management (AUM) -- the total value of the assets managed by each brokerage.

1. Charles Schwab

Charles Schwab took the top spot in 2024 after growing by 13%. It now has a staggering $9.6 trillion in AUM.

I've used Charles Schwab, and I can see why it's so popular. It strikes a good balance between being easy to use while also offering all the features more advanced investors want. It doesn't take long to get the hang of investing with Charles Schwab. The broker also has a huge variety of investments available, including exchange-traded funds (ETFs), bonds, options, and futures.

2. Vanguard

Vanguard was the largest brokerage firm for years, and it still isn't too far behind Charles Schwab. It has $9.3 trillion in AUM.

This is a favorite of passive investors who want to stick to low-fee ETFs and mutual funds. It's not well-suited for those who trade often or want a ton of bells and whistles. I had a Vanguard account for over five years. I'd describe the web platform and mobile app as serviceable, but not nearly as well-designed as what other brokers offer.

3. Fidelity

Fidelity is another big name, and it comes in third with $5.5 trillion in AUM. It has also been doing an excellent job of building its customer base. It has 51.5 million active brokerage accounts, the most by a wide margin.

Like Charles Schwab, Fidelity is another feature-packed broker that can work for beginner, intermediate, and advanced investors. It has an intuitive web platform, a highly rated mobile app, and its research offerings are some of the best in the business.

4. J.P. Morgan

J.P. Morgan Chase is the largest bank in the United States by assets, and it's also one of the largest brokerage firms. It has $3.3 trillion in AUM.

J.P. Morgan Self-Directed Investing is a more basic brokerage option, without as many features as other top brokers. It works best for Chase clients who want to keep their bank accounts and investment accounts in one place. To its credit, J.P. Morgan Investing also has some of the best brokerage bonus opportunities. If you have a large amount of assets to bring over, you could earn a big bonus.

5. Edward Jones

Edward Jones rounds out the top five. It has been around for over 100 years, as it was founded in 1922, and it has $2.1 trillion in AUM.

This broker is known for its financial planning services and for having offices across the country. However, it's not the best choice for most investors because of its fees, which are much more expensive than what other brokers on this list charge. For example, all the best IRA brokers offer that type of account free of charge. Edward Jones charges $75 per year for IRA and Roth IRA accounts.

Which broker is right for you?

Of the brokers on this list, Charles Schwab and Fidelity are both excellent choices. They're feature packed, but they also don't have too much of a learning curve. While Vanguard's platform isn't as nice, it's still good for ETF and mutual fund investing.

Take a closer look at any brokers that caught your eye to see which one seems like the best fit. Remember also that there are plenty of other options available, including SoFi, Robinhood, and E*TRADE. The brokers listed above are the largest, but they're not the only quality options.