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The different types of brokers available when opening a brokerage account

There are two types of brokers, traditional brokers and discount brokers. There are a few differences between them and an important one is price. Traditional brokers are much more expensive than discount brokers. But you pay for what you get and the traditional broker offers you much more service than the discount broker.

A traditional broker is a professional money manager and offers you advice on how to invest and in which investments.

A discount broker is for the self-sufficient person and doesn't offer you advice, you can choose and invest wherever you want to.

Usually firms either offer the traditional broker or the discount broker, however there are a few firms such as Charles schwab and Merrill ***** that offer both and allow you to choose if you want a traditional or discount broker.

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