The Largest Brokerage Firms in 2025
KEY POINTS
- Vanguard leads market: Vanguard holds the largest assets under management in the U.S. at $10.1 trillion, nearly double that of its closest competitors.
- Fidelity and UBS tie: Fidelity and UBS both manage $5.9 trillion in assets, positioning them as significant players in the brokerage industry.
- Diverse drokerage options: Firms like Chase and Merrill Lynch provide integrated financial services, offering investment management alongside banking solutions.
The brokerage landscape is dominated by industry giants commanding trillions in assets under management (AUM). Vanguard is the largest brokerage firm in the U.S. in 2025, with a staggering $10.1 trillion in AUM, nearly twice as much as Fidelity and UBS, each holding $5.9 in AUM.
Fueled by strong market performance in 2024 and the first half of 2025, these firms have attracted new investors. Motley Fool Money's guide to the top stock brokers and our specific brokerage reviews can help you decide which broker is best for you.
The largest brokerage firms by AUM
| Firm | AUM, Trillions |
|---|---|
| Vanguard | $10.10 |
| Fidelity | $5.90 |
| UBS | $5.90 |
| J.P. Morgan | $3.80 |
| Morgan Stanley | $2.48 |
| Bank of America | $2.00 |
Vanguard
- Assets under management: $10.1 trillion
- Total investors: Over 50 million
Vanguard is one of the most popular full-service stock brokerages for investing in mutual funds and exchange-traded funds (ETFs).
Although investors primarily use it for index fund investing and not for everyday stock trading, it manages more assets and has more clients than most of its competitors. Vanguard is among the best brokerages for investors that don't want to actively manage a portfolio and are looking for low-cost funds.
Learn more: Vanguard Review
Fidelity
- Assets under management: $5.9 trillion
- Total active brokerage accounts: 36.1 million
Fidelity is a full-service broker that has a wide selection of mutual funds and ETFs. The broker has no account minimums and no monthly maintenance fees. It was the first broker to launch zero expense ratio index mutual funds for retail investors in 2018. Other notable features of this broker are access to international markets and fractional share investing.
Since its founding in 1946, Fidelity has grown to become the largest provider of 401(k) retirement savings plans in the United States.
Fidelity's assets under administration sits at $15.1 trillion, which are distinct from assets under management, which Fidelity directly manages.
Learn more: Fidelity Review
UBS
- Assets under management: $5.9 trillion
UBS is a leading global wealth management and full-service brokerage firm. It boasts both retail and high-net-worth clients. It offers a wide range of investment products, including access to international markets and portfolio management.
UBS emphasizes personal advisory services along with a digital platform for self-directed investors.
J.P. Morgan
- Assets under management: $3.8 trillion
J.P. Morgan is the full-service brokerage offered by Chase -- and existing Chase clients will have a seamless experience with J.P. Morgan Self-Directed Investing.
Investors can open a self-directed brokerage account to trade on their own, work with a dedicated advisor, or invest using a robo-advisor. The broker offers zero-commission trading and a $0 minimum on self-directed accounts.
Those who qualify for Chase Private Client can receive a J.P. Morgan Private Client Advisor to build an investment portfolio that fits their individual needs. Chase Private Client members also gain access to investment accounts for retirement and education expenses, as well as J.P. Morgan industry research and insights.
Learn more: J.P. Morgan Review
Morgan Stanley
- Assets under management: $2.48 trillion
- Total clients: Over 8 million
Morgan Stanley's acquisition of E*TRADE brought new and experienced individual investors plenty to cheer about. From advanced charting and simulator tools to a beginner-friendly interface and educational videos and a range of account options, including IRA accounts, E*TRADE caters to investors of all stripes.
Learn more: E*TRADE from Morgan Stanley Review
Bank of America/Merrill Lynch
- Assets under management (Merrill Lynch): $2 trillion
- Total active brokerage accounts: 3.9 million
Bank of America is a financial services company offering banking, credit cards, loans, and investment products. In 2009, Bank of America acquired investment company Merrill Lynch.
Merrill Lynch serves as the main brokerage option through Bank of America. Clients have the option of Merrill Edge for self-directed investing and Merrill Guided Investing for professional guidance. For clients with substantial funds ($10 million or more), Bank of America also offers Bank of America Private Bank.
Learn more: Merrill Edge Review
Choosing the right brokerage among industry giants
Vanguard's $10.1 trillion AUM, almost double that of Fidelity and UBS, highlights the massive scale of the U.S. brokerage industry. Firms like J.P. Morgan and Merrill Lynch offer diverse services and, like many of their competitors, are vertically integrated financial services companies that combine investment management with banking and advisory solutions.
As the market continues to evolve, brokerages are innovating to meet a wider range of investor needs, from retirement planning to cryptocurrency trading. For your investing needs, Motley Fool Money has detailed broker reviews to help you find the best one for your financial goals.
FAQs
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Brokerages facilitate transactions between parties. Stock brokers arrange transactions between buyers and sellers of securities.
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Vanguard is the largest brokerage firm in the United States, with $10.10 trillion in assets under management.
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The four biggest stock brokerage firms in the United States are Vanguard, Fidelity, UBS, and J.P. Morgan.
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Motley Fool Money provides in-depth reviews of the best stock brokers as determined by our methodology.
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Sources
- Bank of America (2025). "Bank of America Reports Second Quarter 2025 Financial Results."
- Fidelity (2025). "About."
- J.P. Morgan Asset Management (2025). "J.P. Morgan Real Estate Investment Trust (JPMREIT) Acquires $95.2 Million Portfolio, Expanding its Industrial Outdoor Storage Assets."
- Morgan Stanley (2025). "Q2 2025 Financial Supplements."
- UBS. "UBS in the US."
- Vanguard (2025). "About Vanguard."
Our Research Expert
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