The Largest Brokerage Firms in 2026
KEY POINTS
- Fidelity tops assets: Fidelity administers $18.0 trillion, making it the largest by total client assets.
- Schwab leads accounts: Charles Schwab has the most client accounts with 48.0 million.
- Vanguard dominates AUM: Vanguard holds $12 trillion in assets under management.
Fidelity is the largest brokerage firm in the U.S. by total client assets, administering $18.0 trillion as of Dec. 31, 2025, according to its 2025 annual report.
The ranking changes depending on the measure used. Vanguard leads on pure assets under management, and Charles Schwab leads on total client accounts, so size alone shouldn't be the only factor in how to choose a brokerage account. For a sense of how many people these firms serve in aggregate, see how many Americans own stock.
Largest brokerage firms by total client assets
| Rank | Firm | Total Client Assets | AUM | Clients / Accounts | As Of |
|---|---|---|---|---|---|
| 1 | Fidelity | $18.0 trillion | $7.1 trillion | 57 million customers | 12/31/2025 |
| 2 | Charles Schwab (NYSE: SCHW) | $13.08 trillion | Not separately disclosed | 48.0 million accounts | 6/30/2026 |
| 3 | Vanguard | $12 trillion | $12 trillion | 50 million+ investors | 11/30/2025 (AUM); 12/31/2025 (investors) |
| 4 | Morgan Stanley (NYSE:MS) | $10 trillion | $2.0 trillion (Investment Mgmt segment) | 20 million+ relationships (FY2025) | 6/30/2026 |
| 5 | J.P. Morgan (NYSE:JPM) | $7.7 trillion | $5.1 trillion | Not disclosed | 6/30/2026 |
| 6 | UBS (NYSE:UBS) | $7.3 trillion | $4.9 trillion (Global Wealth Mgmt) | Not disclosed | 6/30/2026 |
| 7 | Bank of America / Merrill Edge (NYSE:BAC) | $4.1 trillion (Merrill); $4.9 trillion combined with Private Bank | $1.8 trillion (Merrill) | Not disclosed | 6/30/2026 |
No. 1: Fidelity
- Assets under administration: $18.0 trillion
- Managed assets: $7.1 trillion
- Total customers: 57 million
(All figures as of Dec. 31, 2025, per Fidelity's 2025 Annual Report.)
Fidelity is a privately held, full-service broker with no account minimums and no monthly fees. Its assets under administration include brokerage, custody, and workplace-plan balances; its narrower managed-assets figure covers only money Fidelity actively invests on clients' behalf.
Learn more: Fidelity Review
No. 2: Charles Schwab
- Total client assets: $13.08 trillion
- Total client accounts: 48.0 million
(As of June 30, 2026, per Charles Schwab's Q2 2026 earnings release.)
Charles Schwab (NYSE:SCHW) is a self-directed brokerage and bank that also serves independent financial advisors. Total client assets grew 22% year over year in the second quarter of 2026, according to the same release.
Learn more: Charles Schwab Review
No. 3: Vanguard
- Global assets under management: $12 trillion (as of Nov. 30, 2025)
- Total investors: 50 million+ (as of Dec. 31, 2025)
(Per Vanguard's "About Vanguard" disclosure.)
Vanguard is owned by its U.S.-domiciled funds, which are in turn owned by their investors, a structure the firm calls client-owned. It doesn't separate custody from management the way bank-owned brokers do, so its AUM figure is also the closest thing it has to a total-client-assets number.
Learn more: Vanguard Review
No. 4: Morgan Stanley
- Combined Wealth Management and Investment Management client assets: $10 trillion (as of June 30, 2026)
- Client relationships: more than 20 million (per its 2025 annual report)
(Per Morgan Stanley's Q2 2026 earnings release and 2025 annual report.)
Morgan Stanley (NYSE:MS) reached the $10 trillion mark across its combined wealth and investment management units in the second quarter of 2026. Its wealth management arm includes E*TRADE, which serves self-directed investors alongside the firm's traditional financial advisor network.
Learn more: E*TRADE from Morgan Stanley Review
No. 5: J.P. Morgan
- Total client assets: $7.7 trillion
- Assets under management: $5.1 trillion
(As of June 30, 2026, per J.P. Morgan Chase's Q2 2026 earnings supplement.)
J.P. Morgan Chase's (NYSE:JPM) Asset & Wealth Management division serves private banking clients, institutional investors, and retail wealth management clients through J.P. Morgan Wealth Management. The figures above cover that division, not J.P. Morgan Chase firm-wide.
Learn more: J.P. Morgan Self-Directed Investing Review
No. 6: UBS
- Group invested assets: $7.3 trillion
- Global Wealth Management invested assets: $4.9 trillion
(As of June 30, 2026, per UBS's Q2 2026 earnings release.)
UBS Group (NYSE:UBS) is a Swiss bank serving wealthy individuals, institutions, and corporate clients worldwide. Its Global Wealth Management division accounts for the largest share of the firm's invested assets.
No. 7: Bank of America / Merrill Edge
- Merrill Wealth Management client balances: $4.1 trillion
- Merrill assets under management balances: $1.8 trillion
- Combined with Bank of America Private Bank, total Global Wealth & Investment Management client balances: $4.9 trillion
(As of June 30, 2026, per Bank of America's Q2 2026 earnings release.)
Merrill is Bank of America's (NYSE:BAC) wealth management brand, serving clients through both self-directed Merrill Edge accounts and full-service financial advisors.
Learn more: Merrill Edge Review
The largest brokerage firm depends on the metric measured
Which firm counts as the largest brokerage depends on the measure. Fidelity administers more client money than any other firm on this list. Vanguard manages more on a pure asset-management basis. Schwab serves more client accounts than either. All three claims are correct. They just answer different questions about size.
Readers weighing where to open an account can compare the best stock brokers directly. Once an account is open, investors can explore the top stocks to buy and hold. For those looking for more diversification, the best long-term ETFs is another starting point.
FAQs
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Fidelity is the largest U.S. brokerage firm by total assets under administration, with $18.0 trillion as of Dec. 31, 2025, according to its 2025 annual report.
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By total client assets, the top five are Fidelity, Charles Schwab, Vanguard, Morgan Stanley, and J.P. Morgan Chase's Asset & Wealth Management division, based on each firm's most recent public disclosures as of mid-2026.
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Charles Schwab has the most client accounts of any firm on this list, with 48.0 million as of June 30, 2026, according to its Q2 2026 earnings release.
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Methodology: how we ranked the largest brokerage firms
These figures come directly from each firm's most recent public disclosures: annual reports, quarterly earnings releases, and SEC filings. Not every firm reports the same metric. Fidelity and Charles Schwab report "assets under administration" or "total client assets," which include brokerage, custody, and banking balances clients hold at the firm, not just money the firm actively manages. Vanguard, UBS, and the wealth management arms of Morgan Stanley, J.P. Morgan, and Bank of America separate "assets under management" (money the firm invests on a client's behalf) from broader client-asset or client-balance totals. That difference is why the ranking shifts depending on which metric is used.
Figures are as of each firm's own most recent reporting date, ranging from Dec. 31, 2025 (Fidelity, Vanguard) to June 30, 2026 (Schwab, Morgan Stanley, J.P. Morgan, UBS, Bank of America), and are not adjusted to a single common date.
Our Research Expert
Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money and has worked full-time for the company since 2021. Jack leads efforts to identify and analyze trends shaping investing and personal financial decisions across the United States. His research has appeared in thousands of media outlets including Harvard Business Review, The New York Times, Bloomberg, and CNBC, and has been cited in congressional testimony. He previously covered business and economic trends as a reporter and policy analyst in Washington, D.C. He serves as Chair of the Trade Policy Committee at the World Trade Center in Denver, Colorado. He holds a B.A. degree in International Relations with a concentration in International Economics from Michigan State University.
Motley Fool Stock Disclosures
JPMorgan Chase is an advertising partner of Motley Fool Money. Charles Schwab is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Jack Caporal has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and U.S. Bancorp. The Motley Fool recommends Charles Schwab and recommends the following options: short September 2026 $95 calls on Charles Schwab. The Motley Fool has a disclosure policy.