Can someone explain diff between Morgan Stanley, Schwab, JP Morgan, etc.

[PoPPeR]

Like in terms of commissions they take, what they're known for, etc. I know Schwab is a discount brokerage, while Morgan Stanley has a team of brokers working with you, but what are the other big brokerage firms out there, what type are they, and what are they known for?

 

[Doggiedog]

Schwab is a discount broker. Not the cheapest but much cheaper than investment banks like MS, Merrill Lynch, JP Morgan, etc. The supposed reason why people use full service brokerages was because they provide their own proprietary stock research, proactive phone calls, sometimes give access to IPOs, provide more individual services. However, you pay up the butt in commissions.

I have accounts at both full service and discount brokerages. I have a full service because I was forced to by my former company (an investment bank). I find discount brokerages alot better at executing trades. With a full service brokerage, you have to go to a middle man and I know the traders play games with your trades (long explanation). In this time and age, I don't think having a full service account is really that necessary unless you know nothing about the markets.