What distinguishes full-service brokers from discount brokers?

Full-service brokers are characterized by their comprehensive offerings that extend beyond merely executing trades. They typically provide a wide range of services that include investment advice, financial planning, retirement planning, tax advice, research reports, and access to a variety of investment products. This level of service is designed to cater to clients who may require more personalized investment strategies or assistance in managing their portfolios.

In contrast, discount brokers primarily focus on executing trades at a lower cost without providing additional advisory services. They may offer limited tools and resources compared to full-service brokers, who strive to enhance their clients' overall financial wellness through a broader spectrum of services and expertise.

The distinction lies in the level of support and resource provision, with full-service brokers offering an integrated approach to investment management tailored for clients who prefer or need more guidance and support in navigating the complexities of investing.