Wager Mage
Wager Mage
Photo: Nataliya Vaitkevich
Founded in 1971, Charles Schwab introduced the concept of the low-cost brokerage and has risen to be the largest stock brokerage firm around. It offers a variety of financial products and services, including stock trading, individual retirement accounts, and banking.
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Read More »Charles Schwab continues to sit at the top of the list of largest brokerage firms. It leads the major online stock brokers with over $7.6 trillion in assets under management (AUM). In addition, its number of clients has shot up by 127% over the last year after finishing the acquisition of TD Ameritrade. After a rollercoaster of a year where the COVID-19 pandemic sent securities prices tumbling, stock brokers saw significant growth in 2021. The market recovery resulted in major increases in broker assets and client numbers. It’s not just the biggest stock brokers that have been successful. Robinhood is extremely popular for its modern design and for pioneering no-commission trading, and Coinbase rode the success of the crypto market to massive gains. (Editor's note: we realize Coinbase isn't a brokerage firm, but its amazing growth numbers are worth mentioning here to show the increasing popularity of cryptocurrency investing.) Keep reading for all the most recent stock broker data and industry trends. Key findings Charles Schwab is the largest brokerage firm with over $7.6 trillion in assets under management (AUM). Cryptocurrency exchange Coinbase has seen its AUM grow 608% over the last year, significantly more than any stock broker. Robinhood also had a successful year, going from $19 million in assets in 2020 to $81 million in 2021, an increase of 311%. With 73 million users, Coinbase reported over twice as many clients as any stock broker. Charles Schwab’s number of clients grew the most of any brokerage firm (127%) from September 2020 to 2021. Vanguard reported about $7.2 trillion in assets under management and over 30 million users as of January 31, 2021. The largest brokerage firms by assets and users Some brokers posted record numbers in 2021 while others had more muted gains. Here's the asset and client data for several of the biggest brokerage firms and the crypto exchange Coinbase. Assets under management A stock broker’s assets under management (AUM) is the total amount of client assets it has. This is a good way of comparing the size of different brokers. The numbers below are each broker’s AUM in September of 2020 and 2021, with one exception. Robinhood’s numbers are from March of 2020 and 2021, because those are what it provided in its IPO filing. Platform Assets under management 2020 (trillions) Assets under management 2021 (trillions) Change Charles Schwab $4.395 $7.614 73% Fidelity $3.500 $4.228 21% Bank of America/Merrill Lynch $3.067 $3.693 20% J.P. Morgan $2.564 $3.00 17% Robinhood $0.19 $0.81 321%* Coinbase $0.36 $0.255 608% Ally Invest $0.11 $0.16 42%* Data source: Investor relations documents and SEC filings. Note: Assets for Ally Invest and Robinhood are rounded, but yearly change was calculated using the original, unrounded numbers.
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Read More »The old guard still has a dominant market share, but Robinhood and Coinbase have seen explosive growth over the last year. Coinbase, for example, grew its assets under management by 608% from September 2020 to 2021. That was over five times as much as any of the traditional stock brokers. However, Coinbase is also dependent on the volatile crypto market. If cryptocurrency slows down or declines in value, it will have a considerable impact on the crypto exchange. Robinhood reported growth of 311% from March 2020 to 2021 in its IPO filing. This stock broker also offers crypto, and its crypto assets grew from $480 million to $11.6 billion. But the broker isn't reliant on crypto, as its equities also grew from $13.5 billion to $65 billion. Despite their success, both platforms have a long way to go to catch up to more established brokers, all of which reported over $1.5 trillion in assets under management. Client accounts Not all brokers release their exact client numbers. Here are the most recent numbers for the ones that did: Platform Number of accounts in 2020 Number of accounts in 2021 Change Coinbase 39,000,000 73,000,000 87% Charles Schwab 14,393,000 32,675,000 127% Fidelity 25,122,000 30,900,000 23% Robinhood 7,200,000 18,000,000 150% Ally Invest 445,000 503,000 13%
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