Members Tell Us How They Like Their Broker

In conjunction with the January 2021 AAII Journal article “Comparing Discount Brokers and Apps Given Recent Industry Changes,” we surveyed a segment of AAII members to find out what broker they use, what kind of trading they do and how satisfied they are with their service. Here are some of the results.

Surveyed members mostly use the largest brokers in the U.S. The top five brokers of surveyed members were Fidelity, Charles Schwab, TD Ameritrade, Vanguard and E-Trade. The popularity of mobile-only brokers such as Robinhood is still concentrated on a younger demographic of investors.

Common dislikes centered around a feeling of limitation when using the app. When members expressed what they liked about their broker’s mobile app, the answers centered on convenience and accessibility.

Fractional share buying has made investing more accessible. “With the prices of some stocks, fractional is critical,” a member said.

For more on the survey results, see the article “Comparing Discount Brokers and Apps Given Recent Industry Changes.”