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What are the differences between a discount broker and a regular broker? "Discount" implies a price difference... but why can they be cheaper than regular brokers??

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Discount brokers do not give advice regarding investments whereas a full service broker will. If you're comfortable doing your own research and making your own investment decisions then that would be where the discount broker would come in. If not, a full service broker is most likely the type you should go through.

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    You could also get investment advice from a third party (e.g. a fee-only financial adviser or family member) and then execute that advice with a discount broker. – user296 Mar 27 '11 at 20:30
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    Do not give advice, or do not give specific direct advice. Seems to me that my discount broker is full of advice in the form of newsletters and magazines. About the same as other magazines about money. Full service firms do more, but I wouldn't say do not. – MrChrister Oct 13 '12 at 5:10