What is a stock broker? To understand the brokerage industry, you initially need to understand the 2 sorts of brokers. There are full-service brokerage firms and discount brokerage firms, both of which give differing levels of service at very different price points. • Full-service brokerages: This label is given to traditional brokerage firms, primarily people who operate out of brick-and-mortar offices. Their main point is service, meaning that they provide quite just the power to put a trade. A full-service brokerage might offer retirement planning help, tax tips, and guidance on which investments to shop for or sell. Full-service brokers offer more hand-holding, and can probably even mail you a "happy holidays" card in December, but this service comes with a luxury tag . • Online discount brokers: This label is usually given to the businesses you see on the list here. While discount brokers are increasingly offering "extras" like research on ...