The world of stockbrokers is dynamic if nothing else. What seems like just a few years ago, you could divide the pie into two basic pieces: full-service brokers and discount brokers (older readers may remember when there was only one type of stockbroker—full-service with big commissions). What really shook up the world of stockbrokers was the internet and the ability to perform brokerage services online. Prior to the mid-1990s, discount brokers took your order by phone or you went into their offices.
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While it is still not always easy to fit each broker into a neat pigeonhole, you can make a general distinction by the services they offer with the understanding that most firms have broadened their range of services to touch on almost all aspects of the stock market experience. You will also find specialty brokers who focus in particular areas of the market, such as options, bonds, or other more sophisticated investment products. I won’t cover them in this book, but be aware that they are out there and always looking for new customers.