UK Accounting Glossary
A brokerage house is a place from which a broker conducts business. The term brokerage house is often referred to as a broker, brokerage, or a brokerage firm. Working through a licensed brokerage house, your broker buys and sells shares of stock for your portfolio as per your instructions. A full-service brokerage house provides a wide range of services to its clients, including advice and recommendations concerning which stocks to buy and when to sell.
With your permission, your brokerage house may allow your broker to buy and sell shares in your name at the broker’s discretion. In exchange for these services, a full-service brokerage house often charges higher commissions than a discount brokerage house. A discount brokerage house typically provides few services other than the actual placement of buy and sell orders. A discount brokerage house typically refrains from offering recommendations or advice. As the name implies, a discount brokerage house typically has lower commission rates.
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This glossary post was last updated: 4th February 2020.