Acting as middlemen, brokers are the ones working in the real estate industry and the online financial market. Brokerage firms can be classified into several major types. They can be:
Full-service brokerage – this type of brokerage provides a financial adviser who makes investment decisions and gives sound financial advice.
Discount brokerage – these are brokers operating online with their self-developed platforms that cater to online investors. They earn by making commissions from financial transactions made by their clients.
Robo-advisors – they are referred to as automated advisory platforms that provide investment management services which operate by employing algorithms.