Definition of 'Full-Service Broker'
A broker that provides a large variety of services to its clients, including research and advice, retirement planning, tax tips, and much more. Of course, this all comes at a price, as commissions at full-service brokerages are much higher than those at discount brokers.
Investopedia explains 'Full-Service Broker'
Full-service brokers sometimes get a bad rap, but they can be extremely useful for their expertise. Remember, they do much more than just place trades; full-service brokers can provide expertise for people who don't have the time to stay up-to-date on complicated issues such as tax or estate planning.
However, for those who just want to execute trades without the extra services, discount brokers are the way to go.