What does a discount firm typically lack compared to a full-service brokerage?

A discount firm typically lacks in-person trading advice compared to a full-service brokerage. Full-service brokers provide personalized guidance and support, which often includes face-to-face meetings and tailored investment strategies based on an individual client's financial situation and goals. This direct interaction allows clients to receive hands-on assistance in navigating their trading decisions.

In contrast, discount brokerages focus on providing lower-cost trading options without the added services of personalized advice, which can be less suitable for investors who prefer detailed and customized guidance. Instead, discount firms cater to those who are more self-directed and comfortable making their own trading decisions based on available resources rather than relying on direct assistance from a broker.

The other choices relate to aspects that discount firms may offer or provide access to, such as investment products and online trading platforms, which are generally available through various brokerage types. However, the absence of personal interaction and advice is a key distinguishing factor of discount firms in comparison to full-service brokers.