Brokers who are employed by discount broker firms may work as over-the-phone agents (known as voice brokers) available to answer brief questions, or as branch officers in a physical location. They also may consult with clients subscribing to premium tiers of the online broker.
A comparatively smaller number of stockbrokers work for investment banks or specialized brokerage firms. These companies handle large and specialized orders for institutional clients and high-net-worth individuals (HNWI).
Another recent development in broker services is the introduction of roboadvisers, algorithmic investment management carried out via web or mobile app interface. There is minimal individual interaction, keeping fees low.