Best Brokers: Most people make choosing a brokerage harder than it needs to be. You don’t need complex trading platforms, expensive advisors, or 50 different account types. For the 90/10 portfolio strategy we use here at Simple Finance Bytes (90% VTI, 10% VBIL), you just need a broker that offers zero commission trades, supports fractional shares, and stays out of your way.
The average investor wastes money on account fees, transfer fees, and hidden charges that eat into returns. A good broker should cost you nothing in fees while giving you access to the two funds you actually need. After testing the major players, we’ve ranked the top five brokers that align with simple investing principles.
This guide shows you exactly which broker fits your needs based on what actually matters: cost, simplicity, and access to VTI and VBIL.
Why the Best Brokers Focus on Simplicity
The brokerage industry wants you to believe investing is complex. More products, more features, more “tools” to help you make decisions. That complexity benefits them through fees and commissions, not you through better returns.
Simple investing beats complex strategies over time. You need two things from a broker: the ability to buy VTI and VBIL with zero commissions, and fractional share support so you can invest every dollar. That’s it.
Most brokers charge nothing for stock and ETF trades now, but they differ in three key areas that affect simple investors:
Fractional Share Access: Can you invest $100 and get exactly $90 in VTI and $10 in VBIL? Or are you forced to buy whole shares only, leaving cash sitting idle?
Account Fees: Some brokers charge annual fees unless you meet specific requirements. Zero account fees means your money goes entirely into investments, not toward account maintenance.
Hidden Complexity: Does the platform push you toward actively managed funds, options trading, or margin investing? The best brokers let you build a simple portfolio without trying to upsell you on unnecessary products.
Our Top 5 Brokers Ranked
We’ve ranked these five brokers based on how well they support the 90/10 portfolio strategy: zero fees, fractional shares, and straightforward platforms that don’t complicate simple investing.
1. Fidelity: Best Overall for Simple Investing
Fidelity takes first place because it gives you everything you need for simple investing with zero friction. No account fees. No commission fees. Full fractional share support for stocks and ETFs. Access to VTI and VBIL with zero transaction fees.
What You Get:
$0 commissions on stocks and ETFs means every dollar you invest goes into your portfolio, not into Fidelity’s pockets. Most brokers match this now, but Fidelity’s implementation is cleaner than most.
Fractional shares for both stocks and ETFs let you invest any amount with precision. Got $500? You can put exactly $450 into VTI and $50 into VBIL without worrying about share prices. This matters more than people realize because it means no cash drag from uninvested money.
Over 3,700 no-transaction-fee funds give you flexibility if you ever want to expand beyond the simple two-fund portfolio, though most people won’t need that.
24/7 customer support and physical investor centers mean you can get help when you need it. Online brokers are great until you have a problem, and Fidelity’s support infrastructure beats the competition.
Why It’s Best for the 90/10 Strategy:
Fidelity’s platform doesn’t push complexity. You can set up automatic investments into VTI and VBIL, rebalance when needed, and otherwise ignore your account. The mobile app makes it easy to check your portfolio without getting distracted by trading noise.
No minimum balance requirements mean you can start with $100 or $10,000 and get the same features. Other brokers gate their best features behind asset minimums, but Fidelity gives everyone the same access.
2. Charles Schwab: Best for Tax-Smart Investing
Schwab lands in second place with a focus that matters for taxable accounts: helping you keep more of what you earn through tax-efficient tools.
What You Get:
$0 commission trades match Fidelity’s pricing. You’re not paying more for Schwab’s tax features, which is how it should be.
Tax-loss harvesting tools help you offset gains in taxable accounts. If you’re investing outside a retirement account (which you should be once you’ve maxed out tax-advantaged space), Schwab makes it easier to minimize your tax bill.
Wide selection of ETFs and bonds gives you options if you ever expand your strategy, though the 90/10 portfolio covers most people’s needs.
Important Limitation for the 90/10 Strategy:
Schwab offers fractional shares through Stock Slices, but only for S&P 500 stocks, not for ETFs like VTI and VBIL. This means you cannot buy fractional shares of VTI or VBIL at Schwab. You’ll need to buy whole shares, which creates cash drag if you have uneven amounts to invest.
For example, if VTI trades at $280 per share and you have $500 to invest in your 90/10 portfolio, you can only buy 1 whole share of VTI ($280), leaving $220 uninvested. This is a significant limitation for precise portfolio allocation.
Why It Still Makes the List:
Despite the fractional share limitation for ETFs, Schwab’s platform balances simplicity with tax efficiency. You can build your 90/10 portfolio using whole shares, and you get better tools for managing the tax side when you’re investing in a taxable brokerage account.
The tax-loss harvesting features aren’t automatic (you’re not paying for robo-advisor services), but they’re accessible if you want to minimize your tax burden without hiring an advisor.
3. Robinhood: Best for First-Time Investors
Robinhood takes third place with a mobile-first platform that removes every barrier to entry. No account minimums, no fees, no complexity. Perfect for someone opening their first brokerage account.
What You Get:
$0 commissions on all trades with the simplest fee structure in the industry. What you see is what you pay, which is nothing.
Fractional shares for both stocks and ETFs let you start investing with whatever you have. Got $50? Buy $45 of VTI and $5 of VBIL. Done.
IRA accounts available including both Traditional and Roth IRAs with a unique 1% match (3% for Robinhood Gold members at $5/month). This is rare for IRA accounts and can add up to $210 per year for Gold members contributing the maximum.
Tax lots feature gives you control over which specific shares you sell, helping minimize taxes in taxable accounts. This is more sophisticated than it sounds, and Robinhood makes it accessible.
Mobile-first design means the app is where you’ll do everything. Some people prefer desktop platforms, but Robinhood’s mobile experience is better than anyone else’s.
Why It Works for Simple Investing:
Robinhood strips investing down to basics. The minimalist platform means less distraction from what matters: buying VTI and VBIL, then leaving them alone. No news feeds pushing you to trade, no complicated research tools tempting you to overcomplicate things.
For someone starting with their first $500, Robinhood removes all friction. Open the account in 5 minutes, transfer money, buy your two funds. That’s it.
The IRA match is a genuine bonus that other brokers don’t offer. If you’re maxing out your IRA contribution ($7,000 in 2025, or $8,000 if over 50), the 3% Gold match gives you an extra $210-$240 per year just for using Robinhood.
4. Wealthfront: Best for Hands-Off Tax Optimization
Wealthfront lands in fourth place as the best option for investors who want simple investing but don’t want to handle the mechanics themselves.
What You Get:
Automated tax-loss harvesting runs continuously in taxable accounts, potentially saving more than Wealthfront’s advisory fee costs. The service pays for itself if you’re investing significant amounts in taxable accounts.
$0 trading commissions on the underlying ETFs mean you’re not paying trading costs on top of the advisory fee.
Portfolio Line of Credit gives you access to cash without selling investments. Need money for an emergency? Borrow against your portfolio instead of triggering capital gains taxes. This is sophisticated financial planning made simple.
0.25% annual advisory fee is what you pay for automation. On a $10,000 portfolio, that’s $25 per year. On a $100,000 portfolio, it’s $250 per year. The tax-loss harvesting often saves more than the fee costs.
The Trade-Off:
You’re paying for automation that you could handle yourself at Fidelity or Schwab for free. The value proposition only makes sense if you’re investing in a taxable account and the tax-loss harvesting saves you more than the 0.25% fee.
Why It Works for Simple Investing:
Wealthfront turns the 90/10 strategy into a completely hands-off system. You don’t buy VTI and VBIL directly, but Wealthfront builds a similar portfolio using multiple ETFs for better tax-loss harvesting opportunities.
Set up automatic deposits, let Wealthfront handle rebalancing and tax optimization, and check in once a quarter. This is simple investing for people who want to spend even less time thinking about their portfolio.
5. Vanguard: Best for Long-Term Buy-and-Hold
Vanguard rounds out our top five with its reputation for low-cost index investing. They invented the index fund and still offer some of the lowest expense ratios in the industry, but the platform and service lag behind newer competitors.
What You Get:
$0 commissions on stocks and ETFs mean you can build your 90/10 portfolio without trading fees.
Access to VTI and VBIL at their lowest expense ratios. Vanguard created these funds, so you’re buying direct from the source.
Fractional shares now available for Vanguard ETFs including VTI and VBIL. This is a recent improvement that makes Vanguard much more competitive for the 90/10 strategy.
Rock-solid reputation for putting investors first. Vanguard’s structure means it’s owned by the funds, which are owned by investors. No outside shareholders to please with fee increases.
The Catch:
$25 annual account fee applies unless you sign up for electronic delivery of all documents. Easy to avoid, but it’s one more hoop to jump through that Fidelity and Schwab don’t require.
Fractional shares only work for Vanguard ETFs. You can buy fractional shares of VTI and VBIL but not of other brokers’ ETFs. This limits flexibility if you ever expand beyond the basic two-fund portfolio.
Platform and mobile app feel dated compared to Fidelity, Schwab, and especially Robinhood. Vanguard’s technology works, but it’s not winning any design awards.
Why It Still Makes the List:
Vanguard pioneered low-cost index investing, and their commitment to low fees remains unmatched. If you’re comfortable with a no-frills platform and you plan to buy VTI and VBIL then ignore your account for decades, Vanguard works fine.
The $25 annual fee disappears when you sign up for electronic delivery (which you should do anyway for environmental and organizational reasons). And Vanguard’s expense ratios on VTI (0.03%) and VBIL (0.05%) are hard to beat.
What Actually Matters When Choosing A Broker
The brokerage industry wants to overwhelm you with features. Trading platforms with 50 indicators. Research tools with thousands of analyst reports. Options chains and futures trading and forex and crypto.
For the 90/10 portfolio, none of that matters.
Here’s what does matter:
Zero Trading Commissions: All five brokers on this list offer $0 commissions on ETF trades. This is table stakes now, not a competitive advantage. If a broker charges commissions to buy VTI or VBIL, don’t use them.
Fractional Share Support: This is where brokers start to differentiate. Fidelity, Robinhood, and Vanguard let you buy fractional shares of VTI and VBIL. Schwab limits fractionals to S&P 500 stocks only (not ETFs). Wealthfront handles this automatically through their advisory service.
Fractional shares matter because they eliminate cash drag. If VTI trades at $280 per share and you have $500 to invest, you’d normally buy one share ($280) and leave $220 sitting in cash earning nothing. With fractional shares, you invest all $500 immediately: $450 in VTI (1.607 shares) and $50 in VBIL.
No Account Fees: Fidelity and Schwab charge zero annual fees. Robinhood charges zero fees. Wealthfront charges an advisory fee but no account fee. Vanguard charges $25 annually unless you opt into electronic delivery.
A $25 annual fee sounds small, but on a $1,000 portfolio, that’s 2.5% of your assets going to Vanguard instead of into your investments. Easy to avoid by choosing electronic delivery, but also easy to avoid entirely by using Fidelity or Robinhood.
Tax Features for Taxable Accounts: If you’re investing in a taxable brokerage account (not an IRA), tax efficiency matters. Schwab’s tax tools help you minimize taxes manually. Wealthfront automates tax-loss harvesting. Robinhood gives you control over tax lots.
These features don’t matter in retirement accounts because you’re not paying taxes on gains until retirement anyway. But in taxable accounts, keeping an extra 1-2% per year through tax efficiency adds up to tens of thousands of dollars over decades.
How to Choose the Best Broker for Your Situation
Here’s how to pick from our top five based on your specific situation:
Choose Fidelity if: You want the most complete package with zero trade-offs. Full-featured platform, fractional shares for all ETFs, no fees, excellent customer service. This is the default choice for most people implementing the 90/10 strategy.
Choose Schwab if: You’re investing in a taxable brokerage account, want built-in tax-efficiency tools, and don’t mind buying whole shares of VTI and VBIL. The lack of fractional ETF shares is a limitation, but the tax tools partially compensate.
Choose Robinhood if: You’re opening your first brokerage account and want the simplest possible experience. The mobile-first platform removes all complexity, and the IRA match (1-3%) is a unique benefit you won’t find elsewhere.
Choose Wealthfront if: You want completely hands-off investing and you’re putting serious money into taxable accounts where the automated tax-loss harvesting justifies the 0.25% advisory fee.
Choose Vanguard if: You value Vanguard’s reputation and ownership structure more than you value modern platforms and mobile apps. The experience is dated, but the costs are still among the industry’s lowest once you avoid that $25 annual fee.
Common Mistakes People Make Choosing Brokers
Mistake 1: Choosing based on sign-up bonuses. Brokers offer $50, $100, even $500 bonuses for opening accounts and depositing money. Great for a one-time boost, but terrible way to choose where you’ll keep your money for decades. Pick based on ongoing features and fees, not short-term incentives.
Mistake 2: Overvaluing research tools. Beginners think they need access to analyst reports, stock screeners, and advanced charting. For the 90/10 portfolio, you need none of that. You need to buy two funds and leave them alone. Don’t pay for (through higher fees or worse service) research tools you won’t use.
Mistake 3: Switching brokers constantly. Moving your account from broker to broker chasing features or bonuses costs time and risks errors during transfers. Pick a good broker that fits your needs and stay there. Fidelity and Robinhood are solid choices you won’t outgrow.
Mistake 4: Ignoring fractional share support for ETFs. If you’re implementing the 90/10 strategy, you need fractional ETF shares for precise allocation. Schwab’s Stock Slices only work for stocks, not ETFs, which creates a real limitation for this strategy.
Setting Up Your 90/10 Portfolio at Any of These Brokers
Once you’ve chosen your broker, here’s the simple process to implement the 90/10 strategy:
Step 1: Open your account. All five brokers let you open accounts online in under 10 minutes. You’ll need your Social Security number, bank account info for transfers, and basic employment information.
Step 2: Choose your account type. IRA if you’re investing for retirement and haven’t maxed out your $7,000 annual contribution limit ($8,000 if you’re 50 or older). Taxable brokerage account if you’ve maxed out retirement accounts or you’re saving for goals before retirement.
Step 3: Fund your account. Link your bank account and transfer money. Most brokers let you start investing immediately even before the transfer completes, though selling restrictions apply until the money clears.
Step 4: Buy VTI and VBIL. Search for the ticker symbols VTI (Vanguard Total Stock Market ETF) and VBIL (Vanguard Short-Term Inflation-Protected Securities ETF). Place orders for 90% of your money in VTI and 10% in VBIL.
With fractional shares at Fidelity, Robinhood, or Vanguard, this is exact. Got $1,000? Buy $900 of VTI and $100 of VBIL regardless of the per-share price.
At Schwab, you’ll need to calculate whole shares. If VTI is $280 and VBIL is $50, you’d buy 3 shares of VTI ($840) and 3 shares of VBIL ($150) for a total of $990, leaving $10 uninvested.
Step 5: Set up automatic investments (optional). Most people should automate their investing. Monthly deposits of $500? Automatically split $450 to VTI and $50 to VBIL. Set it once, then forget it.
Bottom Line: Best Brokers for Simple Investing
Fidelity takes first place for most investors with its combination of zero fees, fractional shares for all ETFs, and excellent service. Schwab offers similar features with better tax tools for taxable accounts, but lacks fractional ETF shares. Robinhood works perfectly for first-time investors who want maximum simplicity plus a unique IRA match benefit.
Wealthfront makes sense if you want to pay 0.25% annually for completely hands-off tax optimization. Vanguard still delivers rock-bottom expense ratios if you don’t mind an outdated platform.
The best broker is the one you’ll actually use to build and maintain your 90/10 portfolio. Pick from this list based on your priorities, open your account, and start investing. The perfect broker doesn’t exist, but any of these five will serve you well for decades.
Remember: The broker matters far less than actually investing. Don’t spend weeks researching the perfect choice. Pick Fidelity if you’re uncertain, open your account today, and start building wealth with the simple 90/10 strategy.
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