discretionary broker

A broker who not only deals in stocks and shares on behalf of his client, but who also makes the decisions about what should be bought and sold for the portfolio and has authority to execute those decisions without getting prior approval from the client. Also known as a full-service account.

Contrast with advisory brokers and execution-only brokers.

The website of The Association of Private Client Investment Managers and Stockbrokers- http://www.apcims.co.uk - provides a list of brokers and the services which they offer.