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[quote=Anonymous][quote=Anonymous]I use Vanguard, but just heard a financial advisor say that all the discount brokerages are essentially interchangeable and she didn't have a preference among them. [/quote]

There is a difference between a discount brokerage-- which lets you trade stocks cheaply-- and a mutual fund company.  Likewise there is a difference between the fees for having an account set up and the fees your mutual fund charges.  Fidelity is known for its managed funds, meaning they have people whose job it is to pick stocks and try and beat the market.  Vanguard is known for having index funds-- they pick a wide set of stocks and leave them alone.  Generally it is slightly more expensive (say .5-1% more each year) to invest in managed funds, and there are a lot of people who say in the long run you are better off with low cost index funds.

I'd suggest poking around the bogleheads forums (which will heavily favor Vanguard) or the CNN/Money personal finance site (Money 101).  [/quote]

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