Private client broker

PCB

A private client broker is a stockbroker whose clients are predominantly private individuals in contrast to an institutional broker's clients that are mainly institutions.

A PCB may offer an "execution only" service in which the client takes all portfolio decisions. The PCB might offer an advisory service in which it supplies information to the client but the client still takes all decisions.

PCBs often also provide a discretionary service, managing clients' portfolios on their behalf - rather as a fund manager might for larger portfolios.