My mom's traditional brokerage account was probably state of the art in the 1970's. I liked the way it was invested, directly in stocks that were diversified and appropriate and no added trading fees. The problem was the fees were 2.5% to 3% of assets, and as a result her portfolio performance was noticeably worse than simple total stock market index funds, domestic and international. We moved her to Fidelity and the simple portfolio I listed before.