Weekend Reading - Average Portfolio Size by Broker, Dimensional For Sale & Morningstar's Portfolio Diversification in 2026 Report

Banker on Wheels Broker Landscape Tracker covers 30 of the largest brokers available to European and UK investors, representing close to $3 trillion in client assets and over 60 million investor accounts.

In 2026, neobrokers are winning the volume race, but not the wealth race. But, they are creating innovation and the dynamic may force the legacy platforms to catch up.

Over the past couple of years, Saxo has transformed itself from a trading-first platform into one of Europe's most compelling for long-term investors. In 2024 and 2025 it rolled out a new pricing. Custody fees have been removed across core European countries. Trading commissions are now among the lowest available, sometimes even beating Interactive Brokers.

It also launched the SaxoInvestor interface which gives passive ETF investors a cleaner, simpler experience than IBKR's platform. Tax wrappers, and tax reporting are rolling out across markets like France, Italy, or Belgium. In Switzerland cost-free ETF savings plans are now available. Most importantly - hence our updated review - in 2025, Swiss bank J. Safra Sarasin Group acquired a 71% controlling stake, purchasing it from the previous Chinese majority owner. For European investors, this matters.

SAXO is very attractive to investors in their core markets - Italy, Belgium, France, the Netherlands, Switzerland, Denmark, Poland, the Czech Republic, or Singapore. It is a great diversification option for High Net Worth Investors in other countries too like UAE or Saudi Arabia, as HNW Investors typically pay private bank a higher custody fee, that SAXO charges in some non-core markets.

Portfolio diversification had its most decisive win in several years during 2025's turbulent but generally positive market environment. Our "diversified" test portfolio gained 18.3%, compared with 13.3% for the plain-vanilla version of a 60/40 portfolio (made up of US stocks and US investment-grade bonds). International stocks and gold were key contributors to the stronger showing.

Correlations between the United States and other developed markets around the world have been trending down as major shifts in tariff policy have made the world more fragmented and less globalized. Escalating geopolitical risks could also upend many previously established performance patterns. gCorrelations between stocks and investment-grade bonds remain elevated over the trailing three-year period but shifted back into negative territory for 2025. Investors who were previously worried that bonds would become less reliable portfolio diversifiers can take some comfort in this return to form. Cash has also continued to stand out as one of the best portfolio diversifiers