If you mean the likes of Commsec's Direct Funds or Fairfax's Direct Access ... they do the job. If you are looking for a mechanism to avoid costly entry fees into retail managed funds, then that is a good way to do it ... and some even rebate part of the ongoing commission too. I started off using Neville Ward Direct (recently bought out by Commsec to become Commsec Direct Funds) when I started. I don't use them now because I only invest in wholesale funds (no entry / exit fees and lower management fees). If you meant something else by "discount fund brokers", then please give more details.
The one I use is InvestSmart Managed funds and superannuation with 100% rebate of entry fees and research on funds and shares - InvestSMART They refund all entry fees and also any trailing commissions beyond $396. As per the other brokers mentioned they give no advice but will try and sell you many different funds Cheers
I did open an account with them but they are not margin loan friendly unless you use their prefered bank. Direct Access has the fund I want and the in house Direct Shares which is *etrade will do for the other.
Buy Property Interstate WITHOUT Buyers Agents! Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia » Learn HOW Now!