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Representative Data


Figure 1.2 FINRA-Registered Representatives by Firm Size, 2015—20191

(Count as of year-end)

 

FINRA-Registered Representatives by Firm Size, 2015 – 2019

Source: Financial Industry Regulatory Authority

1Registrations by firm size differ from the total number of registrations as individuals registered with multiple firms are counted for each firm they represent, potentially in the same size class or in multiple size classes depending on the sizes of the employing firms. Large firm = 500 or more registered representatives; Mid-Size firm = 151-499 registered representatives; Small firm = 1-150 registered representatives.

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Table 1.2 FINRA-Registered Representatives by Firm Size, 2015–20191

(Counts as of year-end)

 

  2015 2016 2017 2018 2019
Firm Size Total Percent Total Percent Total Percent Total Percent Total Percent
Large 527,425 81% 525,191 81% 522,494 81% 522,952 82% 519,738 82%
Mid-Size 53,350 8% 53,000 8% 52,632 8% 52,449 8% 53,763 8%
Small 69,918 11% 67,922 11% 66,449 10% 66,050 10% 64,168 10%
Total 650,693 100% 646,113 100% 641,575 100% 641,451 100% 637,669 100%

Source: Financial Industry Regulatory Authority.

1Registrations by firm size differ from the total number of registrations as individuals registered with multiple firms are counted for each firm they represent, potentially in the same size class or in multiple size classes depending on the sizes of the employing firms. Large firm = 500 or more registered representatives; Mid-Size firm = 151-499 registered representatives; Small firm = 1-150 registered representatives.

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Figure 1.3 Average and Median Number of FINRA-Registered Representatives per Firm, 2015—2019

(Count as of year-end)

 

Average and Median Number of FINRA-Registered Representatives per Firm, 2015-2019

Source: Financial Industry Regulatory Authority

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Table 1.3 Average and Median Number of FINRA-Registered Representatives per Firm, 2015–2019

(Counts as of year-end)

 

  2015 2016 2017 2018 2019
Average 163 166 171 175 179
Median 10 11 11 11 11

Source: Financial Industry Regulatory Authority.

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Figure 1.4 Registered Individuals by Type of Registration, 20191

(Count as of year-end)

 

FINRA Registered Individuals by Type of Registration 2019

Source: Financial Industry Regulatory Authority

1"Broker Dealer Representatives—Only" refers to FINRA-registered representatives. "Dual Representatives" refers to FINRA-registered representatives who are also registered as investment adviser representatives. "Investment Adviser Representatives—Only" refers to individuals who are registered only as investment adviser representatives and are overseen by the SEC or state regulators. Individuals are counted only once regardless of how many firms they represent.

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Securities Industry Registered Individuals by Type of Registration, 20191

(Counts as of year-end)

 

  Total Number of Individuals
Broker-Dealer—Only 328,997
Dual Broker-Dealer Investment Adviser Representative 295,677
All BD Registered Individuals 624,674
Investment Adviser Representative—Only 65,514
Total Registered Individuals 690,188

Source: Financial Industry Regulatory Authority.

1"Broker Dealer Representatives—Only" refers to FINRA-registered representatives. "Dual Representatives" refers to

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Figure 1.5 Securities Industry Registered Individuals by Type of Registration, 2010—20191, 2

(Count as of year-end)

 

Securities Industry Registered Individuals by Type of Registration,  2010—2019

Source: Financial Industry Regulatory Authority

1Investment Adviser Representatives who solely deal with customers in New York, or who were solely dealing with customers in Wyoming prior to July 1, 2017, are not captured in the Central Registration Depository (CRD) system. Furthermore, owners of investment advisory firms are exempt from registering as Investment Adviser Representatives. Accordingly, these Investment Adviser Representatives are not included in the table.

2"Broker Dealer Representatives Only" refers to FINRA-registered representatives. "Dual Representatives" refers to FINRA-registered representatives who are also registered as investment adviser representatives. "Investment Adviser Representatives Only" refers to individuals who are registered only as investment adviser representatives and are overseen by the SEC or state regulators. Individuals are counted only once regardless of how many firms they represent.

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Figure 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry, 2005—2019

(Count as of year-end)

 

FINRA-Registered Representatives – Leaving/Entering the Industry, 2004—2018

Source: Financial Industry Regulatory Authority

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Table 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry, 2005–2019

(Counts as of year-end)

 

Year Individuals Leaving Percent of Total Individuals Entering Percent of Total End of Year Total Registered Representatives
2005 66,435 10% 63,212 10% 653,721
2006 60,046 9% 62,709 10% 656,384
2007 55,269 8% 68,682 10% 669,797
2008 67,610 10% 60,715 9% 662,902
2009 72,864 12% 40,869 6% 630,907
2010 47,091 7% 44,649 7% 628,465
2011 45,775 7% 44,381 7% 627,071
2012 48,583 8% 49,009 8% 627,497
2013 43,647 7% 43,643 7% 627,493
2014 37,914 6% 46,604 7% 636,183
2015 43,771 7% 47,036 7% 639,448
2016 47,036 7% 43,221 7% 635,633
2017 46,274 7% 40,902 6% 630,261
2018 44,542 7% 43,810 7% 629,529
2019 44,105 7% 39,250 6% 624,674

Source: Financial Industry Regulatory Authority.

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Figure 1.7 Firm Size Distribution of FINRA-Registered Representatives Leaving/Entering the Industry, 2005—20191

(Percentage of Total)

 

Firm Size Distribution of FINRA-Registered Representatives Leaving-Entering the Industry

Source: Financial Industry Regulatory Authority

1Individuals entering and exiting by firm size may differ from the total number of individuals entering and exiting the industry as individuals registered with multiple firms are counted for each firm they represent, potentially in the same size class or in multiple size classes depending on the sizes of the employing firms. Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-499 registered representatives; Small Firm = 1-150 registered representatives.

2An individual is considered to have left the industry when the individual has no open registration with any FINRA approved member firm from the date of their last registration through the end of the next calendar year. Values for 2019 are estimates given that data through December 2020 is required to compute individuals leaving the industry.

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Figure 1.8 FINRA-Registered Representatives’ Transfers Between Firms Within the Industry, 2005—20191

(Count as of year-end)

 

FINRA-Registered Representatives’ Transfers Between Firms within the Industry, 2004—2018

Source: Financial Industry Regulatory Authority

1The number of transfers in a given year includes all transfers associated with FINRA-registered representatives who dropped a registration with a member firm and added a registration with another member firm within 15 days before or 60 days after dropping the registration.

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Figure 1.9 Securities Industry Registered Individuals’ Transfers Between Firms by Registration Type, 2005—20191,2

(Count as of year-end)

 

Securities Industry Registered Individuals' Transfers Between Firms by Registration Type

Source: Financial Industry Regulatory Authority

* The number for "IAR -> IAR" in 2018 reflects transfers of more than 8,000 individuals transferring within affiliates.

1The number of transfers in a given year includes all transfers associated with Securities Industry Registered Individuals (including FINRA registered representatives and Investment Adviser Representatives), who dropped a registration with a member firm and added a registration with another member firm within 15 days before or 60 days after dropping the registration. These transfers between firms include transfers from one registration type to another registration type (e.g. investment adviser registration at previous firm to registered representative registration at the new firm, "IAR -> RR"), as well as transfers for the same registration type (e.g. investment adviser registration at previous firm to same registration at the new firm, "IAR -> IAR").

2Investment Adviser Representatives who solely deal with customers in New York, or who were solely dealing with customers in Wyoming prior to July 1, 2017, are not captured in the Central Registration Depository (CRD) system. Furthermore, owners of investment advisory firms are exempt from registering as Investment Adviser Representatives. Accordingly, these Investment Adviser Representatives are not included.

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