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Representative Data


Figure 1.2 FINRA-Registered Representatives by Firm Size, 2016—20201

(Count as of year-end)

 

FINRA-Registered Representatives by Firm Size, 2016 – 2020

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, 2016–20201

(Counts as of year-end)

 

  2016 2017 2018 2019 2020
Firm Size Total Percent Total Percent Total Percent Total Percent Total Percent
Large 525,183 81% 522,484 81% 522,940 82% 519,726 82% 513,939 82%
Mid-Size 53,000 8% 52,632 8% 52,449 8% 53,763 8% 52,486 8%
Small 67,922 11% 66,449 10% 66,050 10% 64,168 10% 64,100 10%
Total 646,105 100% 641,565 100% 641,439 100% 637,657 100% 630,525 100%

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, 2016–2020

(Count as of year-end)

 

Average and Median Number of FINRA-Registered Representatives per Firm, 2016-2020

Source: Financial Industry Regulatory Authority

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Table 1.3 Average and Median Number of FINRA-Registered Representatives per Firm, 2016–2020

(Counts as of year-end)

 

  2016 2017 2018 2019 2020
Average 166 171 175 179 182
Median 11 11 11 11 11

Source: Financial Industry Regulatory Authority.

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Figure 1.4 Registered Individuals by Type of Registration, 20201

(Count as of year-end)

 

FINRA Registered Individuals by Type of Registration 2020

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. "Securities Industry Registered Persons" represents the totality of registered individuals. Individuals are counted only once regardless of how many firms they represent.

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Table 1.4 Securities Industry Registered Individuals by Type of Registration, 20201

(Counts as of year-end)

 

  Total Number of Individuals
Broker-Dealer Only 317,936
Dual Broker-Dealer Investment Adviser Representative 299,613
All BD Registered Individuals 617,549
Investment Adviser Representative Only 69,482
Total Registered Individuals 687,031

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. “Securities Industry Registered Persons” represents the totality of registered individuals. Individuals are counted only once regardless of how many firms they represent.

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Figure 1.5 Securities Industry Registered Individuals by Type of Registration, 2011–20201, 2

(Count as of year-end)

 

Securities Industry Registered Individuals by Type of Registration, 2011—2020

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.

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 in the table.

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Figure 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry, 2006–2020

(Count as of year-end)

 

FINRA-Registered Representatives – Leaving/Entering the Industry, 2006—2020

Source: Financial Industry Regulatory Authority

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Table 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry, 2006–2020

(Counts as of year-end)

 

Year Individuals Leaving Percent of Total Individuals Entering Percent of Total End of Year Total Registered Representatives
2006 -60,046 -9% 62,709 10% 656,381
2007 -55,269 -8% 68,682 10% 669,794
2008 -67,610 -10% 60,715 9% 662,899
2009 -72,864 -12% 40,869 6% 630,904
2010 -47,091 -7% 44,381 7% 628,462
2011 -45,776 -7% 44,381 7% 627,067
2012 -48,584 -8% 49,009 8% 627,492
2013 -43,647 -7% 43,643 7% 627,488
2014 -37,914 -6% 46,604 7% 636,178
2015 -43,772 -7% 47,036 7% 639,442
2016 -47,038 -7% 43,221 7% 635,625
2017 -46,276 -7% 40,902 6% 630,251
2018 -44,544 -7% 43,810 7% 629,517
2019 -44,103 -7% 39,248 6% 624,662
2020 -38,145 -6% 31,032 5% 617,549

Source: Financial Industry Regulatory Authority.

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Figure 1.7 Firm Size Distribution of FINRA-Registered Representatives Leaving/Entering the Industry, 2006–20201,2

(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-registered 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, 2006–20201

(Count as of year-end)

 

FINRA-Registered Representatives’ Transfers Between Firms within the Industry, 2006—2020

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. These individuals represent a subset of all FINRA-registered representatives changing jobs within the industry.

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Figure 1.9 Securities Industry Registered Individuals’ Transfers Between Firms by Registration Type, 2006–20201,2

(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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