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Representative Data

1.1 Sizes and Counts

Anyone actively involved in a FINRA-registered firm’s investment banking or securities business must be registered as a representative with FINRA (FINRA-registered representative). To become registered, securities professionals are required to pass qualification exams to demonstrate competence in their particular securities activities. A FINRA-registered representative’s duties may include supervision, sales of securities or training of persons associated with the member firm.


Figure 1.1.1 Total Number of FINRA-Registered Representatives, 2018–2022

(Count as of year-end)

 

Total Number of FINRA-Registered Representatives 2018–2022

Source: Financial Industry Regulatory Authority.

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Figure 1.1.2 FINRA-Registered Representatives by Firm Size, 2018–20221

(Count as of year-end)

 

FINRA-Registered Representatives by Firm Size 2018–2022

Source: Financial Industry Regulatory Authority.

1 Registrations 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 1.1.3 FINRA-Registered Representatives by Firm Size, 2018–20221

(Count as of year-end)

 

  2018 2019 2020 2021 2022
Firm Size Total Percent Total Percent Total Percent Total Percent Total Percent
Large 522,901 81.5% 519,687 81.5% 513,900 81.5% 510,170 81.5% 524,075 82.3%
Mid-Size 52,448 8.2% 53,762 8.4% 52,484 8.3% 51,007 8.1% 50,886 8.0%
Small 66,048 10.3% 64,166 10.1% 64,099 10.2% 64,864 10.4% 62,076 9.7%
Total 641,397 100% 637,615 100% 630,483 100% 626,041 100% 637,037 100%

Source: Financial Industry Regulatory Authority.

1 Registrations 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 1.1.4 Average and Median Number of FINRA-Registered Representatives per Firm, 2018–2022

(Count as of year-end)

 

Average and Median Number of FINRA-Registered Representatives per Firm 2018–2022

Source: Financial Industry Regulatory Authority.

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Table 1.1.5 Average and Median Number of FINRA-Registered Representatives per Firm, 2018–2022

(Count as of year-end)

 

  2018 2019 2020 2021 2022
Average 175 179 182 182 187
Median 11 11 11 12 11

Source: Financial Industry Regulatory Authority.

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Figure 1.1.6 Registered Individuals by Type of Registration, 20221,2

 

Registered Individuals by Type of Registration 2022

Source: Financial Industry Regulatory Authority.

1 Owners of investment advisory firms may be 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. “Securities Industry Registered Persons” represents the totality of registered individuals. Individuals are counted only once regardless of how many firms they represent. FINRA captures requirements on all Securities Registered Persons, including those that are not “FINRA-registered representatives”

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Table 1.1.7 Securities Industry Registered Individuals by Type of Registration, 20221,2

(Count as of year-end)

 

  Total Number of Individuals
Broker-Dealer—Only 308,565
Dual Broker-Dealer Investment Adviser Representative 312,317
All BD Registered Individuals 620,882
Investment Adviser Representative—Only 80,977
Total Registered Individuals 701,859

Source: Financial Industry Regulatory Authority.

1 Owners of investment advisory firms may be 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. “Securities Industry Registered Persons” represents the totality of registered individuals. Individuals are counted only once regardless of how many firms they represent. FINRA captures requirements on all Securities Registered Persons, including those that are not “FINRA-registered representatives”

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Figure 1.1.8 Securities Industry Registered Individuals by Type of Registration, 2013–20221,2

(Count as of year-end)

 

Securities Industry Registered Individuals by Type of Registration 2013–2022

Source: Financial Industry Regulatory Authority.

1 Investment adviser representatives who solely deal with customers in New York prior to February 1, 2021, 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 may be 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. “Securities Industry Registered Persons” represents the totality of registered individuals. Individuals are counted only once regardless of how many firms they represent. FINRA captures requirements on all Securities Registered Persons, including those that are not “FINRA-registered representatives”

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1.2 Status Changes


Figure 1.2.1 FINRA-Registered Representatives – Leaving/Entering the Industry, 2008–2022

(Count as of year-end)

 

FINRA-Registered Representatives Leaving and Entering the Industry 2008–2022

Source: Financial Industry Regulatory Authority.

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Table 1.2.2 FINRA-Registered Representatives – Leaving/Entering the Industry, 2008–2022

(Count as of year-end)

 

Year Individuals Leaving Percent of Total Individuals Entering Percent of Total End of Year Total Registered Representatives
2008 67,611 10% 60,715 9% 662,893
2009 72,864 12% 40,869 6% 630,899
2010 47,091 7% 44,649 7% 628,457
2011 45,780 7% 44,381 7% 627,058
2012 48,590 8% 49,009 8% 627,477
2013 43,646 7% 43,643 7% 627,474
2014 37,918 6% 46,603 7% 636,159
2015 43,776 7% 47,035 7% 639,418
2016 47,041 7% 43,221 7% 635,598
2017 46,284 7% 40,901 6% 630,215
2018 44,550 7% 43,810 7% 629,475
2019 44,101 7% 39,246 6% 624,620
2020 38,144 6% 31,031 5% 617,507
2021 43,893 7% 38,821 6% 612,435
2022 38,236 6% 46,683 8% 620,882

Source: Financial Industry Regulatory Authority.

1 The End-of-Year Total Registered Representatives for the years 2008-2012 have been updated to correct an error. The error was corrected on August 23, 2023.

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Figure 1.2.3 Firm Size Distribution of FINRA-Registered Representatives Leaving/Entering the Industry, 2008–20221

(Percentage of Total)

 

Firm Size Distribution of FINRA-Registered Representatives Leaving and Entering the Industry 2008–2022

Source: Financial Industry Regulatory Authority.

1 Individuals leaving and entering by firm size may differ from the total number of individuals leaving and entering 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.

2 An 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 2022 are estimates given that data through December 2023 is required to compute individuals leaving the industry.

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Figure 1.2.4 Securities Industry Registered Individuals’ Transfers Between Firms within the Industry, 2017–20221

(Count as of year-end)

 

Securities Industry Registered Individuals Transfers Between Firms within the Industry 2017–2022

Source: Financial Industry Regulatory Authority.

1 The number of transfers in a given year includes all transfers associated with Securities Industry Registered Individuals who dropped a registration with a firm and added a registration with another firm, irrespective of the individual's registration type, within 60 days before or 60 days after dropping the registration. These individuals represent a subset of all individuals changing jobs within the industry.

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Figure 1.2.5 Securities Industry Registered Individuals’ Transfers Between Firms by Registration Type, 2017–20221,2

(Count as of year-end)

 

Securities Industry Registered Individuals Transfers Between Firms by Registration Type 2017–2022

Source: Financial Industry Regulatory Authority.

1 Investment adviser representatives who solely deal with customers in New York prior to February 1, 2021, 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 may be exempt from registering as Investment Adviser Representatives. Accordingly, these Investment Adviser Representatives are not included in the table.

2 The number of transfers in a given year includes all transfers associated with Securities Industry Registered Individuals who dropped a registration with a firm and added a registration with a different firm within 60 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").

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1.3 Geographic Distribution


Figure 1.3.1 Geographic Distributions of State Level Registrations, 2022

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Table 1.3.2 Geographic Distributions of Region Level Registrations, 2018−2022

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