Representative Data
Table of Contents
- Figure 1.2 FINRA-Registered Representatives by Firm Size
- Table 1.2 FINRA-Registered Representatives by Firm Size, 2016–2020
- Figure 1.3 Average and Median Number of FINRA-Registered Representatives per Firm
- Table 1.3 Average and Median Number of FINRA-Registered Representatives per Firm, 2016–2020
- Figure 1.4 Securities Industry Registered Individuals by Type of Registration (2020)
- Table 1.4 Securities Industry Registered Individuals by Type of Registration, 2020
- Figure 1.5 Securities Industry Registered Individuals by Type of Registration (2016-2020)
- Figure 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry
- Table 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry, 2006–2020
- Figure 1.7 Firm Size Distribution of FINRA-Registered Representatives Leaving/Entering the Industry
- Figure 1.8 FINRA-Registered Representatives’ Transfers Between Firms within the Industry by Year
- Figure 1.9 Securities Industry Registered Individuals’ Transfers Between Firms by Registration Type
Figure 1.2 FINRA-Registered Representatives by Firm Size, 2016—20201
(Count as of year-end)
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.
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.
Figure 1.3 Average and Median Number of FINRA-Registered Representatives per Firm, 2016–2020
(Count as of year-end)
Source: Financial Industry Regulatory Authority
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.
Figure 1.4 Registered Individuals by Type of Registration, 20201
(Count as of year-end)
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.
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.
Figure 1.5 Securities Industry Registered Individuals by Type of Registration, 2011–20201, 2
(Count as of year-end)
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.
Figure 1.6 FINRA-Registered Representatives – Leaving/Entering the Industry, 2006–2020
(Count as of year-end)
Source: Financial Industry Regulatory Authority
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.
Figure 1.7 Firm Size Distribution of FINRA-Registered Representatives Leaving/Entering the Industry, 2006–20201,2
(Percentage of Total)
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.
Figure 1.8 FINRA-Registered Representatives’ Transfers Between Firms Within the Industry, 2006–20201
(Count as of year-end)
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.
Figure 1.9 Securities Industry Registered Individuals’ Transfers Between Firms by Registration Type, 2006–20201,2
(Count as of year-end)
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.