The brokerage industry continued to contract last year, with the number of registered representatives overseen by the Financial Industry Regulatory Authority Inc. declining to 612,457, down from 617,531 at the end of 2020, according to the 2022 Finra Industry Snapshot.
The population of registered reps has declined every year since the broker-dealer self-regulator began publishing its Industry Snapshot in 2018; the 2021 total of 612,457 is down 2.8% from the 630,235 reps Finra reported for 2017.
The number of firms registered with Finra at the end of last year totaled 3,394, down from 3,345 at the end of 2020 and from the 3,726 firms registered with Finra in 2017. According to the data, that change occurred as 150 firms left the industry and just 109 firms entered.
While the number of B-Ds may be shrinking, their revenue continues to rise. Aggregate revenue for Finra-registered firms totaled $398.5 billion in 2021, up from $361.9 billion in 2020. Aggregate expenses in 2021 were $306.8 billion, resulting in a pretax income of $91.7 billion.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
