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.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
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Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
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