The Financial Industry Regulatory Authority has released its annual report providing an overview of FINRA membership, according to Advisor Hub.
The 2024 FINRA Industry Snapshot includes data ranging from the number of FINRA-registered individuals to the overall revenues of firms, and from trading activity to how firms market their products and services.
The report found that in 2023, the total number of FINRA-registered representatives increased 1.2% to 628,392 from 620,873 in 2022, the second consecutive year the figure rose after dropping the previous six years. The number of brokers or advisors moving firms also increased, as did the number of people with dual registrations who dropped their brokerage license to act solely as registered investment advisors. The report found that 3,382 dually registered representatives dropped their brokerage licenses between 2022 and 2023, while 1,065 RIA-only advisors added brokerage licenses
As part of a trend of consolidation in the industry, the number of FINRA member broker-dealers dropped from 3,378 in 2022 to 3,298 last year, a decline of nearly 2.4%.
FINRA said the release of the snapshot is an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals
“The 2024 Snapshot continues FINRA’s commitment to share regulatory data in order to give the public a better understanding of and confidence in our member firms’ activities and its supervision,” said Jonathan Sokobin, Executive Vice President, Chief Economist and Head of the Office of Regulatory Economics and Market Analysis at FINRA.
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