The Financial Industry Regulatory Authority (FINRA) has released its latest report on the state of the brokerage industry, revealing a significant increase in registered advisors for the first time in years.
The report revealed that the number of registered advisors increased by 2.4% in 2022, with 635,220 registered representatives as of the end of the year. FinancialPlanning.com notes that this is the first increase in advisor numbers since 2018 and suggests that it may be a sign of renewed interest in the brokerage industry among professionals and investors.
Alternatively, as the number of advisors increased, the number of firms registered with FINRA declined. The number of new broker-dealer registrations also increased by 1.8% in 2022, and the number of firms dropped slightly by 0.7%, suggesting consolidation remains an industry trend.
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