The number of registered reps working in the U.S. securities industry is up, but the number of firms continues to decline, according to new data from the U.S. Financial Industry Regulatory Authority (FINRA).
The industry self-regulatory organization published its latest industry statistics, which show the number of reps working at FINRA firms edged higher last year to 634,508, up slightly from 628,361 the year before. While the number of reps has climbed for the third straight year, the total remains below levels recorded in 2015 and 2016, when headcount approached 640,000.
Of these, most reps (81.7%) work at large firms — defined as dealers with more than 500 reps — while 9.4% work at small firms (fewer than 150 reps), and 8.9% at mid-sized firms (151 to 499 reps).
At the same time, the number of FINRA-registered firms declined last year to 3,249 from 3,298 in 2023, continuing a multi-year trend.
The report also noted the median age of industry firms continues to rise, reaching 19.8 years in 2024, up from 17.6 years in 2019 and 14.9 years in 2014.
Aggregate pre-tax income for FINRA firms jumped by about 40% last year to US$75.8 billion, up from US$53.6 billion the previous year.
Total industry revenues rose to nearly US$641 billion last year, from US$605.4 billion in 2023. Expenses increased modestly to US$565.2 billion from US$551.8 billion.
Despite the rise in profits last year, the total remained below levels reached in 2021 and 2020, when aggregate pre-tax net income was US$91.6 billion and US$77.3 billion, respectively.