The U.S. registered rep count continues to climb, with most of the increase being attributed to the industry’s large firms, according to new data from the Financial Industry Regulatory Authority Inc. (FINRA).
The self-regulatory organization published a report providing aggregated industry data that shows that the registered rep population grew in 2025, reaching 639,723 reps, up from 634,498 in 2024.
Overall, the rep population has grown by 5% since 2021, the SRO noted.
Just over half (52%) of the rep population is dually-licensed as both a broker and an investment advisor, with the rest being solely registered as brokers.
Large firms, defined as firms with at least 500 reps, account for 83.7% of the total rep population, with mid-sized firms (151 to 499 reps) making up 8% of the industry, and small firms (<150 reps) representing 9.2%.
Over the past few years, large firms have gained share, while small firms have seen their share of the rep force decline. In 2021, large firms had an 81.5% share, while small firms accounted for 10.4% of the population. And, the average firm now has 203 reps, up from 182 in 2021.
The increase in average firm size comes as the number of firms continued to shrink. In 2025, there were 3,184 firms registered with FINRA, down from 3,249 in 2024, and 3,394 in 2021.
The rise in the total number of reps comes with a relatively consistent yearly churn — in 2025, there were 41,570 reps exiting the business, while 46,795 new reps came into the industry.
Similarly, on the firm side, the total count of firms is shrinking as the number of firms exiting the business, 163 firms in 2025, outpaced the number of new firms entering, 98 firms in 2025.
Total industry revenues and profits also increased last year. Aggregate revenues for 2025 came in at $776.8 billion (all figures in U.S. dollars), up from $722.3 billion in 2024. And, pre-tax net income also rose by 33.8%, rising to almost $115 billion in 2025 from just under $86 billion in 2024.
Among other industry trends, equity trading activity surged in 2025, with average daily volume in exchange-listed stocks surging by 35.6% on a year-over-year basis, rising to $828.1 billion in 2025 from $610.5 billion in 2024.
Equity trading volumes grew across activity on exchanges, alternative trading systems (ATSs), and over-the-counter (OTC) in listed stocks. FINRA noted that activity in extended-hours trading also continued to grow and now accounts for about 20% of total trading.
Trading in listed options also surged last year, the SRO said, with average daily transactions reaching 8.4 million. FINRA noted that options contracts that expire on the same day accounted for about 30% of all options trades in 2025.
“This year’s report reflects a securities industry in transition — growing in professionals, a concentration in firms, and evolving in how and when investors trade,” said Jonathan Sokobin, executive vice-president, chief economist and head of regulatory economics and market analysis at FINRA, in a release.