According to AdvisorHub, FINRA has released its annual "2024 Industry Snapshot," which reveals significant trends in the broker and brokerage firm landscape for 2023.

Last year saw a 1.2 percent increase in the total number of FINRA-registered representatives, rising to 628,392 from 620,873 in 2022. This marks the second consecutive year of growth after six years of decline. Notably, large and midsize firms, which typically sponsor training programs, contributed to this headcount rise, while small firms saw a decline.

AdvisorHub also reports that the number of broker-dealers continued to decrease, reflecting ongoing industry consolidation. The total number of FINRA member firms fell by nearly 2.4 percent, from 3,378 in 2022 to 3,298 in 2023.

Additionally, the mobility of brokers and advisors increased last year, with about 7 percent of the industry—approximately 50,000 individuals—changing firms, up from roughly 6 percent in 2022. There has been a consistent trend of dually registered brokers opting to operate solely as registered investment advisors (RIAs). Between 2022 and 2023, 3,382 dually registered representatives dropped their brokerage licenses, while only 1,065 RIA-only advisors added brokerage licenses.

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