FINRA Registrations Climbed Last Year, Florida New HQ Hot Spot: Report
After years of decline, the number of Financial Industry Regulatory Authority (FINRA)–registered representatives increased slightly last year, though the number of broker-dealer firms fell. FINRA reported that There were 620,882 representatives in 2022, up from 612,435 in 2021 and 617,507 in 2020 but down from 624,620 in 2019. Last year's growth was fueled in part from a decrease of reps leaving the industry—38,236, compared to 43,893 the previous year—as well as more entering the industry—46,683, up from 38,821 in 2021. About half of the FINRA-registered representatives were also registered as investment advisor representatives in 2022. The report also showed that more firms are favoring locations outside the traditionally popular New York area for their headquarters. Florida, for example, saw the number of brokerages headquartered in the state rise to 219 last year, up from 204 in 2021.
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