From the March 2007 issue of Investment Advisor • Subscribe!

The Registration Numbers

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from The Advisor's Professional Library
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  • Recent Changes in the Regulatory Landscape 2011 marked a major shift in the regulatory environment, as the SEC adopted rules for implementing the Dodd-Frank Act.  Many changes to Investment Advisers Act were authorized by Title IV of the Dodd-Frank Act.  

Here's a breakdown of how, and where, advisors and brokers are registered. The numbers were presented by Melanie Lubin, Maryland's Securities Commissioner, at the ALI-ABA investment advisor regulation conference in Washington in late January.

- 24,481 total advisors are listed on the Investment Adviser Registration

Depository (IARD)

- 10,977 advisors are SEC registered only

- 192 advisors are dually registered with the states and SEC

- 13,312 are state registered advisors

- 1,109 firms are B/Ds and advisors

- 225,000 are B/D reps

- 200,000 reps are also registered as B/D agents

- 4,000 reps are associated with both state and federally registered firms

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