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Regulation and Compliance > State Regulation

The Registration Numbers

By Staff Writer

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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