The Financial Services Institute says its members contributed $48 billion to the U.S. economy last year and created about 482,000 jobs.
The group of independent advisors and broker-dealers, which released a report Monday on its economic impact, says its roughly 167,000 members also help generate income and business activities that lead to $6.8 billion in taxes.
“We have always known that our members make tremendous contributions to the economy, not only at the national level but also in the state and local economies in which they serve,” said FSI President & CEO Dale Brown, in a statement.
“With this study we have now quantified those contributions and shown that the impact of independent financial services firms and independent advisors extends well beyond the financial services industry,” added Brown, noting that FSI represents about 100 independent financial firms.
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The research, which was conducted with Oxford Economics, found that the group’s members generate the greatest level of economic activity as a share of the overall financial-services industry in small- and mid-sized states. For example, FSI members represent over 40% of the industry’s overall economic impact in Mississippi ($344 million), 36% in Maine ($232 million) and 30% in Kansas ($953 million).
In the large states, the independent reps and their firms contribute $5.4 billion to the annual output of California, $4.3 billion in New York and $2.9 billion in Texas.