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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