FA Ranks Grow as Industry Consolidation Accelerates: FINRA

The U.S. securities industry is expanding on nearly every measurable front, with more professionals, higher trading volumes and surging options activity, even as the number of firms continues to shrink due to ongoing consolidation, according to FINRA’s 2026 Industry Snapshot released by the Financial Industry Regulatory Authority.

Registered representatives reached 639,723 in 2025, a 5% increase since 2021 and the fourth consecutive year of growth, with 40,000 to 45,000 people entering the industry annually. At the same time, the number of FINRA member firms declined, reflecting a continued trend toward concentration among larger broker-dealers.

Dual registration has emerged as the predominant professional model, with more than half of all FINRA-registered representatives — 331,802 — maintaining both broker-dealer and investment adviser registration, underscoring the industry’s shift toward comprehensive, advice-driven relationships with clients.

Trading activity set records in 2025. Average daily dollar volume of exchange-listed stocks reached $828 billion, up more than a third from 2022. Extended-hours trading continued to grow as well, now representing approximately one-fifth of total trading activity.

Listed options trading surged, with average daily transactions reaching 8.4 million in 2025; a 50% increase from 5.6 million in 2023. Zero days to expiration options, contracts that expire on the same day they are traded, accounted for roughly 30% of all options transactions.

“This year’s report reflects a securities industry in transition—growing in professionals, a concentration in firms, and evolving in how and when investors trade,” said Jonathan Sokobin, EVP, chief economist and head of regulatory economics and market analysis at FINRA.

“These developments, as the industry continues to post strong results, present both opportunities and challenges that merit dialogue among investors, member firms, and market participants,” Sokobin added.