Gitnux/Report 2026

Broker Dealer Industry Statistics

Broker-dealers managed $6.0 trillion in customer assets in 2023 with retail clients holding $4.08 trillion, while fixed income under custody totaled $1.4 trillion and margin debit balances reached $1.0 trillion. If you want to understand what those balances really mean, this page also pairs custody and trading scale with customer protection and compliance pressure, from 162 million accounts to 98.2% customer protection rule compliance and 3,378 FINRA-registered broker-dealers filing FOCUS reports.
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November 11, 2026Updated
Broker Dealer Industry Statistics
Nathan CaldwellWritten by Nathan Caldwell·Edited by Lukas Bauer·Fact-checked by Nicholas Chambers
Published ·Updated
How this report is researched
01Editorial Scope

Gitnux editors write the brief first: the topic, the inclusion rules, and the frame for what belongs.

02Source Research

Agents search the published record and log every extracted figure back to the passage it came from.

Read our full methodology →

Search agents attach provenance to every extracted figure.

Next review: within 31 days

01 Industry overview

The broker dealer industry at a glance

The U.S. broker-dealer industry generated $776.8 billion in gross revenue in 2025, while consolidation continued as the number of FINRA-registered firms fell 2.0% to 3,184.

$776.8B[2]
Gross revenue, 2025
3,184[2]
FINRA firms, 2025
$6.4T[12]
Industry assets, 2024
1.17M[2]
Securities jobs, 2025
Market size
U.S. broker-dealers reported approximately $6.4 trillion in total assets in 2024. FINRA-registered broker-dealers generated $776.8 billion in gross revenue in 2025, up 7.5% year over year.[12][2]
Market share & regions
The United States remains the core market covered by the available industry statistics. New York is the leading regional center: securities-industry employment represented 2.7% of New York State private-sector employment but generated 16.6% of private-sector wages in the first half of 2025.[2]
Segmentation
Broker-dealer activity spans order management and routing, securities recommendations, custody of customer funds and securities, clearing and settlement, retail and institutional intermediation, corporate and government securities dealing, private placements, and mutual-fund transactions. FINRA registration data distinguish broker-dealer-only firms from firms that are dually registered as broker-dealers and investment advisers; in 2024, there were 2,840 broker-dealer-only firms and 409 dual firms.[12][38]
Key players & concentration
The industry is fragmented by firm count but concentrated by revenue and scale. SIFMA states that its broker-dealer members account for nearly 90% of U.S. market share by revenue, while the SEC reported that the number of broker-dealers declined by about 30% from 2010 to 2024 as assets increased by approximately $1.7 trillion.[2][12]
Trends, drivers & challenges
Revenue growth in 2025 was supported by stronger trading and capital-markets activity, with gross revenue rising 7.5% and pretax net income rising 33.8% to $115.0 billion. The main structural challenge is consolidation: firm counts continue to fall while regulatory, technology, compliance, and capital requirements favor larger platforms.[2][12]
Consumer behavior & competition
The latest Federal Reserve survey cited by SIFMA found that 58.0% of U.S. households owned equities in 2022, including direct and indirect holdings. Competition combines full-service advice, institutional execution, self-directed brokerage, custody, clearing, and technology-enabled trading; the broad customer base supports scale competition among large firms and specialization among smaller firms.[2][12]
M&A
In the SEC’s analysis of U.S. M&A activity, the average deal value was $3.5 billion and the median was $0.5 billion. Approximately three-quarters of deals involved acquirers and targets in the same two-digit SIC industry, indicating that consolidation and sector-focused combinations are important features of the market.[12]
Regulation
Broker-dealers generally register with the SEC and become FINRA members, and they are subject to financial-responsibility, conduct, reporting, examination, and market-integrity requirements. FINRA’s revised intraday margin requirements became effective June 4, 2026, with a permitted transition period through October 20, 2027.[12][51]
Latest news
The 2026 SIFMA Capital Markets Fact Book reported that FINRA-registered broker-dealer revenue reached $776.8 billion in 2025, up 7.5%, while national securities-industry employment reached 1,166,400, up 3.0%. SIFMA’s October 2026 equity statistics also reported $96.1 billion of quarterly equity capital formation and $6.6 billion of IPO volume, although both declined quarter over quarter.[2]

02 Ranking

Top 10 Companies in the Broker Dealer Industry

The leading companies in the broker dealer industry, ranked on market impact, performance, momentum, innovation and brand popularity.

Updated November 10, 2026 · Next review December 10, 2026

Verdict

Morgan Stanley leads Gitnux's 2026 broker dealer ranking with an Overall score of 9.3, with Institutional Securities generated $33.1 billion of 2025 net revenue. LPL Financial is the highest-ranked independent advisor platform at 9.2, with 32,178 advisors and $2.37 trillion advisory and brokerage assets in 2025.

Ranked by Overall score · How we score ↓

Editor's top 3 picks

Where to start, by need.

  1. #1 Overall · Leader in institutional brokerage

    Morgan Stanley

    US

    Ranked #1 · 9.3 · Institutional brokerage

    Why we picked it: Its institutional securities segment is sized by $33.1 billion net revenue, with broader wealth brokerage activity.

    See in ranking ↓Visit morganstanley.com ↗

  2. Leader in advisor platform

    LPL Financial

    US

    Ranked #2 · 9.2 · Advisor platform

    Why we picked it: Its independent advisor platform is quantified by advisor count and $2.37T in advisory and brokerage assets.

    See in ranking ↓Visit lpl.com ↗

  3. Leader in market making & IB

    Goldman Sachs

    US

    Ranked #3 · 9.1 · Market making & IB

    Why we picked it: Its investment banking, market making and securities brokerage mix is reflected in $58.3B 2025 net revenue.

    See in ranking ↓Visit goldmansachs.com ↗

Pick 1 is the #1 company overall. Picks 2 and 3 are the highest-ranked companies in the top 5 that add a new segment.

Full ranking

Sort by
Top 10 companies in the broker dealer industry, 2026 – Gitnux ranking
#CompanyOverall ↓Company snapshot
1

Morgan Stanley

Institutional brokerage · US

9.3
2

LPL Financial

Advisor platform · US

9.2
3

Goldman Sachs

Market making & IB · US

9.1
4

Interactive Brokers

Electronic brokerage · US

9.0
5

Fidelity Investments

Retail & workplace brokerage · US

9.0
6

Jane Street

Electronic trading and global market making · US

8.9
7

Bank of America

Global markets and retail brokerage · US

8.8
8

UBS

Global wealth management and securities brokerage · CH

8.5
9

Edward Jones

U.S. retail brokerage and financial advice · US

8.0
10

Deutsche Bank

Global markets and investment banking · DE

8.0

How we score

  • Impact (30%): scale and weight in the market (revenue, market share, employees, market position).
  • Performance (20%): recent revenue growth and operating margin; an analyst assessment where a company does not publish them.
  • Momentum (20%): growth trajectory and future potential.
  • Innovation (15%): R&D intensity and how technologically advanced the company is.

Popularity (brand search demand, 15%) counts toward Overall but is not published as a column. Overall leaves out what is not known.

Scale Scores are shown on a 7–10 scale with one decimal; bars start at 7.0.

Cadence Recalculated when new figures are published; next review December 10, 2026.

Independence. Rankings are editorially independent. Scores, ranks, picks and the verdict follow the method above; no company can pay to change them.

Cite this ranking

APA

Nathan Caldwell. (2026, February 13). Top 10 companies in the broker dealer industry. In Broker Dealer Industry Statistics. Gitnux. https://gitnux.org/broker-dealer-industry-statistics/#top-companies

report visual · Projection

FINRA-registered broker-dealer firms only, excluding firms also registered as investment advisers (United States)

FINRA-registered broker-dealer firms only, excluding firms also registered as investment advisers fell from 2,989 in 2019 to 2,840 in 2024.

2,989 count
Start
-1.02%
CAGR · 5y
2,840 count
Projected
20192024
source-verifiedfinra.org2024

04 Statistics

Technology & Innovation

Generative-AI pilots were widely reported: 86% of securities-services respondents ran pilots in 2025, with 43% targeting post-trade reconciliation.

AI in the broker dealer industry

  • 86% of securities-services survey respondents said their firms were running generative-AI pilots in 2025, globally.[1]
  • 43% of broker-dealer respondents were piloting generative AI for post-trade reconciliation and reporting in 2025, globally.[1]
  • 22% of surveyed capital-markets organizations, including broker-dealers, had AI initiatives in production in 2019, globally.[2]
  • 36% of broker-dealer respondents were piloting generative AI for surveillance and risk monitoring in 2025, globally.[1]
  • 80% of surveyed capital-markets organizations, including broker-dealers, were assessing AI, machine learning or robotic process automation in 2019, globally.[2]
  • 43% of broker-dealer respondents were piloting generative AI for trade-lifecycle management in 2025, globally.[1]

Automation in the broker dealer industry

  • 66% of securities-industry respondents cited cost reduction or greater efficiency as the primary reason for implementing generative-AI tools in 2025, globally.[2]
  • 49% of broker-dealers agreed that mutualizing or outsourcing non-differentiating processing functions became more important during the pandemic, globally.[2]
  • 26% of broker-dealer and investment-adviser representatives used AI for meeting preparation in the Advisor360 survey period.[3]
  • 57% of securities-industry respondents identified AI and automation as the biggest expected operations transformation in the next three to five years in 2025, globally.[2]
  • 15% of surveyed capital-markets organizations were piloting AI, machine learning or robotic process automation in 2019, globally.[2]
  • 28% of broker-dealer and investment-adviser representatives used AI to update CRM records with notes or call summaries in the Advisor360 survey period.[3]

Digital Transformation in the financial services sector (sector benchmark)

  • 43% of financial services firms said they will need an entirely new technology stack to succeed in the age of AI.[4]
  • 27% of financial services firms reported financial benefits from AI in 2026, up from 14% in 2025.[4]
  • 84% of financial services firms said integrating front-, middle- and back-office systems into one platform is important in 2026.[4]
  • 26% of financial services firms reported using agentic AI in 2026, according to a global digital-transformation study.[4]
  • 80% of financial services firms reported active AI use in 2026, up from 31% in 2025.[4]

Technology Adoption in the financial services sector (sector benchmark)

  • 35% of financial institutions adopted or improved generative-AI capabilities during the 12 months covered by the 2024 survey.[5]
  • 59% of finance leaders reported using AI in their finance function in 2025, according to Gartner’s survey of 183 senior finance leaders.[6]
  • 54% of surveyed financial services companies had deployed AI initiatives by January 2025, up from 40% one year earlier.[7]
  • 61% of financial institutions recently adopted AI or improved their AI capabilities, based on a 2024 survey across 11 markets.[5]
  • About one-third of financial services companies reported using generative AI by January 2025, compared with 21% a year earlier.[7]

Cloud Computing in the financial services sector (sector benchmark)

  • 87% of financial services firms increased cloud investment during the two years preceding LSEG’s 2025 global survey.[8]
  • 43% of banking and financial services organizations were moving toward a cloud-first analytics approach in the WNS-Forrester survey.[9]
  • 33% of financial services firms were highly satisfied with cloud-related reductions in operational costs in Capgemini’s 2024 survey.[10]
  • 91% of financial organizations had at least one cloud platform in 2023, up from 37% in 2020.[10]
  • 82% of financial services firms used a hybrid- or multi-cloud strategy in LSEG’s 2025 global survey.[8]

Big Data in the financial services sector (sector benchmark)

  • 43% of financial services firms had adopted customer-data platforms at least partially or were scaling them, based on Capgemini’s 2024 survey.[10]
  • 11% of surveyed bank marketers were very confident in the accuracy of the data they regularly used in 2024.[11]
  • 37% of surveyed bank marketers said their bank was on the way to using data and analytics to support strategic goals in 2024.[11]

05 Statistics

Data & Analytics

Data governance and semantic alignment show up through SEC-referenced scale figures and analysis: approximately $6.4 trillion in total assets held by broker-dealers in 2024.

Business intelligence in the broker dealer industry

  • The number of U.S. broker-dealers declined by approximately 30% from 2010 to 2024, according to SEC analysis.[12]
  • $1,303.1 billion was Schwab’s net market gain in client accounts in 2025, United States.[13]
  • Approximately 36.5 million customer accounts were carried by the 99th-percentile U.S. broker-dealer in 2024, according to SEC analysis.[12]
  • 36.5 million public customer accounts were carried by the top 1% of U.S. broker-dealers in 2024, according to SEC analysis.[12]
  • $1,801.7 billion was Schwab’s net growth in client-account assets in 2025, United States.[13]
  • Approximately $6.4 trillion was held in total assets by U.S. broker-dealers in 2024, according to SEC analysis.[12]

Data analytics in the broker dealer industry

  • $284.8 billion of net new assets came through Schwab Advisor Services in 2025, United States.[13]
  • 7.7 million daily average trades were executed by Schwab clients during 2025, up 31% from 2024, United States.[14]
  • 8.3 million daily average trades were executed by Schwab clients in the fourth quarter of 2025, up 31% year over year, United States.[13]
  • $213.8 billion of net new assets came through Schwab Investor Services in 2025, United States.[13]
  • 3.34 million customer accounts were reported by Interactive Brokers at December 31, 2024, global.[12]
  • $477 million of commission revenue was generated by Interactive Brokers in the fourth quarter of 2024, up 37% year over year, global.[12]

Data Quality in the financial services sector (sector benchmark)

  • Across global financial services, 34% of organizations rated their data excellent for accuracy and integrity in 2024.[15]
  • Across significant European banking institutions, 32% did not apply data-quality-management principles to end-user computing in 2023.[16]
  • Across global financial services, 36% of organizations rated their data excellent for quantity and completeness in 2024.[15]
  • Across banks supervised by the European Central Bank, 28% reported that all data used by critical functions came from golden sources in 2023.[16]
  • Across U.S. banking and capital markets, 94% of respondents named data accuracy and reliability as a priority in 2024.[17]
  • Across U.S. banking and capital markets, 86% of respondents named data access and usability as a top concern in 2024.[17]

Data Governance in the financial services sector (sector benchmark)

  • Across financial-services organizations surveyed globally, 82.9% had implemented governance policies specifically applying to business intelligence and analytics in 2025.[18]
  • Across financial-services organizations surveyed globally, 43.7% lacked a standardized certification process for analytics content in 2025.[18]
  • Across 35 surveyed banks, insurers, and financial-services firms in 38 countries, 54% had adopted a semantic layer for organization-wide data governance in 2025.[19]
  • Across financial-services organizations surveyed globally, 57.1% identified BI-content testing as the top future investment in analytics governance in 2025.[18]
  • Across global financial services, 54% of companies rated data governance at one of the two highest maturity levels in 2024.[20]

KPIs in the broker dealer industry

  • 0.12% was Schwab’s expenses excluding interest as a percentage of average client assets in 2025, United States.[13]
  • 9.3% was Schwab’s consolidated Tier 1 leverage ratio at year-end 2025, United States.[13]
  • 21% was Schwab’s return on average common stockholders’ equity in 2025, United States.[13]
  • $23.921 billion was Schwab’s total net revenue in 2025, up 22% from 2024, United States.[13]
  • $8.852 billion was Schwab’s net income in 2025, up 49% from 2024, United States.[13]
  • $20.09 was LPL Financial’s adjusted earnings per share in 2025, United States.[21]

06 Statistics

Strategy & Growth

Firm and platform scale remains visible in revenue and trade activity metrics, including 7.5% gross revenue growth to $776.8B in 2025.

Growth in the broker dealer industry

  • U.S. broker-dealer total expenses reached approximately $159 billion in 2024.[12]
  • Interactive Brokers’ total daily average revenue trades increased 36% to 2.6 million in 2024.[12]
  • Interactive Brokers’ net revenue increased 19% year over year to $5.185 billion in 2024.[12]
  • Interactive Brokers’ net interest income increased 13% year over year to $3.148 billion in 2024.[12]
  • U.S. broker-dealer revenue grew approximately 10% from $166 billion in 2023 to $183 billion in 2024.[12]
  • Interactive Brokers’ commission revenue increased 25% year over year to $1.697 billion in 2024.[12]

Differentiation in the broker dealer industry

  • Interactive Brokers generated $65 million from its currency-diversification strategy in 2024.[12]
  • Interactive Brokers’ total customer stock-share volume increased 22% year over year in 2024.[12]
  • Interactive Brokers reported 3.337 million total customer accounts at year-end 2024, up 30% from 2023.[12]
  • Interactive Brokers’ average commission per cleared commissionable order decreased 9% to $2.86 in 2024.[12]
  • Interactive Brokers offered customers bundled, unbundled and commission-free IBKR Lite pricing structures in 2024.[12]
  • Interactive Brokers’ customer DARTs per account increased 24% to 213 on an annualized basis in 2024.[12]

Mergers and acquisitions in the broker dealer industry

  • The median acquiring company in the SEC’s M&A sample had approximately $7 billion of assets.[12]
  • The SEC reported approximately 3,340 U.S. broker-dealers and approximately $6.4 trillion in industry assets in 2024, reflecting consolidation over 2010–2024.[12]
  • The median M&A deal value in the SEC’s broker-dealer and related U.S. sample was $0.5 billion.[12]
  • The average M&A deal value in the SEC’s broker-dealer and related U.S. sample was $3.5 billion.[12]
  • The average target company in the SEC’s M&A sample had $5 billion of assets.[12]
  • The average acquiring company in the SEC’s M&A sample had $40 billion of assets.[12]

Strategic partnerships in the broker dealer industry

  • Interactive Brokers reported $19 million of FDIC sweep-fee revenue in 2023.[12]
  • Interactive Brokers recorded $28 million of FDIC sweep fees in 2024.[12]
  • Interactive Brokers reported $71 million of market-data-fee revenue in 2025.[12]
  • Interactive Brokers reported $48 million of revenue from principal trading and investment activities in 2024.[12]
  • Interactive Brokers generated $23 million of 2024 income from its strategic investment in Up Fintech Holding, also known as Tiger Brokers.[12]
  • Interactive Brokers reported $31 million of payments-for-order-flow revenue in 2023.[12]

07 Statistics

People & Workforce

Workforce supply and credentialing are central: 331,802 FINRA-registered representatives held both broker-dealer and investment-adviser credentials at year-end 2025.

Hiring in the broker dealer industry

  • 634,508 registered representatives were associated with FINRA-registered broker-dealers in 2024 in the United States.[2]
  • 630,183 registered representatives were associated with FINRA-registered broker-dealers in 2017 in the United States.[2]
  • 331,802 FINRA-registered representatives held both broker-dealer and investment-adviser credentials at year-end 2025 in the United States.[3]
  • 628,361 registered representatives were associated with FINRA-registered broker-dealers in 2023 in the United States.[2]
  • 617,480 registered representatives were associated with FINRA-registered broker-dealers in 2020 in the United States.[2]

Remote Work in the financial services sector (sector benchmark)

  • 68% of U.S. financial services workers said they would consider seeking new employment if remote and hybrid flexibility were reduced in 2023.[22]
  • 87% of U.S. financial services employees said remote work helped them balance home and work responsibilities in 2025.[20]
  • Across U.S. financial services, 82% of companies offered some form of work-location flexibility in 2025.[23]
  • 52.5% of workers in U.S. financial activities teleworked in June 2026, according to the Bureau of Labor Statistics.[24]

Hybrid Work in the financial services sector (sector benchmark)

  • 28.7% of U.S. finance and insurance workers were in hybrid work arrangements as of September 24, 2024.[25]
  • 82% of U.S. financial services firms offered some form of work-location flexibility in July 2025.[23]
  • 39% of financial services companies offered corporate employees full flexibility over work location in 2024.[26]
  • 52% of financial services companies used a structured hybrid model in 2024, up from 41% in 2023, according to a survey of 777 companies.[26]
  • 52% of financial services companies used a structured hybrid model in early 2024, up from 41% in March 2023.[26]

Employee Engagement in the financial services sector (sector benchmark)

  • 20% of employees worldwide were engaged at work in 2025, according to Gallup’s World Poll.[27]
  • 31% of employees in the United States and Canada were engaged at work in 2025.[27]
  • 16% of employees worldwide were actively disengaged at work in 2025.[27]
  • 12% of employees in Europe were engaged at work in 2025.[27]

DEI in the broker dealer industry

  • 12% of top-performing advisory firms used independent broker-dealers as a recruitment channel in the 2023 survey.[28]
  • 80% of top-performing advisory firms incorporated their mission, culture and values into their employee-value proposition in the 2023 survey.[28]
  • 46% of staff at top-performing advisory firms were younger than 40 in the 2023 survey, covering firms that included independent broker-dealers.[28]

Change Management in the financial services sector (sector benchmark)

  • 45% of banks reported issues resourcing change agents and stream leads for transformation workstreams in 2025.[29]
  • 60% of financial services executives planned to invest in new technologies as a strategic business change over the next 12–18 months in 2024.[30]
  • 53% of banks identified a significant change portfolio requiring prioritization and coordination over the next two years in 2025.[29]
  • 49% of financial institutions cited continuous learning and development as a way to prepare for technological change in 2024.[5]
  • 43% of banks reported that senior leaders lacked a clear understanding of transformation in 2025.[29]

08 Statistics

Customer & Sales

Customer experience in the broker dealer industry

  • 687 points was J.P. Morgan Wealth Management’s 2024 customer-satisfaction score among U.S. self-directed investors seeking guidance, on a 1,000-point scale.[31]
  • 702 points was Vanguard’s 2024 customer-satisfaction score among U.S. self-directed investors seeking guidance, on a 1,000-point scale.[31]
  • 707 points was Charles Schwab’s 2024 customer-satisfaction score among U.S. self-directed investors seeking guidance, on a 1,000-point scale.[31]
  • 694 points was E*TRADE’s 2024 customer-satisfaction score among U.S. self-directed investors seeking guidance, on a 1,000-point scale.[31]
  • 702 points was TD Ameritrade’s 2024 customer-satisfaction score among U.S. self-directed investors seeking guidance, on a 1,000-point scale.[31]

Customer acquisition in the broker dealer industry

  • 429,000 new brokerage accounts were opened at Charles Schwab in October 2025, up 30% from October 2024.[32]
  • 3.337 million total customer accounts were reported by Interactive Brokers in the fourth quarter of 2024, up 30% year over year.[33]
  • 4.7 million new brokerage accounts were opened by Charles Schwab clients in the United States in 2025, up 13% from 2024.[13]
  • 38.5 million active brokerage accounts were held at Charles Schwab at December 31, 2025, up 6% from the prior year.[13]
  • 36.5 million active brokerage accounts were held at Charles Schwab at December 31, 2024, up 5% from 2023.[12]

Lead generation in the broker dealer industry

  • 71% of large registered investment advisory firms that tracked leads generated leads from podcasts in 2023.[13]
  • 52% of large registered investment advisory firms that tracked leads generated leads from social media in 2023.[13]
  • 62% of large registered investment advisory firms that tracked leads generated leads from videos in 2023.[13]
  • 66% of large registered investment advisory firms that tracked leads generated leads from email campaigns in 2023.[13]
  • 73% of large registered investment advisory firms that tracked leads generated leads from webcasts or webinars in 2023.[13]

09 Statistics

Marketing & Brand

Lead-generation tactics are quantified through channel usage in advisory marketing programs, including 85% of firms citing online advertising as lead-generating in 2023.

Marketing in the broker dealer industry

  • 47% of large registered investment advisory firms used blogs in their marketing programs in 2023.[13]
  • 39% of large registered investment advisory firms used webcasts or webinars in their marketing programs in 2023.[13]
  • 76% of large registered investment advisory firms used social media in their marketing programs in 2023.[13]
  • 24% of large registered investment advisory firms used online advertising in their marketing programs in 2023.[13]
  • 15% of large registered investment advisory firms used podcasts in their marketing programs in 2023.[13]

Digital marketing in the broker dealer industry

  • 85% of large registered investment advisory firms reported online advertising as a lead-generating digital marketing tactic in 2023.[13]
  • 59% of large registered investment advisory firms reported blogs as a lead-generating digital marketing tactic in 2023.[13]
  • 62% of large registered investment advisory firms reported videos as a lead-generating digital marketing tactic in 2023.[13]
  • 66% of large registered investment advisory firms reported email campaigns as a lead-generating digital marketing tactic in 2023.[13]
  • 52% of large registered investment advisory firms reported social media as a lead-generating digital marketing tactic in 2023.[13]

Branding in the broker dealer industry

  • 95% of firms in Schwab’s 2025 RIA Benchmarking Study said they were focused on enhancing the client experience, a core component of brand delivery.[34]
  • 68% more new client assets were gained in 2024 by firms with a written marketing plan, ideal-client persona and client value proposition than by other firms.[34]
  • 67% more new clients were gained in 2024 by firms with a written marketing plan, ideal-client persona and client value proposition than by other firms.[34]

Social media in the broker dealer industry

  • 70% of surveyed advisory firms used social-media outlets to reach target markets in 2024.[35]
  • 69% of surveyed advisory firms considered LinkedIn their most impactful social-media platform in 2024.[35]
  • 8% of surveyed advisory firms considered Instagram their most impactful social-media platform in 2024.[35]
  • 15% of surveyed advisory firms used Instagram to reach target markets in 2024.[35]
  • 60% of surveyed advisory firms used LinkedIn to reach target markets in 2024.[35]

Influencer Marketing in the financial services sector (sector benchmark)

  • 23% of financial-services marketers reported dedicated but flat budgets for creator or influencer marketing in 2026.[36]
  • 37% of banking executives in a survey of 102 finance respondents recognized influencer marketing as a potent tool for authentic consumer connections in 2023.[37]
  • 7% of financial-services marketers reported folding creator or influencer marketing into other channels rather than maintaining a dedicated budget in 2026.[36]
  • 60% of financial-services marketers reported dedicated and growing budgets for creator or influencer marketing in 2026.[36]
  • 5% of financial-services marketers reported dedicated but shrinking budgets for creator or influencer marketing in 2026.[36]

10 Statistics

Operations & Execution

Operational consolidation is reflected in firm counts alongside asset distribution, including 3,183 U.S. broker-dealers other than clearing and carrying firms in 2024.

Process optimization in the broker dealer industry

  • 67% of U.S. broker-dealers had less than $5 million in assets in 2024.[12]
  • $6.4 trillion was held in total assets by U.S. broker-dealers in 2024.[12]
  • Broker-dealer assets increased by approximately $1.7 trillion between 2010 and 2024 despite a decline in the number of firms.[12]
  • 3,183 U.S. broker-dealers other than clearing and carrying firms operated in 2024, compared with 4,511 in 2010.[12]
  • 94% of U.S. broker-dealers had less than $500 million in assets in 2024.[12]

Operational efficiency in the broker dealer industry

  • 90% of FINRA’s operating expenses were driven by compensation and technology costs in the 2025 budget.[38]
  • $1.3539 billion was FINRA’s actual operating expense in 2024, compared with $1.2456 billion in 2023.[38]
  • $140.0 million was budgeted for FINRA initiatives focused on improving operational efficiency, effectiveness and quality in 2025.[38]
  • $1.3753 billion was FINRA’s budgeted operating expense in 2025.[38]
  • $1.4612 billion was FINRA’s budgeted operating revenue in 2025, up approximately 5% from expected 2024 levels.[38]

Quality management in the broker dealer industry

  • Approximately 3,400 broker-dealers were subject to SEC examination oversight as of July 2024.[12]
  • 3,249 FINRA-registered broker-dealers operated in the United States in 2024, down 1.5% year over year.[2]
  • 31,971 investment-adviser firms were recorded alongside U.S. broker-dealers in 2023, compared with 32,090 in 2024.[2]
  • More than 8,600 portfolios and insurance contracts were reviewed by the SEC’s Corporation Finance division in fiscal 2023.[12]
  • More than 4,200 annual and periodic reports were reviewed by the SEC’s Corporation Finance division in fiscal 2023, supporting broker-dealer oversight infrastructure.[12]

Supply chain in the broker dealer industry

  • 12 U.S. broker-dealers had more than $100 billion in assets in 2024.[12]
  • 64 U.S. broker-dealers held between $10 billion and $100 billion in assets in 2024.[12]
  • 24 national securities exchanges, 103 alternative trading systems and more than 3,300 broker-dealers were overseen by the SEC in 2023.[12]
  • Six active registered clearing agencies were overseen by the SEC in 2023, forming critical post-trade infrastructure for broker-dealers.[12]
  • More than 200 transfer agents were overseen by the SEC in 2023 as part of the securities-processing infrastructure used by broker-dealers.[12]

Outsourcing / Offshoring in the financial services sector (sector benchmark)

  • Among significant European banks, 27% of critical ICT contracts were outsourced to external providers located outside the European Union in the 2024 analysis.[16]
  • Across surveyed finance organizations, 17% were evaluating nearshore locations for future operations in 2026, compared with 13% evaluating offshore locations.[39]
  • Among U.S. banks surveyed, 57% had considered outsourcing information technology departments in 2024, the highest share among listed departments.[40]
  • Across surveyed finance organizations, 64% were implementing or evaluating offshoring or nearshoring for finance operations in 2026, while 36% planned to remain fully U.S.-based.[39]
  • Among significant European banks, outsourcing services accounted for 7.2% of administrative expenses at year-end 2023, up from 6.8%.[16]

11 Statistics

Finance & Pricing

Gross revenue and expenses provide the baseline: $776.8B gross revenue for 2025 and $661.8B total expense for FINRA-registered broker-dealers.

Pricing strategy in the broker dealer industry

  • 19% of U.S. broker-dealer revenue came from account supervision, investment advisory and administrative-service fees in 2024.[12]
  • 12% of U.S. broker-dealer revenue came from gains or losses on securities trading and investment accounts in 2024.[12]
  • $72,600 was the average MSRB fee paid by a municipal-securities dealer in 2023.[2]
  • 1% of U.S. broker-dealer revenue came from commodities revenue in 2024.[12]
  • 6% of U.S. broker-dealer revenue came from underwriting and selling-group activities in 2024.[12]

Cost reduction in the broker dealer industry

  • $1.0050 billion was FINRA’s operating expense in 2021, compared with $1.1022 billion in 2022.[38]
  • $1.3539 billion was FINRA’s actual operating expense in 2024, down from the $1.4065 billion of operating revenue recorded that year.[38]
  • Nearly two-thirds of FINRA revenue came from industry fees assessed on gross revenue, trading volume and registered representatives in the 2025 budget outlook.[38]
  • 25% of FINRA revenue was driven by user fees such as registration and qualification fees in the 2025 budget outlook.[38]
  • 4.0% was the year-over-year increase in total U.S. broker-dealer expenses in 2025, reaching $661.8 billion.[2]

Profitability in the broker dealer industry

  • $115.0 billion was pre-tax net income for FINRA-registered U.S. broker-dealers in 2025, up 33.8% year over year.[2]
  • $565.2 billion was total expense for FINRA-registered U.S. broker-dealers in 2024.[2]
  • $661.8 billion was total expense for FINRA-registered U.S. broker-dealers in 2025, up 4.0% year over year.[2]
  • $53.6 billion was pre-tax net income for FINRA-registered U.S. broker-dealers in 2023.[2]
  • $776.8 billion was gross revenue for FINRA-registered U.S. broker-dealers in 2025, up 7.5% year over year.[2]

Financial planning in the broker dealer industry

  • $1.1421 billion was FINRA’s operating revenue in 2023, compared with $1.1048 billion in 2022.[38]
  • $1.4065 billion was FINRA’s actual operating revenue in 2024, compared with $1.1421 billion in 2023.[38]
  • $1.1533 billion was FINRA’s operating revenue in 2021, compared with $1.0098 billion in 2020.[38]
  • $1.4612 billion was FINRA’s operating-revenue budget for 2025.[38]
  • $1.3753 billion was FINRA’s operating-expense budget for 2025.[38]

12 Statistics

Product & Service

Advisory servicing and brokerage access are tracked through assets and user metrics, including 32,178 LPL advisors using the platform in 2025.

Product development in the broker dealer industry

  • $6.0 trillion in assets received ongoing advisory services through Schwab at year-end 2025, up 19% year over year, United States.[13]
  • $2.4 trillion was LPL Financial’s total advisory and brokerage assets serviced or custodied in 2025, United States.[21]
  • $971.2 billion was held in Schwab proprietary mutual funds and collective trust funds in 2025, up 17% from 2024, United States.[13]
  • $68 billion flowed into Schwab managed-investing solutions in 2025, up 36% from 2024, United States.[14]
  • 32,178 advisors used LPL Financial’s platform in 2025, up from 28,888 in 2024, United States.[21]

Product lifecycle in the broker dealer industry

  • Approximately 3,340 broker-dealers operated in the United States in 2024, according to SEC analysis, United States.[12]
  • 213 annualized daily average revenue trades per account were reported by Interactive Brokers in the fourth quarter of 2024, global.[12]
  • 4.7 million new brokerage accounts were opened at Schwab in 2025, up 13% from 2024, United States.[13]
  • 3.34 million customer accounts were reported by Interactive Brokers at December 31, 2024, up 30% year over year, global.[12]
  • 38.5 million active brokerage accounts were held at Schwab at year-end 2025, up 6% from 2024, United States.[13]

After-sales in the broker dealer industry

  • More than 2.7 billion digital messages were delivered by Schwab to 27.5 million clients in 2025, United States.[14]
  • Approximately $285 billion of brokerage and advisory assets were managed by Commonwealth Financial Network before its acquisition by LPL Financial, United States.[21]
  • More than 32,000 financial advisors were supported by LPL Financial in 2025, United States.[21]
  • Approximately 1,200 financial institutions were served by LPL Financial in 2025, United States.[21]
  • More than 30 million client calls were answered by Schwab in 2025, United States.[14]

Value proposition in the broker dealer industry

  • $23.9 billion of net revenue was generated by Schwab in 2025, up 22% from 2024, United States.[13]
  • $519.4 billion of core net new assets was gathered by Schwab in 2025, up 42% from 2024, United States.[14]
  • 47.9% was Schwab’s pre-tax profit margin in 2025, United States.[13]
  • $11.9 trillion was held in Schwab client assets at year-end 2025, up 18% from 2024, United States.[13]
  • $112.3 billion of margin loans were outstanding at Schwab at year-end 2025, up 34% from 2024, United States.[13]

13 Statistics

Sustainability & Ethics

Operational ESG disclosures appear alongside industry misconduct outcomes, including 4 firms expelled by FINRA for misconduct in 2024.

Sustainability in the broker dealer industry

  • 100% of Morgan Stanley’s electricity procurement was renewable in 2024 globally.[41]
  • 96% of Interactive Brokers offices recycled waste according to local guidelines, according to its sustainability reporting.[42]
  • $90 billion or more in ESG-labeled debt transactions were completed by Morgan Stanley in 2024 globally.[41]
  • Approximately $89 billion in client assets were invested through Morgan Stanley’s Investing with Impact Platform in 2024 globally.[41]
  • $55 billion or more in assets under management with sustainability features were reported by Morgan Stanley in 2024 globally.[41]

ESG in the broker dealer industry

  • $30 million or more was allocated through Morgan Stanley’s Inclusive and Sustainable Ventures initiative since 2018.[41]
  • $90 billion or more in ESG-labeled debt transactions were arranged by Morgan Stanley in 2024 globally.[41]
  • 40,000 tons of carbon dioxide removal were contracted by Morgan Stanley through a 10-year agreement with Climeworks.[41]
  • More than 95% of Interactive Brokers’ office Scope 1 and Scope 2 footprint was covered by renewable energy procurement.[42]
  • 100% of Morgan Stanley’s electricity procurement was renewable during 2024, supporting its ESG operating strategy.[41]

Ethics in the broker dealer industry

  • 4 firms were expelled by FINRA for misconduct in 2024.[38]
  • 182 individuals received bar sanctions from FINRA in 2024.[38]
  • 182 brokers were barred from the securities industry by FINRA in 2024 for misconduct-related matters.[38]
  • 75.6 million dollars in fines and disgorgement were ordered by FINRA in 2024.[38]
  • $24 million in restitution was obtained for harmed investors by FINRA in 2024.[38]

CSR in the broker dealer industry

  • More than 52 million people were reached by the Morgan Stanley Alliance for Children’s Mental Health since 2020.[41]
  • More than $3 billion in Community Reinvestment Act-qualified community-development loans and investments were made by Morgan Stanley in 2024.[41]
  • More than $30 million was allocated to companies and organizations through Morgan Stanley’s Inclusive and Sustainable Ventures program since 2018.[41]
  • 110 million dollars or more was donated by Morgan Stanley and its charitable foundations during 2024.[41]
  • 3.1 million employee hours were volunteered during Morgan Stanley’s Global Volunteer Month through 2024.[41]

Circular economy in the broker dealer industry

  • 99.46% of Interactive Brokers’ data centers were covered by renewable energy sources, reducing operational resource intensity.[42]
  • 96% of Interactive Brokers offices recycled waste by separating materials according to local guidelines.[42]

Carbon footprint in the broker dealer industry

  • 100% of Morgan Stanley’s electricity procurement was renewable in 2024, while the firm maintained carbon-neutral status.[41]
  • 8,784 metric tons of market-based Scope 2 greenhouse-gas emissions were reported by Goldman Sachs in 2024 globally.[43]
  • 157,037 metric tons of location-based Scope 2 greenhouse-gas emissions were reported by Goldman Sachs in 2024 globally.[43]
  • 23,231 metric tons was Goldman Sachs’ total market-based Scope 1 and Scope 2 emissions in 2024.[43]
  • 171,484 metric tons was Goldman Sachs’ total location-based Scope 1 and Scope 2 emissions in 2024.[43]

15 Statistics

Globalization & Expansion

International execution shows up in platform reach and revenue splits, including Interactive Brokers operating through regulated entities across multiple countries in 2024.

Globalization in the broker dealer industry

  • Interactive Brokers operated through regulated entities in the United States, Canada, Switzerland, the United Kingdom, Ireland, India, Hong Kong, Japan, Singapore and Australia in 2024.[12]
  • International operations accounted for $952 million of Interactive Brokers’ net revenue in 2022.[12]
  • Interactive Brokers reported $3.589 billion in United States net revenue and $1.596 billion in international net revenue in 2024.[12]
  • Interactive Brokers’ customer options and futures contract volume increased 32% year over year in 2024, reflecting activity across its global platform.[12]
  • $909 million of Interactive Brokers’ 2024 income before income taxes was generated internationally, equal to about 25% of the company total.[12]

Supplier management in the broker dealer industry

  • Interactive Brokers’ execution, clearing and distribution fees were $386 million in 2023.[12]
  • Interactive Brokers’ execution, clearing and distribution fees were $324 million in 2022.[12]
  • Interactive Brokers recorded $14 million of additional payments for order flow from exchange-mandated programs in 2024.[12]
  • Interactive Brokers paid $447 million in execution, clearing and distribution fees in 2024.[12]
  • Interactive Brokers reported $54 million of risk-exposure-fee revenue in 2024, reflecting services connected with customer and market-risk management.[12]

Stakeholder management in the broker dealer industry

  • FINRA reported 2,840 broker-dealer-only firms and 409 dual broker-dealer and investment-adviser firms at year-end 2024.[38]
  • Seventy-five percent of broker-dealers had five or fewer offices in 2024.[12]
  • FINRA counted 2,891 small broker-dealer firms, 209 mid-size firms and 149 large firms at year-end 2024.[38]
  • The U.S. broker-dealer industry reported approximately $6.4 trillion in total assets in 2024.[12]
  • The 99th-percentile broker-dealer reported approximately 1.3 million customer accounts in 2024.[12]

Distribution channels in the broker dealer industry

  • Underwriting and selling-group revenue represented 6% of U.S. broker-dealer revenue in 2024.[12]
  • The sale of investment-company shares represented 3% of U.S. broker-dealer revenue in 2024.[12]
  • Thirty-nine percent of U.S. broker-dealers reported commission revenue in 2024.[12]
  • Twenty-two percent of U.S. broker-dealers reported account-supervision and advisory-fee revenue in 2024.[12]
  • Securities trading and investment-account gains or losses represented 12% of U.S. broker-dealer revenue in 2024.[12]

Key questions about the Broker Dealer Industry

What is the U.S. broker-dealer market size?
U.S. broker-dealers reported approximately $6.4 trillion in total assets in 2024, and FINRA-registered broker-dealers generated $776.8 billion in gross revenue in 2025.
How fast did broker-dealer gross revenue grow in 2025?
FINRA-registered broker-dealers generated $776.8 billion of gross revenue in 2025, up 7.5% year over year.
Which companies lead the broker dealer industry?
Morgan Stanley leads Gitnux's 2026 broker dealer ranking with an Overall score of 9.3, with Institutional Securities generated $33.1 billion of 2025 net revenue. LPL Financial is the highest-ranked independent advisor platform at 9.2, with 32,178 advisors and $2.37 trillion advisory and brokerage assets in 2025.
What technology shifts show up in 2025 for broker-dealers?
In 2025, 86% of securities-services survey respondents reported generative-AI pilots globally, and 43% of broker-dealer respondents piloted it for post-trade reconciliation and reporting.
How does market structure look given consolidation?
Consolidation continued as FINRA-registered firms fell 2.0% to 3,184, while assets increased to approximately $6.4 trillion by 2024.
What regulatory change affects broker-dealers in 2026?
FINRA’s revised intraday margin requirements became effective June 4, 2026, with a permitted transition period through October 20, 2027.
Reference

Cite This Report

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APA
Nathan Caldwell. (2026, February 13). Broker Dealer Industry Statistics. Gitnux. https://gitnux.org/broker-dealer-industry-statistics
MLA
Nathan Caldwell. "Broker Dealer Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/broker-dealer-industry-statistics.
Chicago
Nathan Caldwell. 2026. "Broker Dealer Industry Statistics." Gitnux. https://gitnux.org/broker-dealer-industry-statistics.

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