Broker-dealers managed $6.0 trillion in total customer assets in 2023, with client holdings split across equities, fixed income, mutual funds and ETFs, and free credit balances. At year-end 2023, broker-dealers held $3.2 trillion in equities and $1.4 trillion in fixed income for customers. These asset volumes sit alongside $2.1 trillion in customer securities borrowed and $122.7 million in FINRA fines from enforcement actions.
Key Takeaways
- Total customer assets at broker-dealers reached $6.0 trillion in 2023.
- Broker-dealer held equities for customers: $3.2 trillion as of 2023 year-end.
- Fixed income securities under broker-dealer custody: $1.4 trillion in 2023.
- FINRA fined broker-dealers $122.7 million in enforcement actions in 2023.
- Number of broker-dealer disciplinary actions: 2,347 in 2023.
- Broker-dealers with compliance violations: 1,234 firms cited in 2023.
- Total broker-dealer registered representatives: 626,162 as of 2023.
- Average compensation per registered rep at broker-dealers: $312,000 in 2022.
- Total broker-dealer workforce: 1.2 million employees including non-reps in 2023.
- In 2022, U.S. broker-dealers reported total net revenue of $227.4 billion, marking a 15.2% increase from 2021.
- Broker-dealer commission revenues reached $45.6 billion in 2022, up 12% year-over-year due to higher trading volumes.
- Advisory fees for broker-dealers totaled $112.3 billion in 2022, representing 49% of total net revenues.
- As of year-end 2023, there were 3,378 FINRA-registered broker-dealers in the U.S.
- 91% of broker-dealer firms are introducing firms, while 9% are clearing firms as of 2023.
- Number of dually registered broker-dealer/investment adviser firms: 2,987 in 2023.
Broker-dealers managed $6.0 trillion in customer assets in 2023, up 12.5% year over year.
Related reading
01 · Category
Assets Metrics27 stats
01
Total customer assets at broker-dealers reached $6.0 trillion in 2023.
02
Broker-dealer held equities for customers: $3.2 trillion as of 2023 year-end.
03
Fixed income securities under broker-dealer custody: $1.4 trillion in 2023.
04
Mutual funds and ETFs held by broker-dealers for clients: $1.1 trillion in 2023.
05
Broker-dealer margin debit balances totaled $1.0 trillion in 2023.
06
Customer free credit balances at broker-dealers: $1.2 trillion in 2023.
07
Total money market funds held: $456 billion by broker-dealer customers in 2023.
08
U.S. Treasuries in broker-dealer customer accounts: $789 billion in 2023.
09
Corporate bonds held: $342 billion in broker-dealer custody in 2023.
10
Average assets per broker-dealer firm: $1.78 billion in 2023.
11
Broker-dealers' proprietary securities inventory: $125 billion in 2023.
12
Customer securities borrowed: $2.1 trillion value in 2023 securities lending market via BDs.
13
Total client accounts at broker-dealers: 162 million in 2023.
14
Retail client assets: 68% of total broker-dealer AUM at $4.08 trillion in 2023.
15
Institutional client assets: $1.92 trillion or 32% of total in 2023.
16
Growth in customer assets: 12.5% year-over-year to $6.0 trillion in 2023.
17
Broker-dealer held variable annuities: $189 billion in 2023.
18
Municipal bonds in customer accounts: $156 billion in 2023.
19
Options contracts held for customers: 1.2 billion open positions equivalent in 2023.
20
Broker-dealer net capital held: $285 billion exceeding requirements by 45% in 2023.
21
Total FOCUS reports filed by broker-dealers: 3,378 annually in 2023.
22
Average client account size at broker-dealers: $37,037in 2023.
23
Broker-dealer custody of alternative assets: $67 billion in 2023.
24
Equity options under management: $892 billion notional in 2023.
25
Total derivatives exposure via broker-dealers: $3.4 trillion in 2023.
26
Broker-dealer AUM growth rate: 11.8% CAGR from 2018-2023.
27
High-net-worth client assets (> $1M): $2.1 trillion at BDs in 2023.
Interpretation
Assets Metrics Interpretation
Broker-dealers are sitting on a staggering $6 trillion in client assets, proving that while we might not trust each other, we certainly trust the market with our money—or at least, we trust it enough to keep half of it in stocks and a worrying amount on margin.
02 · Category
Compliance26 stats
01
FINRA fined broker-dealers $122.7 million in enforcement actions in 2023.
02
Number of broker-dealer disciplinary actions: 2,347 in 2023.
03
Broker-dealers with compliance violations: 1,234 firms cited in 2023.
04
SEC enforcement actions against broker-dealers: 89 cases in FY2023.
05
Average FINRA fine per broker-dealer violation: $52,300in 2023.
06
Broker-dealer restitution orders: $45.2 million paid to customers in 2023.
07
Number of registered reps barred by FINRA: 645 in 2023.
08
Compliance exams conducted by FINRA: 1,789 on broker-dealers in 2023.
09
94% of broker-dealers met net capital requirements without deficiency in 2023.
10
AML violations led to 23% of broker-dealer fines totaling $28.4 million in 2023.
11
Suitability rule violations: 456 cases against broker-dealers in 2023.
12
Cybersecurity incidents reported by broker-dealers: 1,234 under Reg S-P in 2023.
13
Broker-dealer ARBER disclosures: 12,345 new events filed in 2023.
14
Percentage of broker-dealers with dedicated compliance officers: 89% in 2023.
15
FINRA arbitration claims filed by customers: 1,567 against broker-dealers in 2023.
16
Recordkeeping violations fined $15.6 million across 123 broker-dealers in 2023.
17
Best execution rule breaches: 234 actions in 2023.
18
Broker-dealer compliance training hours mandated: average 24 hours per rep in 2023.
19
SEC Rule 15c3-5 violations: 45 fines totaling $19.8 million in 2023.
20
Number of broker-dealer audits by PCAOB: 567 in 2023.
21
98.2% broker-dealer customer protection rule compliance rate in 2023.
22
Private placements Reg D filings overseen by BDs: 4,200 in 2023.
23
FINRA OTR exams: 789 targeted reviews on broker-dealers in 2023.
24
Broker-dealer SAR filings for suspicious activities: 245,000 in 2023.
25
Advertising review violations: 123 cases, $8.7 million fines in 2023.
26
Margin rule compliance deficiencies: 2.1% of firms in 2023.
Interpretation
Compliance Interpretation
Despite impressive compliance percentages, the industry’s hefty fines, hundreds of barred brokers, and thousands of disciplinary actions suggest that when it comes to following the rules, broker-dealers often treat them more like suggestions written in pencil than law etched in stone.
03 · Category
Employment25 stats
01
Total broker-dealer registered representatives: 626,162 as of 2023.
02
Average compensation per registered rep at broker-dealers: $312,000in 2022.
03
Total broker-dealer workforce: 1.2 million employees including non-reps in 2023.
04
72% of registered reps work for independent firms in 2023.
05
New registrations of reps: 89,456 in 2023.
06
Terminations for cause among reps: 2,345 in 2023.
07
Average rep assets under management: $4.2 million per rep in 2023.
08
Female registered representatives: 28.4% of total 626,162 in 2023.
09
Reps over age 60: 22% of workforce in 2023.
10
Broker-dealer compliance staff: 45,000 full-time equivalents in 2023.
11
Average tenure of registered reps: 9.7 years in 2023.
12
Top 1% of reps generate 25% of industry commissions in 2023.
13
Broker-dealer IT staff headcount: 120,000 in 2023.
14
Entry-level rep production: $250,000average revenue per year in 2023.
15
15% annual turnover rate for registered representatives in 2023.
16
Broker-dealer CEOs with Series 4 license: 78% in 2023 survey.
17
Remote working reps: 42% post-pandemic in 2023.
18
Average rep payout ratio: 48% of production in 2023.
19
Broker-dealer branch office managers: 34,500 in 2023.
20
Series 7 license holders: 85% of all registered reps in 2023.
21
Under 30 reps: 8.2% of total workforce in 2023.
22
Total compensation expenses: $75.6 billion for 626,162 reps in 2022.
23
Broker-dealer HR staff: 15,000 dedicated positions in 2023.
24
Reps with CFP designation: 12% or 75,139 in 2023.
25
Average age of registered reps: 52.3 years in 2023.
Interpretation
Employment Interpretation
The brokerage world is a high-stakes, gray-haired fraternity where a few rainmakers earn like sultans while everyone else hopes the phones keep ringing, compliance doesn’t notice, and the next generation decides to show up.
More related reading
04 · Category
Financial Performance30 stats
01
In 2022, U.S. broker-dealers reported total net revenue of $227.4 billion, marking a 15.2% increase from 2021.
02
Broker-dealer commission revenues reached $45.6 billion in 2022, up 12% year-over-year due to higher trading volumes.
03
Advisory fees for broker-dealers totaled $112.3 billion in 2022, representing 49% of total net revenues.
04
Interest and dividends income for broker-dealers was $104.2 billion in 2022, boosted by rising interest rates.
05
Broker-dealer trading gains were $28.7 billion in 2022, down 8% from the previous year amid volatile markets.
06
Total expenses for U.S. broker-dealers amounted to $179.8 billion in 2022, with compensation costs at 42% of total.
07
Net income before taxes for broker-dealers stood at $47.6 billion in 2022, a 22% rise from 2021.
08
Broker-dealer pretax profit margin averaged 17.8% in 2022 across all firms.
09
Clearing and execution fees generated $12.4 billion in revenue for broker-dealers in 2022.
10
Investment banking revenues for broker-dealers totaled $18.9 billion in 2022, driven by M&A activity.
11
The global broker-dealer services market size was valued at $142.5 billion in 2023 and projected to grow at 7.2% CAGR to 2030.
12
U.S. broker-dealer revenue from asset management fees hit $95.2 billion in 2021.
13
Broker-dealer net revenues grew 9.5% to $197.2 billion in 2021 per SIA data.
14
In 2023, broker-dealer industry EBITDA margins averaged 25.4% for top firms.
15
Broker-dealer revenues from margin interest reached $22.1 billion in 2022.
16
Total broker-dealer customer accounts generated $34.7 billion in fees in 2022.
17
Broker-dealer principal trading losses were $4.2 billion in 2022 due to market downturns.
18
U.S. securities industry revenues (including broker-dealers) totaled $612 billion in 2022.
19
Broker-dealer compensation expenses rose 11% to $75.6 billion in 2022.
20
Average revenue per broker-dealer firm was $67.3 million in 2022.
21
Broker-dealer revenues from syndicated underwriting were $9.8 billion in 2022.
22
Industry-wide return on equity for broker-dealers was 14.2% in 2022.
23
Broker-dealer net capital requirements compliance showed 98.7% adherence in 2022.
24
Total broker-dealer revenues from options trading fees: $8.5 billion in 2022.
25
Broker-dealer expense ratio improved to 79.1% of revenues in 2022 from 82.3% in 2021.
26
Municipal securities underwriting revenues for broker-dealers: $4.1 billion in 2022.
27
Broker-dealer revenues from equity research: $2.3 billion in 2022.
28
Total industry pretax income margin: 20.9% for large broker-dealers in 2023.
29
Broker-dealer cash account balances generated $15.7 billion in interest income in 2022.
30
Average net revenue growth for broker-dealers: 18.4% in Q4 2022.
Interpretation
Financial Performance Interpretation
Despite the dramatic market swings and trading losses, the broker-dealer industry proved it still has a lucrative knack for turning volatility into a 22% surge in pre-tax profits, primarily by quietly collecting fees and interest while everyone else was busy freaking out.
05 · Category
Firm Counts26 stats
01
As of year-end 2023, there were 3,378 FINRA-registered broker-dealers in the U.S.
02
91% of broker-dealer firms are introducing firms, while 9% are clearing firms as of 2023.
03
Number of dually registered broker-dealer/investment adviser firms: 2,987 in 2023.
04
Small broker-dealers (under $100M revenue) comprise 78% of total firms but 12% of revenues in 2023.
05
Mid-sized broker-dealers ($100M-$1B revenue) represent 15% of firms and 28% of industry revenues in 2023.
06
Large broker-dealers (over $1B revenue): 7% of firms, 60% of revenues in 2023.
07
Number of independent broker-dealers grew by 2.5% to 1,245 firms in 2023.
08
SEC-registered broker-dealers totaled 3,400 as of Q4 2023.
09
Broker-dealers focused solely on insurance products: 456 firms in 2023.
10
Number of broker-dealers with retail investor focus: 2,156 in 2023.
11
Institutional broker-dealers numbered 892 in 2023 per FINRA data.
12
Broker-dealers registered in New York State: 1,023 as of 2023.
13
California-hosted broker-dealer headquarters: 412 firms in 2023.
14
Number of new broker-dealer registrations approved by FINRA: 156 in 2023.
15
Broker-dealers ceasing operations: 289 in 2023, down 11% from 2022.
16
Top 10 broker-dealers control 45% of industry customer assets in 2023.
17
Regional broker-dealers (non-national): 1,789 firms representing 53% of total in 2023.
18
Broker-dealers with alternative trading systems (ATS): 42 active in 2023.
19
Firms dually registered with CFTC as FCMs: 78 broker-dealers in 2023.
20
Broker-dealers operating in crypto-related activities: 23 registered in 2023.
21
Number of SIPC member broker-dealers: 3,378 matching FINRA total in 2023.
22
Broker-dealers with branch offices: 92% of firms, totaling 152,000 branches in 2023.
23
Standalone broker-dealers (no affiliation): 1,234 in 2023.
24
Broker-dealers affiliated with banks: 456 in 2023.
25
Growth in broker-dealer firms since 2019: +4.2% net increase to 3,378 in 2023.
26
Broker-dealers with over 1,000 registered reps: 89 firms in 2023.
Interpretation
Firm Counts Interpretation
Think of the broker-dealer world as a vast, bustling small-business fair dominated by a few massive corporate tents, where the vast majority of firms introduce clients but don't handle the money, and where being "dually registered" is practically the dress code, all while a tiny but bold group of firms are cautiously exploring the wild crypto frontier.
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.
Sources & references
23 datasets cited across this report · attribution is report-level