How Many Financial Advisors Work in the United States

The current count of financial advisors in the US

The number of financial advisors working in the United States is approximately 300,000 to 330,000, depending on how you count them. The variation exists because different regulatory bodies track advisors differently: the Securities and Exchange Commission (SEC) counts registered investment advisors one way, the Financial Industry Regulatory Authority (FINRA) counts brokers another way, and state regulators track yet another group. Some advisors hold multiple licenses and appear in more than one count.

The largest single group is brokers registered with FINRA, which oversees roughly 620,000 registered representatives. However, not all of these people work as advisors — the category includes sales staff at banks and brokerage firms who may spend only part of their time on advisory work. The SEC registers about 13,000 investment advisor firms, which collectively employ the advisors who manage client portfolios and charge fees for advice.

Key Takeaways

• The US has between 300,000 and 330,000 financial advisors, though the exact number depends on which regulatory definition you use.
• FINRA tracks brokers (roughly 620,000 registered representatives), while the SEC tracks investment advisor firms and their employees separately.
• Not all registered representatives work full-time as advisors; many are sales staff at banks and brokerages who do other work.
• The number of advisors has grown steadily over the past decade as wealth management expanded and more people sought professional guidance.

Why the count varies by regulator

The SEC and FINRA regulate different types of advisors under different rules. An investment advisor registered with the SEC (or a state) typically charges a fee for advice and has a fiduciary duty to put your interests first. A broker registered with FINRA typically earns commissions when you buy or sell investments and is held to a lower standard called "suitability" — they must recommend products suitable for you, but not necessarily the best option available.

Many firms employ both types. A large brokerage might have investment advisors on staff (regulated by the SEC) and brokers (regulated by FINRA) working in the same office. A person might even hold both licenses. This overlap is why adding up the numbers from different regulators produces inflated totals.

State regulators also track advisors who work within their borders, particularly those who manage less than $100 million in assets (the SEC's threshold for federal registration). A small-town financial planner might be registered only with their state, not with the SEC, so they appear in state counts but not federal ones.

How the advisor population has changed

The number of financial advisors has grown over the past 15 years, though not at a uniform rate. The 2008 financial crisis initially reduced the number as firms laid off staff and smaller advisors left the industry. From roughly 2010 onward, the population grew as wealth increased, more people reached retirement age, and advisory services expanded beyond the wealthy.

The growth has not been evenly distributed. Large firms have consolidated market share, meaning the number of independent advisors has declined even as the total headcount has risen. Wirehouses — large firms like Morgan Stanley, Merrill Lynch, and UBS — employ a growing share of all advisors, while the number of solo practitioners and small firms has shrunk.

What types of advisors are counted

The count includes financial planners, wealth managers, investment advisors, and brokers who spend at least part of their time advising clients. It does not include insurance agents who do not also hold securities licenses, tax preparers who do not advise on investments, or accountants who refer clients to advisors but do not give investment advice themselves.

The count also does not include robo-advisors — automated platforms that manage portfolios with little or no human involvement. These platforms employ far fewer people than traditional advisory firms, even though they manage billions of dollars. A robo-advisor platform might have a handful of advisors overseeing thousands of accounts, whereas a traditional firm might have one advisor per 100 to 200 clients.

Where advisors are concentrated

Financial advisors are not evenly spread across the country. Major financial centers like New York, California, Texas, and Florida have the highest concentrations. New York City alone has tens of thousands of advisors, reflecting the presence of major brokerage firms, hedge funds, and wealth management companies. Rural areas and smaller states have far fewer advisors per capita, which means some people in those regions have limited local options.

Within states, advisors cluster in metropolitan areas. A person in a major city might have dozens of advisors to choose from within a short distance, while someone in a rural county might have only a handful within an hour's drive. This geographic concentration affects how easy it is to find an advisor and whether you can meet in person.

How to find an advisor in your area

The SEC maintains a searchable database called IAPD (Investment Adviser Public Disclosure) where you can look up registered investment advisors by name, location, or firm. FINRA's BrokerCheck database lets you search for brokers and see their disciplinary history. Both databases are free and public.

If you want to verify that an advisor is actually registered, start with these databases. An advisor who claims to be registered but does not appear in either one is a red flag. You can also ask an advisor directly for their CRD number (Central Registration Depository number), which is their unique identifier in the regulatory system, and verify it yourself.

Frequently Asked Questions

Is there a shortage of financial advisors in the US?

No, but there is uneven distribution. Major cities have more advisors than they need, while rural areas have fewer. Some firms report difficulty hiring and retaining advisors, particularly in smaller markets, but this reflects labor market conditions rather than an overall shortage.

How many financial advisors are fiduciaries?

Only investment advisors registered with the SEC or a state are required to be fiduciaries. Brokers are not, unless they are also registered as investment advisors. Many brokers voluntarily adopt fiduciary standards, but it is not required. Always ask an advisor whether they are a fiduciary for all their work or only part of it.

Do I need to use an advisor in my state?

No. An advisor registered with the SEC can work with clients in any state. An advisor registered only with a state can typically work with clients in that state and sometimes in neighboring states, depending on state rules. You can work with an advisor anywhere as long as they are properly registered.

Are there more advisors now than 10 years ago?

Yes. The number of registered investment advisors and their employees has grown since 2014, though the number of independent advisors has declined. Large firms have hired more staff, while smaller advisory practices have consolidated or closed.