Financial ADVSR data · SEC adviser records as of November 8, 2026
Financial Advisor Statistics 2026
How many financial advisors there are in the US, where they work, which firms employ them and how many hold a CFP or have a disclosure, counted from the SEC’s daily adviser file.
The short answer
There are 421,334 SEC-registered financial advisors in the US, by the SEC’s count of investment adviser representatives. 77% are also brokers, and FINRA counts 639,723 brokers in all.
How many financial advisors are there in the US?
421,334
421,334 people are registered as investment adviser representatives, the regulatory term for a financial advisor who gives investment advice, in the SEC’s IAPD file as of November 8, 2026, by Financial ADVSR’s count. Brokers registered only with FINRA are counted separately below.
How many financial advisors are also brokers?
77%
322,875 of them (77%) are also registered as broker representatives, so they can earn commissions as well as advisory fees. The other 98,459 are registered only as investment adviser representatives.
How many brokers are registered with FINRA?
639,723
FINRA counted 639,723 registered representatives at year-end 2025 in its 2026 Industry Snapshot, 331,802 of them also registered as investment adviser representatives. Many people who call themselves financial advisors are in one count or both.
How many financial advisors are CFP professionals?
63,118
63,118 registered advisors (15%) list the Certified Financial Planner designation in their SEC record. 11,986 list the CFA charter and 13,818 the ChFC.
Which state has the most financial advisors?
California
California has 44,077 registered financial advisors working from a firm office there, more than any other state, followed by Texas (33,432) and Florida (33,204).
Which firm employs the most financial advisors?
24,057
Merrill Lynch, Pierce, Fenner & Smith Incorporated has 24,057 SEC-registered financial advisors, the most of any firm, followed by Edward Jones (22,919) and LPL Financial LLC (22,891).
How many firms employ financial advisors?
26,607
The 421,334 registered advisors work for 26,607 firms, from one-person practices to wirehouses and insurance-owned broker-dealers with thousands of representatives.
How many financial advisors have a disclosure?
14%
59,272 registered advisors (14%) have at least one disclosure reported in their SEC record, such as a customer dispute, a regulatory action, a termination or a financial matter. A disclosure can be pending, denied or settled, so each one needs reading in full.
Financial advisors by state
| State | Advisors | Share |
|---|---|---|
| California | 44,077 | 10% |
| Texas | 33,432 | 8% |
| Florida | 33,204 | 8% |
| New York | 32,852 | 8% |
| Illinois | 19,135 | 5% |
| Pennsylvania | 17,642 | 4% |
| New Jersey | 16,103 | 4% |
| Ohio | 15,566 | 4% |
| North Carolina | 13,018 | 3% |
| Massachusetts | 12,051 | 3% |
Firms with the most financial advisors
| Firm | Advisors |
|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | 24,057 |
| Edward Jones | 22,919 |
| LPL Financial LLC | 22,891 |
| Morgan Stanley | 22,160 |
| Strategic Advisers LLC | 15,206 |
| Wells Fargo Clearing Services, LLC | 14,081 |
| J.P. Morgan Securities LLC | 13,234 |
| Ameriprise Financial Services, LLC | 12,538 |
| Cetera Investment Advisers LLC | 10,000 |
| UBS Financial Services Inc. | 8,965 |
Advisors are people registered as investment adviser representatives in the SEC’s daily Investment Adviser Public Disclosure compilation file; states count each advisor once per state of a firm office. Brokers registered only with FINRA appear in BrokerCheck, not in this file; FINRA’s figure is from its 2026 Industry Snapshot. Designations are as advisors report them.
Cite this data
Financial ADVSR, “Financial Advisor Statistics 2026,” updated November 8, 2026, https://www.financialadvsr.com/data/financial-advisor-statistics