 As of 2019, 12,993 firms were federally-registered serving over 43 million clients; most firms were small, with 88% having fewer than 50 employees.FINRA-registered stockbrokers, who may also provide advice but are not fiduciaries, dropped to 3,596 firms and 4,720 individuals, some of whom are "wirehouse brokers".Representatives of the RIA who are charged with providing investment advice are called an "investment adviser representative" (IAR).