Some 167,000 independent financial advisors are represented by the Financial Services Institute (FSI), accounting for approximately 64.5 percent of financial advisors countrywide. They are affiliated with the more than 100 independent financial services firms that are members of FSI. These firms provide business support and supervision to the independent financial advisors affiliated with them, in addition to arranging for the execution and clearing of customer transactions.
Oxford Economics completed an economic impact assessment of FSI’s members, concluding that they contribute $48 billion in economic output to the US economy, which supports more than 482,000 jobs, $36 billion in labor income and $6.8 billion in taxes. Furthermore, an analysis of the sector’s workforce indicates a high number of veterans, strong ties to the community, and loyalty within organizations. The average company tenure is greater than 8 years and the commuting distance to work is under 20 minutes.
Furthermore, FSI’s impact and value is most felt on the Main Streets of small and mid-sized states across the country.
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Press coverage: Think Advisor: Indie Advisors, Firms Create $48B in Economic Output: FSI Study
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