Amidst all the change reshaping the independent broker-dealer space, one important trend has gotten lost in the daily reports of consolidation and closures: Despite a 10% drop in the total number of broker-dealers in the past five years, the total number of reps industrywide has fallen a correspondingly negligible amount, just 3.11%.

“The firms are going out but the reps are finding new homes,” said David Alsup, director of business development for The Compliance Department, a consulting firm which tracks these numbers.

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