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FSI Releases Economic Impact Study

Financial Services Institute / FSI Releases Economic Impact Study

FSI Releases Economic Impact Study

Study analyzes impact of FSI members at national, state & local level


September 26, 2016

WASHINGTON,
D.C. –
Today,
the Financial Services Institute (FSI) released “The Economic Impact of FSI’s
Members,” an economic impact analysis of FSI’s member firms. The report
measures the national and state economic impact of FSI members and compares
those figures with the overall economic impact of the financial services
industry at the state level. The report looks at the direct (operational),
indirect (supply chain) and induced (wage spending) contributions of the
independent financial services industry.

“We have
always known that our members make tremendous contributions to the economy, not
only at the national level, but also in the state and local economies in which
they serve,” said FSI
President & CEO Dale Brown
. “With this study we have now quantified
those contributions and shown that the impact of independent financial services
firms and independent advisors extends well beyond the financial services
industry.”

A few of the study’s findings:

  • $48 billion
    contributed to the U.S. GDP by FSI members in 2015
  • 482,000 jobs
    created by FSI members
  • 1 in 6 independent
    financial advisors are veterans
  • FSI
    members generate the highest economic activity as a share of the financial
    services industry in small and mid-sized states:

    • Mississippi (41.1%)
    • Maine (36.4%)
    • Kansas (30.1%)
  • Notwithstanding
    their disproportionately large contribution to smaller states, FSI members
    have significant impact in large states as well:

    • California ($5.4
      billion)
    • New York
      ($4.3 billion)
    • Texas ($2.9
      billion)
  • Outside
    of the financial services industry, FSI members have the greatest impact
    in these industries:

    • Professional and business services
    • Trade, transportation and utilities
    • Education and health services

Click
here
to view an infographic of the study’s findings.

Click
here
to download the full study.

About
the Financial Services Institute (FSI):
The Financial Services Institute (FSI) is the
only organization advocating solely on behalf of independent financial advisors
and independent financial services firms. Since 2004, through advocacy,
education and public awareness, FSI has successfully promoted a more
responsible regulatory environment for more than 100 independent financial
services firm members and their 160,000+ affiliated financial advisors – which
comprise over 60% of all producing registered representatives. We effect change
through involvement in FINRA governance as well as constructive engagement in
the regulatory and legislative processes, working to create a healthier
regulatory environment for our members so they can provide affordable,
objective advice to hard-working Main Street Americans. For more information,
please visit financialservices.org.

About
Oxford Economics:
Oxford Economics was founded in 1981 as a commercial
venture with Oxford University’s business college to provide economic
forecasting and modelling to UK companies and financial institutions expanding
abroad. Since then, we have become one of the world’s foremost independent
global advisory firms, providing reports, forecasts and analytical tools on 200
countries, 100 industrial sectors and over 3,000 cities. Our best-of-class
global economic and industry models and analytical tools give us an
unparalleled ability to forecast external market trends and assess their
economic, social and business impact.

Headquartered
in Oxford, England, with regional centers in London, New York, and Singapore,
Oxford Economics has offices across the globe in Belfast, Chicago, Dubai,
Miami, Milan, Paris, Philadelphia, San Francisco, and Washington DC. We employ
over 250 full-time people, including more than 150 professional economists,
industry experts and business editors—one of the largest teams of
macroeconomists and thought leadership specialists. Our global team is highly
skilled in a full range of research techniques and thought leadership
capabilities, from econometric modelling, scenario framing, and economic impact
analysis to market surveys, case studies, expert panels, and web analytics.
Underpinning our in-house expertise is a contributor network of over 500
economists, analysts and journalists around the world.

Oxford
Economics is a key adviser to corporate, financial and government
decision-makers and thought leaders. Our worldwide client base now comprises
over 1000 international organizations, including leading multinational
companies and financial institutions; key government bodies and trade
associations; and top universities, consultancies, and think tanks.

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