Study analyzes impact of FSI members at national, state & local level
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.
FSI Statement on DOL Hearing on Proposed Fiduciary PTE
Today, the Department of Labor (DOL) held hearings on its proposed prohibited transaction exemption (PTE) for investment advice fiduciaries. For …Read More
FSI Announces Inaugural Honorees of its New Advocacy Recognition Awards
Twenty Dedicated FSI Members Named to First Advocacy Circle of Excellence, Recognizing Outstanding Commitment to Advocacy on Behalf of Main …Read More
Marc Squires Elected to FSI Board of Directors
The Financial Services Institute (FSI) today announced the election of Marc Squires, Head of Wealth and Brokerage Platforms, Fidelity Institutional, to its Board of Directors.Read More