财联社·2025-07-11 06:10Core Viewpoint - The role of securities brokers is gradually fading in the securities industry, with a significant reduction in their numbers over the years, reflecting a shift towards wealth management and a changing market demand [1][3][12]. Group 1: Decline in Securities Brokers - The number of securities brokers has decreased from 90,500 in early 2018 to 28,800 by the end of 2024, with projections indicating a further decline to 25,000 by 2025 [1][6]. - As of now, only two firms, Guotai Junan Securities and Founder Securities, have over 1,000 brokers, highlighting the shrinking pool of brokers in the industry [1][5]. Group 2: Reasons for the Decline - The decline is attributed to four main factors: the transition of brokers to client manager roles, the aging workforce leading to retirements, the shift towards investment advisory roles, and the departure of brokers seeking alternative career paths due to declining commission rates [3][4][8]. - The average commission rate in the industry has dropped from 0.038% in early 2018 to approximately 0.018% by 2024, significantly impacting brokers' income [6][10]. Group 3: Transition to Wealth Management - The industry is moving towards a wealth management model, emphasizing professional investment advice and asset allocation services, which has increased the demand for investment advisors [6][10]. - The number of investment advisors has grown from 47,200 in early 2018 to 80,300 by the end of 2024, indicating a shift in focus from traditional brokerage services to advisory roles [11]. Group 4: Future Outlook - Many firms are planning to eliminate the broker role entirely, transitioning to client manager or investment advisor teams to better meet market demands [4][12]. - The exit of brokers is seen as a necessary evolution in the industry, aligning with the need for higher-quality, professional financial services to cater to diverse client needs [4][12].