Who the independent channel is made of, what each firm is registered as, how it is staffed, and how its advisors are paid.
Share of firms holding each registration, directly or through an affiliate under common ownership. Firms hold more than one, so these do not sum to 100%.
The channel's succession picture, the share of each firm's registered representatives who are 55 or older.
Share of registered representatives directing commissions to a personal corporation.
Multi-registrant firms
A dealer holding an MGA, exempt market dealer, scholarship plan dealer or portfolio manager registration alongside its dealer registration carries a regulatory load that is not comparable to a single-registration firm. This is what lets those firms be reported separately.
Registered representatives
Approved persons and dealing representatives, counted the way each firm has always counted them for the Barometer. This is deliberately not the Form 1 definition, IDPC Schedule 15 counts registered employees while the MFD form counts dealing representatives including licensed assistants, so three definitions would give three different numbers.
Registration counts are answered once a year and carried forward, so a firm that added a registration mid-year appears under its previous profile until the annual refresh.