According to a new study by securities industry watchdog, FINRA, the Financial Industry Regulatory Authority, the number of so-called "hybrid" brokers has exploded in recent years, now comprising 45% of all brokers. In this, the first ever snapshot of the industry's professional growth conducted by FINRA, the number of total broker-dealers has risen steadily over the past decade. Growth in hybrid reps, however, has easily outstripped growth in both of the discrete categories of broker and investment advisor.