Binah Capital Group, Inc. is a publicly traded consolidator of retail wealth management firms, owning broker-dealers, RIAs, and insurance entities, serving over 1,900 professionals with approximately $27.1 billion in assets.

# Company Summary: Binah Capital Group, Inc.

## Overview
- **Type:** Publicly traded company listed on Nasdaq (Symbols: BCG for stock, BCGWW for warrants)
- **Headquarters:** 80 State Street, Albany, NY 12207
- **Founded:** 2016 (originally as BMS Management Services LLC)
- **Business Focus:** Leading consolidator of retail wealth management businesses

## Core Business Activities
- **Ownership & Operations:** Owns and operates 10 entities, including:
  - 4 broker-dealers
  - 3 registered investment advisors (RIAs)
  - 3 insurance entities
- **Registered Individuals:** Over 1,900 professionals in the financial services industry
- **Business Models Supported:**
  - **Hybrid:** Combines commission-based and fee-based advisory capabilities
  - **Independent:** Firms operating mostly with their own branding and client base
  - **W2 Employee Model:** Advisors operate as employees earning commission and management fees
- **Services Provided:** 
  - Brokerage services (stocks, bonds, ETFs, options)
  - Investment products (mutual funds, non-traded REITs, unit trusts, fixed/variable annuities)
  - Administrative services (compliance, supervision, research, accounting)
  - Custody and clearing options from major firms

## Strategic Positioning
- Focuses on being the **"hybrid broker-dealer of choice"**
- Provides flexible custody and clearing options tailored to advisors’ needs
- Positioned to attract assets in motion due to top custodial relationships and partnerships
- Aims for organic growth, recurring revenue, and expanded margins

## Financial Highlights (2024)
- **Revenue:** Approximately **$168.9 million** (up slightly from $168.0 million in 2023)
- **Net Income:** **Loss of approximately $4.6 million** (net income of $0.5 million in 2023)
- **Assets Under Management (AUM):**
  - **Total advisory & brokerage assets:** **$27.1 billion**
  - **Advisory assets:** **$2.5 billion**, an increase of 21% from 2023
  - **Brokerage assets:** **$24.5 billion**, a 12% increase from 2023
- **Net New Assets (2024):** 
  - Total net **outflows of $2.1 billion** (brokerage net outflows of $2.1 billion, advisory net zero)
- **Other Financials:**
  - **Gross Profit:** ~$32 million
  - **EBITDA:** ~$1.9 million
  - **Adjusted EBITDA:** ~$6.3 million

## Employees:
- Approximately **150 employees** as of December 31, 2024
- Employees mainly in compliance, operations, finance, administration
- All employees are salaried; no unionized workforce

## Business Development & Growth
- Focuses on strategic M&A, consolidating firms into its platform
- Supports advisors' organic growth and acquisitions
- Leverages a tech-enabled infrastructure for seamless integration

## Regulatory & Market Position
- Alternates between principal (gross revenue reporting) and agent (net revenue reporting) models
- Broker-dealer subsidiaries are registered with the SEC, members of FINRA, and SIPC
- Competes in a highly competitive industry with firms offering lower-cost online trading and discount services
- Maintains extensive regulatory compliance and cybersecurity protocols

## Summary
Binah Capital Group, Inc. is a leading consolidator of retail wealth management firms, owning a diversified platform of broker-dealers, RIAs, and insurance entities. It serves over 1,900 industry professionals, managing approximately $27.1 billion in assets across its firms, with a mixed business model supporting both independent and employee advisors. The company reported roughly $168.9 million in revenue for 2024, with a net loss of about $4.6 million, and aims to expand through acquisitions, technology, and strategic positioning as a hybrid broker-dealer of choice.

Binah Capital Group, Inc. is a Delaware-based corporation that consolidates retail wealth management businesses through a network of broker-dealers, registered investment advisors, and insurance entities, employing over 1,900 registered individuals in the financial services industry.

# Summary of Binah Capital Group, Inc.

**Company Overview:**
Binah Capital Group, Inc. is a Delaware-based corporation that serves as a consolidator of retail wealth management businesses. The Company operates through ten entities, which include four broker-dealers, three registered investment advisors (RIAs), and three insurance entities. These subsidiaries have a collective workforce of over **1,900 registered individuals** employed in the financial services industry.

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## Business Models:
The company supports three primary business models for its affiliated advisors:

1. **Hybrid Business Model**: 
   - **Example Entities**: Purshe Kaplan Sterling Investments, Inc. (PKSI), PKS Advisory Services, LLC (PKSA), PKS Financial Services, Inc. (PKSF).
   - **Features**: Allows independent financial advisors to maintain registration with both a broker-dealer and an outside RIA to offer both commission-based and fee-based services. PKSI is a leader in this model with over **500 different registered investment advisors.**
   - **Employee Structure**: Advisors run their own operations while keeping a significant portion of commission-based revenues.

2. **Independent Business Model**: 
   - **Example Entities**: Cabot Lodge Securities LLC (CLS), World Equity Group, Inc. (WEG).
   - **Features**: Advisors operate as independent contractors, offering both commission-based and fee-based services without employment overhead.

3. **W2 Business Model**:
   - **Features**: Allows independent broker-dealers to affiliate as employees, offering similar services. The company covers most operational expenses, providing a streamlined process for advisors.

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## Key Highlights:

- **Number of Registered Individuals**: Over **1,900**
- **Number of Entities**: **10**, including:
  - **4 Broker-Dealers**
  - **3 Registered Investment Advisors (RIAs)**
  - **3 Insurance Entities**
  
- **Advisory Services**:
  - Full suite of services including stock, bond, ETF execution, insurance products, and asset management solutions.
  - Both advisor-managed accounts and third-party management options available to clients.

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## Competitive Advantages:
- **Tech-Enabled Services**: Seamless integration providing end-to-end services to enhance advisor efficiency.
- **Open Architecture**: Access to diverse financial products tailored to advisors and their clients.
- **Attractive Financial Model**: Emphasis on organic growth, recurring revenues, and expanding margins.

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## Financial Performance:
- **Revenue and Income**: The specific revenue and income figures have not been disclosed in the provided details. Investors and interested parties are encouraged to monitor the website for the latest financial reports and updates.

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Binah Capital Group positions itself as a leading provider in the wealth management domain, offering tailored solutions and a flexible operational model for financial advisors seeking diverse business opportunities without the restrictions of traditional broker-dealer setups.

Binah Capital Group, Inc.

10-K / March 31, 2025

10-K / April 16, 2024

10-K / March 31, 2025

Company Summary: Binah Capital Group, Inc.

Overview

Core Business Activities

Strategic Positioning

Financial Highlights (2024)

Employees:

Business Development & Growth

Regulatory & Market Position

Summary