What Binah Capital Group does

Binah Capital Group, Inc. is a Delaware-incorporated financial services holding company that operates as a national broker-dealer aggregator, acquiring and consolidating independent broker-dealers, registered investment advisors, and insurance entities to serve independent financial advisors across the United States. Founded in June 2022 and listed on Nasdaq under ticker BCG in March 2024 via a SPAC merger with Kingswood Acquisition Corp. and Wentworth Management Services LLC, the company owns four SEC-registered broker-dealer subsidiaries — Purshe Kaplan Sterling Investments, Cabot Lodge Securities, PKS Securities (d/b/a Broadstone Securities), and World Equity Group — along with RIA subsidiaries (PKS Advisory Services, CL Wealth Management) and insurance entities operating under the Binah Capital Insurance and Binah Financial Partners brands, plus a captive professional liability insurer (Representatives Indemnity Company). The platform supports both commission-based and fee-based business through a dual-registered hybrid model that allows advisors to operate as independent registered, W2, or hybrid practices while accessing multiple clearing and custody arrangements.

The platform's technology footprint is conventional broker-dealer infrastructure — back-office systems, compliance supervision, and advisor support tools — with no disclosed proprietary technology stack, AI capabilities, or developer-facing APIs. Distribution is direct: Binah recruits independent financial advisors and RIAs into its subsidiary broker-dealers, offering compliance support, operational resources, technology, and economies of scale unavailable to standalone firms. Its national footprint covers more than 1,900 registered individuals across 500+ offices in all 50 states, with principal offices in Albany, New York; Schaumburg, Illinois; and a presence in New York City.

Binah generates revenue primarily through commissions on securities transactions (variable annuities, mutual funds, equities, alternatives) — the largest stream at $39.8M in Q1 2026 — supplemented by advisory fees on corporate advisory platform assets ($7.3M Q1 2026, recognized ratably over time) and interest/other income from client margin accounts and marketing/sponsorship fees ($1.6M Q1 2026). FY2025 total revenue was $187.1 million, up 10.7% year-over-year, with the firm inflecting to $2.3M GAAP net income (vs. a $4.6M loss in 2024) and $5.4M EBITDA. Total advisory and brokerage assets stood at $29.0 billion as of March 31, 2026, up 12.9% year-over-year. Capital structure includes common equity, Series A and Series B convertible preferred stock, and a $20.3M term loan facility with Byline Bank.

Name

Binah Capital Group

Legal name

Binah Capital Group, Inc.

Website

https://binahcap.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Binah Capital Group is a publicly traded national broker-dealer aggregator that owns four SEC-registered broker-dealers, RIAs, and insurance entities serving more than 1,900 independent financial advisors and RIAs across all 50 U.S. states through a hybrid-friendly platform.

Ownership category

akta.pro rank

Product category

Wealth Management Broker-Dealer Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

akta.pro secondary industry

Wealth Lending & Margin / Securities-Backed Lines (Retail) (FSAAAAAN)

Keywords

• Broker-dealer services
• Wealth management platform
• Independent advisor support
• Registered investment advisory
• Financial services holding

Headquarters

HQ city

Manhattan

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Commissions: Commissions from securities transactions including variable annuities, mutual funds, securities trading, and alternative investments. This represents the largest revenue stream, with Q1 2026 commissions of $39.758 million. The company earns both sales-based commissions recognized at point of sale and trailing commissions recognized over time as services are performed.
2. Advisory Fees: Fees charged to advisor client accounts on the company's corporate advisory platform, based on a percentage of eligible assets under management. Q1 2026 advisory fees were $7.307 million. These revenues are recognized ratably over time as investment advice and administrative services are provided.
3. Interest and Other Income: Interest income from client margin accounts, marketing fees, and sponsorship income. Q1 2026 interest and other income was $1.635 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Binah Capital Group is a financial services holding company that owns and operates a national network of four broker-dealers—Purshe Kaplan Sterling Investments, Cabot Lodge Securities, World Equity Group, and PKS Securities—together with affiliated SEC-registered investment advisors and insurance entities. The company provides independent financial advisors and RIAs with a hybrid-friendly platform that supports both commission-based securities transactions and fee-based advisory services across all 50 states. Revenue is generated primarily through transaction commissions, advisory fees on assets under management, and interest and marketing-related income.

Product overview

Binah Capital Group operates as a financial services enterprise with a platform-plus-subsidiaries architecture. The parent company provides the overarching hybrid-friendly model and corporate structure, while the operating subsidiaries include broker-dealers (Purshe Kaplan Sterling Investments, Cabot Lodge Securities, World Equity Group, PKS Securities), registered investment advisors (PKS Advisory Services, CL Wealth Management), and insurance entities (Binah Capital Insurance, Binah Financial Partners). These subsidiaries serve independent financial advisors across all 50 states through commission-based and fee-based models.

Differentiator

Problem solved

Functional benefit

Products and services

• Purshe Kaplan Sterling Investments (PKSI) SEC-registered broker-dealer and FINRA/SIPC member subsidiary providing securities brokerage services to independent financial advisors through offices in Albany, New York and branch offices throughout the United States.
• Cabot Lodge Securities LLC SEC-registered broker-dealer and FINRA/SIPC member subsidiary providing securities brokerage services to independent financial advisors through offices and branch offices throughout the United States.
• World Equity Group (WEG) SEC-registered broker-dealer and investment advisor based in Schaumburg, Illinois, providing wealth management services to independent advisors through offices in the greater Chicago area and branch offices across the United States.
• PKS Securities Inc. (Broadstone Securities) Financial services firm and broker-dealer registered with the SEC and member of FINRA, maintaining offices in Albany, New York, and offering securities services through the PKS network.
• PKS Advisory Services, LLC (PKSA) SEC-registered investment advisory firm providing fee-based advisory services to clients through the PKS platform.
• CL Wealth Management, LLC (CLWM) SEC-registered investment advisory firm providing fee-based advisory services through the Cabot Lodge platform.
• Binah Capital Insurance (PKS Financial Services) Insurance entity providing insurance products and financial services to clients through the PKS distribution network.
• Binah Financial Partners (Wentworth Financial Partners) Insurance entity providing insurance solutions through the Cabot Lodge platform.

Quantifiable outcome

• Assets Under Management grew 12.9% year-over-year to $29.0 billion in Q1 2026
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Purshe Kaplan Sterling Investments, Inc.coreOthersPKS is a broker-dealer subsidiary of Binah Capital Group, registered with SEC and member of FINRA and SIPC. It maintains offices in Albany, New York and branch offices throughout the United States. The subsidiary also includes PKS Advisory Services (SEC-registered investment advisory firm) and PKS Financial Services (insurance entity doing business as Binah Capital Insurance).
• Cabot Lodge Securities LLCcoreOthersCabot Lodge Securities is a broker-dealer subsidiary maintaining offices and branch offices throughout the United States. It includes CLS (SEC-registered broker-dealer, FINRA and SIPC member), CL Wealth Management (SEC-registered investment advisory firm), and Wentworth Financial Partners (insurance entity doing business as Binah Financial Partners).
• World Equity Group, Inc.coreOthersWorld Equity Group is a registered broker-dealer and investment advisor with the SEC, and member of FINRA and SIPC. Based in Schaumburg, Illinois, WEG maintains offices in the greater Chicago area and has branch offices throughout the United States. It is one of four broker-dealers owned and operated by Binah.
• PKS Securities Inc.coreOthersPKS Securities Inc. (formerly Michigan Securities, Inc., d/b/a Broadstone Securities) is a financial services firm and broker-dealer registered with the SEC and member of FINRA. It maintains offices in Albany, New York and includes Insurance Audit Agency, Inc. (insurance agency).

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• LPL Financial Holdings: Largest US independent broker-dealer with a similar aggregator model serving independent financial advisors and RIAs. Closest direct comparable by business model, customer base, and revenue mix (commissions plus advisory fees plus asset-based fees).
• Cetera Financial Group: Independent broker-dealer network serving independent financial advisors with hybrid commission and fee-based capabilities. Direct competitor in the IBD aggregator space with similar advisor-targeted go-to-market.
• Cambridge Investment Research: Independent broker-dealer focused on supporting independent advisors with both commission and advisory platforms. Highly comparable to Binah's hybrid-friendly model and similar advisor recruitment focus.
• Osaic (formerly Advisor Group): Large independent broker-dealer aggregator (rebranded from Advisor Group in 2023) with multiple subsidiary B/Ds serving independent advisors — a near-identical structural model to Binah's holding-company-plus-subsidiary architecture.
• Commonwealth Financial Network: Privately held independent broker-dealer serving independent advisors across the US with hybrid commission and advisory support. Comparable in target market, business model, and scale (mid-sized IBD).
• Kestra Financial: Independent broker-dealer platform serving financial advisors with traditional and advisory solutions. Comparable size and target market to Binah's subsidiary broker-dealers.
• Sanctuary Wealth Group: Multi-affiliate platform for elite independent advisor teams. Highly comparable — and notably the former employer of Binah's CFO David Shane — competing in the same hybrid IBD space with similar advisor-recruitment model.

Broad incumbents

• Raymond James Financial: Large diversified financial services firm with a substantial independent advisor channel (Raymond James Financial Services). A broader incumbent that competes for independent advisors but operates across many other businesses (investment banking, asset management).
• Hilltop Securities: Broker-dealer and investment banking firm with independent advisor and institutional services. Overlaps with Binah's broker-dealer business but operates more broadly as part of a holding company (Hilltop Holdings).

Regional players

• Wedbush Securities: Mid-sized US broker-dealer with private client and wealth management services comparable in scope to one of Binah's subsidiary broker-dealers, though more regionally concentrated on the West Coast.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wentworthwms
• LinkedInlinkedin.com/company/binah-capital-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Binah Capital Group