Binah Capital Group (NASDAQ:BCG) announced that a Chicago‑based advisory team formerly part of Commonwealth Financial Network, which Merit Financial Advisors acquired in November 2025, will now operate as a broker‑dealer through PKS Investments, an affiliate of BCG. The transition brings roughly $1.2 billion in client assets onto BCG’s platform, adding a new cohort of independent financial advisors to its network.
The Commonwealth team was acquired by Merit in a deal that transferred $1.2 billion in assets and a roster of 30 advisors. Merit’s role was to provide a seamless transition while preserving the team’s operational independence. By moving the group to PKS Investments, BCG gains immediate access to a sizable advisor base and the associated fee‑based revenue streams, reinforcing its strategy of aggregating independent advisors under a scalable, hybrid‑friendly infrastructure.
BCG’s broader strategy has focused on consolidating independent advisors to drive growth in broker‑dealer revenue and asset‑under‑management (AUM). The addition of the Commonwealth team aligns with this goal, expanding BCG’s reach in the Midwest and adding depth to its advisor‑centric model. The move also positions BCG to capture a larger share of the growing demand for flexible brokerage solutions among independent RIAs.
Despite the expansion, BCG’s recent financial performance has been under pressure. The company reported a decline in earnings and revenue in 2024, with a net loss of $5.3 million, and analysts have issued a consensus “Sell” rating. The transaction signals management’s confidence in the long‑term value of its broker‑dealer model, even as short‑term profitability remains challenged by broader market headwinds and competitive pricing pressures.
Investors responded positively to the announcement, with analysts noting the $1.2 billion asset influx as a tangible growth catalyst. The deal is viewed as a strategic win that could offset recent earnings weakness and enhance BCG’s competitive positioning in the broker‑dealer aggregation space.
The transaction underscores a broader industry trend of advisors seeking new affiliations after Commonwealth’s acquisition by LPL Financial. By adding a robust advisory team to its platform, BCG strengthens its ability to attract and retain independent advisors, potentially driving future revenue growth and reinforcing its hybrid‑friendly broker‑dealer model.
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