Binah Capital Group operates a platform for independent retail wealth management businesses across the U.S. Binah owns and operates a network of broker-dealers, RIAs, and insurance entities that serve over 1,600 registered financial advisors. Binah's core value proposition is providing independent financial advisors with the infrastructure — compliance, technology, custody and clearing relationships, and access to investment products — they need to run their own practices without building that infrastructure themselves. Binah does not serve retail investors directly; affiliated advisors do. Binah organizes advisor relationships into three models: a Hybrid model (advisors use Binah's broker-dealer for commission business while keeping fee-based business at an outside RIA of their choosing), an Independent model (advisors run both commission and fee-based business through Binah's entities as independent contractors), and a W2 model (advisors join as employees of an established branch). The Hybrid model, operated through Purshe Kaplan Sterling, is the dominant segment with over 1,300 of the 1,600+ registered advisors. Binah earns revenue by taking a share of commissions and AUM-based fees generated by affiliated advisors. Because advisors bear most of their own operating costs under the Hybrid and Independent models, Binah's cost structure is relatively lean, with roughly 150 employees focused on compliance, operations, and administration. Binah grows by recruiting advisors leaving wirehouses and through M&A and lift-out acquisitions, consolidating advisor teams onto its existing platform.