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Analogies for Binah Capital (BCG):

• IAC for fintech companies

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• Strategic Investments: Acquiring and investing in businesses across various sectors, primarily technology, health, and consumer, with the aim of long-term value creation.
• Portfolio Management: Providing strategic guidance, operational oversight, and financial support to its acquired and invested businesses.
• Capital Deployment: Allocating capital for new acquisitions, organic growth initiatives within existing portfolio companies, and other strategic ventures.

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Upon researching "Binah Capital" with the stock symbol "BCG", it appears there might be a misunderstanding regarding the company's public status or its ticker symbol.

The symbol "BCG" is widely recognized as the abbreviation for Boston Consulting Group, which is one of the world's leading management consulting firms. However, Boston Consulting Group is a private company, not a public one traded on a stock exchange.

As a private company, it does not have a publicly traded stock symbol like BCG (which is often used informally to refer to it). Consequently, it does not release detailed information about its major customers or client categories in the public domain in the same manner as a publicly traded company would through regulatory filings.

Therefore, I am unable to identify the major customers of "Binah Capital (symbol: BCG)" as a public company, as such an entity does not appear to be publicly traded under that name and symbol.

If you have a different company name or symbol in mind, please provide it, and I would be happy to assist.

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Craig Gould, Chief Executive Officer and Chairman of the Board

Craig Gould was appointed CEO of Binah Capital in March 2024. He previously served as President of Wentworth Management Services LLC, which merged with Kingswood Acquisition Corp. to form Binah Capital Group. He has also served as the owner and CEO of World Equity Group LLC and as President and Chief Executive Officer at Cabot Lodge Securities LLC. Under his leadership, Binah Capital Group successfully went public in 2024 and achieved significant growth in its network of broker-dealers, insurance brokerages, and advisory firms. Gould emphasizes that operating as a public company provides a significant advantage over private equity-backed firms due to transparency and stable capital structure.

David Shane, Chief Financial Officer and Director

David Shane was appointed CFO of Binah Capital in March 2024. He has a career spanning three decades in financial services, with experience in senior advisory and operational roles within broker-dealers, RIA firms, and asset management sectors. Shane has been instrumental in managing Binah's financial operations during its inaugural year as a public company. He is recognized for his expertise in financial strategy, complex transaction structuring, and capital raising, and was named among the Top 5 Wealth Management CFOs by Wealth Solutions Report.

Kathrine Flouton, President & CEO of Purshe Kaplan Sterling Investments

Kathrine Flouton serves as the President & CEO of Purshe Kaplan Sterling Investments, one of the firms within the Binah Capital Group network.

Ryan Marcus, Chief Business Development & Engagement Officer

Ryan Marcus was appointed Chief Business Development & Engagement Officer in May 2025. He brings an extensive background in wealth management, having previously held senior roles at MarketCounsel where he led business development and client engagement initiatives. In his current role, Marcus is focused on developing and implementing long-term business strategies, enhancing market presence, and fostering sustainable growth across Binah Capital Group's broker-dealers.

Roger Leibowitz, Chief Financial Officer of Cabot Lodge Securities

Roger Leibowitz holds the position of Chief Financial Officer for Cabot Lodge Securities, a component of the Binah Capital Group.

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The key risks to Binah Capital's business include:

1. Regulatory and Compliance Risks: Binah Capital operates with a business model that relies on independent financial advisors, which introduces challenges in maintaining compliance and managing decentralized operations. There is a risk of misconduct by these independent advisors, which could result in regulatory sanctions and damage the company's reputation.
2. Market Risks: The company is exposed to market risks stemming from fluctuations in interest rates, credit spreads, and equity prices. These changes could adversely affect Binah Capital's financial results.
3. Cybersecurity and Data Privacy Risks: As a financial services firm, Binah Capital faces risks related to cybersecurity breaches and data privacy. Any unauthorized access, use, theft, or destruction of client or employee data could lead to significant legal liabilities and reputational harm for the company.

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Binah Capital Group (symbol: BCG) operates within the wealth management industry, primarily focusing on empowering independent financial advisors through a broker-dealer aggregator model. The company provides a range of financial services and products, including access to stock, bond, exchange-traded fund (ETF), and options execution services; research, compliance, supervision, and accounting services for financial advisors; mutual funds; insurance products; and alternative investments such as non-traded real estate investment trusts (REITs), unit trusts, and fixed and variable annuities. The addressable markets for these main products and services are primarily in the United States.

• Wealth Management and Financial Advisory Services: The U.S. wealth management market is projected to have Assets Under Management (AUM) of $67.75 trillion by 2024 and is expected to grow to $91.16 trillion by 2028, with an annual growth rate of 7.70% from 2024 to 2028. The financial advisory services market in the USA is estimated to reach USD 161.68 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.04%. The North America financial advisory market is valued at USD 58.65 billion in 2025 and is projected to reach USD 77.27 billion by 2030, reflecting a 5.67% CAGR. As of 2024, more than 134,000 registered advisors in the United States catered to client portfolios valued over $110 trillion in financial assets. The financial advisor industry's current value in 2025 stands at $218.96 billion and is expected to reach $273.67 billion by 2029, growing at a CAGR of 5.7%.
• Mutual Funds: The U.S. mutual fund market commands assets of USD 30.09 trillion in 2025 and is forecasted to reach USD 39.22 trillion by 2030, expanding at a 5.44% CAGR. Another estimate values the United States Mutual Funds Market at USD 34.58 trillion in 2024, with a projection to reach USD 43.25 trillion by 2030, rising at a CAGR of 3.80%. At the end of 2023, open-end mutual fund assets in the United States were $38.8 trillion.
• Insurance Products: The U.S. Insurance Market size was valued at USD 1.48 trillion in 2023 and is predicted to reach USD 2.39 trillion by 2030, with a CAGR of 6.6% from 2024 to 2030. The United States life and non-life insurance market size reached USD 3.239 trillion in 2025 and is forecast to touch USD 3.851 trillion by 2030 at a 3.52% CAGR.
• Alternative Investments: The global alternative investment market was valued at USD 1554.0 billion in 2024 and is projected to surpass USD 2759.4 billion by 2030, with a CAGR of 10.0% during 2025-2030. North America remains the largest region in this market. The global alternative investment funds (AIFs) market was valued at $12.8 trillion in 2023 and is projected to reach $25.8 trillion by 2032, growing at a CAGR of 7.9% from 2024 to 2032. North America was the largest regional market for AIFs in 2023.
• Broker-Dealer Services: In the United States, as of 2024, there were approximately 3,340 broker-dealers with total assets of approximately $6.4 trillion. The United States Securities Brokerage Market was valued at USD 201.07 billion in 2024 and is expected to reach USD 252.58 billion by 2030, rising at a CAGR of 3.93%.

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Binah Capital (BCG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Assets Under Management (AUM): A primary driver for wealth management firms, Binah Capital has demonstrated consistent AUM expansion. The company reported an 11% year-over-year growth in Assets Under Management, reaching $28 billion in Q2 2025. Similarly, Q1 2025 saw a 3% year-over-year increase in AUM to $26 billion. Continued growth in AUM directly translates to increased advisory and management fees, bolstering revenue.
2. Expansion of Advisor Network through Acquisitions and Recruitment: Binah Capital is actively expanding its network of independent financial advisors. A significant initiative was welcoming the Bleakley Financial Group to its platform, underscoring the strength and appeal of its model to leading entrepreneurial firms. The appointment of a Chief Business Development and Engagement Officer also signals a focused effort on attracting new advisors, which in turn brings in additional client assets and revenue.
3. Leveraging its Differentiated Advisor-Centric Platform: The company emphasizes its "resilient and differentiated platform" and "open-architecture platform" as key to attracting and retaining financial advisors. This unique value proposition allows advisors to choose from hybrid, independent, and W2 operating models, fostering a supportive environment that can attract more advisors and their client bases, thereby increasing overall revenue.
4. Improved Revenue Capture Efficiency from Managed Assets: Binah Capital has shown an ability to generate more revenue per dollar of AUM. In Q1 2025, total revenue grew by 18% year-over-year, significantly outpacing the 3% growth in Assets Under Management. This indicates an improved efficiency in monetizing assets, potentially through optimized fee structures, a favorable mix of services, or higher-value product offerings.

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Share Issuance

• Binah Capital Group went public with an Initial Public Offering (IPO) on February 17, 2021.
• On March 15, 2024, Binah Capital Group issued 1,500,000 shares of Series A Redeemable Convertible Preferred Stock in a private placement, raising up to $14,400,000.
• As of August 14, 2024, there were 16,602,460 shares of common stock issued and outstanding.

Inbound Investments

• A significant inbound investment occurred on March 15, 2024, when an investor purchased up to $14,400,000 of Series A Redeemable Convertible Preferred Stock in a private placement.

Outbound Investments

• Binah Capital Group's core strategy involves acquiring and managing businesses within the wealth management industry.
• Subsequent to the first quarter of 2025, Binah Capital Group welcomed Bleakley Financial Group, indicating an acquisition.
• The company's financial reporting in 2024 included "higher business combination and refinancing costs," suggesting active engagement in acquisitions.

Capital Expenditures

• The company's "Property, Plant, And Equipment" balance sheet item showed values of $0.60 million for December 31, 2024, $0.97 million for December 31, 2023, and $1.46 million for December 31, 2022.
• Binah Capital Group utilizes a hybrid business model that aims to reduce capital expenditures typically required for opening company-owned offices.