Consolidation among smaller and mid-sized firms has become a fact of life in our industry, and acquisitions are a staple of media coverage. What has received less attention has been the number of transactions in which the smaller firm seeks out a deal specifically to get out of the broker-dealer business and become an independent branch of the acquiring firm.

Increasingly, smaller firms are taking a closer look at the elements of the business they originally found so energizing and re-thinking whether the independence that comes with running their own broker-dealer really serves their interests in this new, more stringent regulatory environment.

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