Level Four Financial sees its parent accounting company and flexibility as disruptive forces for a midsize firm in a field dominated by giants.

Thomas Pacilio admitted that he hid more than $1 million in proceeds over four years from the sale of his practice to RSM Wealth.

In a transaction highlighting complex dealmaking at the start of 2023, Parallel Advisors acquired a firm then added a capital partner.

A new entity called Binah Capital is expected to be listed on the NYSE in the second quarter, despite headwinds for stocks and the waning use of SPACs.

The recruiting and M&A transactions bring another record year to the finish line ahead of an expected slowdown in 2023.

Advisor Group surpassed LPL at the top of the list, but consolidation, complexity and change remained the key themes in a highly competitive channel in 2022.

The business being sold to Madison Dearborn Partners provides trustee and administrative services to asset managers and retirement plans.

Under the deal, Dynasty also swapped equity in itself for shares in some of its "network" RIAs.

The bank is moving away from direct wealth management services in order to tap into an unmet need for many independent financial advisors, its CEO said.

The deal follows at least 14 transactions made by the consolidator this year. Other firms are expanding by forgoing M&A in favor of just recruiting financial advisors.