Royal Bank of Canada's planned acquisition of HSBC Holdings' Canadian unit would expand its lead in the country's heavily concentrated financial market, strengthening its dealings with companies and wealthy individuals, while potentially drawing scrutiny from regulators.

Choreo's agreement to buy the wealth management arm of a major accounting firm reflects how CPAs and other tax pros have emerged as a key focus area.

For several years after the breakdown of a deal to sell a practice for $3.6 million, the parties have been accusing each other of violating the terms.

The deal valued at $140 million plus earnout payments will enable the No. 1 IBD to tap into an OSJ's growth while remaining its brokerage, custodian and RIA.

While most midsize firms are folding into the largest players, the company could take an alternate path if it builds on its record recruiting.

The RIA aggregator tacked on an additional $21 million in annual revenue through just two of the transactions.

After its spinoff from giant accounting firm RSM, the newly standalone firm struck an agreement to add on to its existing base of $13.5 billion in client assets.

The announcement, higher wealth profits due to rising interest rates and record recruited client assets ushered the tax-focused firm into its latest phase of change.

The new firm joins a movement that also drew a growth capital investment of $200 million into burgeoning RIA aggregator Sequoia.

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