Kingswood Acquisition Corp. (“KWAC”), a special purpose acquisition company (SPAC), has merged with broker-dealer aggregator Wentworth Management Services LLC (“Wentworth”) to create Binah Capital Group – an independent wealth management enterprise with $23 billion in AUM and approximately 1,900 employees. KWAC and Wentworth are wholly owned subsidiaries of Binah Capital Group, Inc., which will be listed on the NASDAQ Global Market, trading under the ticker NASDAQ: BCG.
Former Wentworth president, Craig Gould, has been appointed CEO of Binah. The firm’s executive management team, comprised of former Wentworth leaders, will report to Gould and to David Shane, Binah’s new CFO.
“Going forward, the seasoned leadership team of Wentworth will continue to pursue our mission of building a best-in-class broker-dealer platform that provides financial advisors across the country with the tools, resources and support they need to reach new levels of growth and success,” according to Gould.
Wentworth’s four broker-dealers, which encompass 535 offices nationwide, will continue to operate under their existing brands and management. The firms offer affiliation options that include a hybrid open architecture platform, independent registered status and a W2 advisor model.
According to a recent statement, Binah expects its new corporate structure will offer access to capital to fund growth initiatives and operational enhancements and engage in strategic and opportunistic M&A activity.
Future Tech Investments
The company will utilize its new access to public capital to fund operational improvements, including ensuring the firm’s financial advisors have access to best-in-class technology, Gould told Digital Wealth News.
“We will continue to review how to leverage best-in-class technology to drive greater efficiencies, engagement and growth for our affiliated advisors,” he said. “Our approach to technology is straightforward: We will identify and implement the most innovative solutions available in the marketplace to ensure our financial advisors have the resources they need to deliver better service to their clients and build their practices.”
Gould and Binah are taking a wait and see approach to artificial intelligence in the industry but are excited at the prospects of what AI can do to enhance efficiency.
“As we look at tools that can improve our operations, we are also soliciting feedback from advisors to see what AI-enabled solutions they believe will enhance their abilities to serve their clients,” Gould added. “Regulatory considerations must also be considered before going too far down the road and making a major investment in this space.”
