US-based Finalis, a broker-dealer platform for independent investment bankers and dealmakers, has appointed Steven Price as Chief Compliance Officer, the firm said.

As FINRA's Head of Market Investigations (2023-2026), Price directed the teams responsible for investigating potential misconduct across US securities markets.

He also led the build of FINRA's first AI-driven investigative tool in 2022.

Finalis offers independent bankers, placement agents and boutique investment firms something that AI cannot: a registered broker-dealer providing compliance oversight, deal-flow technology and workflow infrastructure so independents can operate and scale.

Since its launch in 2020, Finalis has grown to support 924 dealmakers globally who have collectively closed USD 33.8bn in transactions.

By number of closed transactions in Q1 2026, Finalis's member firms collectively would rank among the 10 largest investment banks in the US

The combination of technology-driven infrastructure and proven regulatory leadership positions Finalis as core infrastructure for independent dealmakers, who need institutional-grade compliance to succeed in the competitive M&A universe.

As a technology-focused regulator, Price built and led FINRA's AI-enabled investigations infrastructure while developing deep, practical knowledge of how evolving rules apply to tech-driven business models.

The growing shift toward independent dealmakers, accelerated by AI adoption, shows up in three places: fees, coverage and infrastructure.

Fees. The share of US M&A advisory fees earned by elite independent firms nearly doubled in six years, from under 15% in 2018 to more than 27% in 2024, per Dealogic data compiled by the Wall Street Journal.

The trend hasn't slowed: independents' fee growth continues to outpace the overall advisory market through the first half of 2026, meaning share is still shifting toward independents (ION Analytics/Dealogic, 1H 2026 revenue report).

Coverage. Bulge-bracket banks have largely exited the lower middle market but transactions of USD 50m or less still make up more than 40% of all M&A transactions by deal count (SRS Acquiom, lower-middle-market deal study).

These deals are increasingly advised by independents and that's where Finalis operates. The average transaction on the Finalis platform is roughly USD46 m, squarely within this segment.

New broker-dealer formation has slowed sharply: FINRA-registered broker-dealers fell to 3,184 at the end of 2025, with 163 exits against just 98 new entrants (FINRA 2026 Industry Snapshot, via InvestmentNews). Independents face a shrinking set of regulated homes just as demand for independence grows.

A small shop can now produce institutional-grade work product with AI, but AI can't hold a securities license or run required regulatory supervision. Finalis provides that regulatory layer.

Finalis is a FINRA-registered broker-dealer providing independent bankers, placement agents, and boutique investment firms the compliance, infrastructure and workflow technology needed to operate and grow.