Finalis Names Former FINRA Investigations Chief Steven Price CCO as AI Accelerates Investment Banking Shift to Independent Dealmakers
Tech-driven broker-dealer for dealmakers taps top regulator to scale
compliance infrastructure; led build of FINRA AI investigative tool
SAN FRANCISCO, Aug. 13, 2026 /PRNewswire/ -- Finalis, a leading technology-driven broker-dealer platform for independent investment bankers and dealmakers, today announced the appointment of Steven Price as Chief Compliance Officer, underscoring its regulatory commitment amid the growing trend toward independent operators, accelerated by AI adoption.
As FINRA's Head of Market Investigations (2023-2026), Price directed the teams responsible for investigating potential misconduct across U.S. securities markets. He also led the build of FINRA's first AI-driven investigative tool in 2022.
WHAT IS FINALIS?
- 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 $33.8 billion 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 U.S.
WHY DOES HIRING STEVEN PRICE MATTER?
- 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.
QUOTES:
FEDERICO BARADELLO, FINALIS FOUNDER AND CEO:
"Steve's knowledge and experience further position Finalis as the long-term home for sophisticated dealmakers who want modern technology without sacrificing the regulatory rigor of a traditional firm. His arrival dovetails with the shift from traditional banks to specialized boutiques that rely on shared compliance infrastructure. He'll lead the next phase of our supervisory systems as we scale."
STEVE PRICE, FINALIS CHIEF COMPLIANCE OFFICER:
"I see Finalis as a technology-driven organization that thinks creatively about the intersection of business innovation and technology-assisted oversight. Our ambition is to build the most trusted compliance infrastructure in private markets. I'm looking forward to helping Finalis build tools that allow investment bankers to thrive while we provide a scalable regulatory infrastructure."
ROMY SETH, FOUNDER & MANAGING DIRECTOR, TUNGSTEN ADVISORS, A MEMBER FIRM ON THE FINALIS PLATFORM:
"Finalis is an essential partner for us, enabling us to focus on deal execution while knowing we have institutional-grade compliance: the license and the supervision, managed by Finalis. That infrastructure is critical in helping a firm of our size win mandates against much larger banks. Steve's hire tells me Finalis is investing in exactly the layer we depend on."
HOW IS INVESTMENT BANKING CHANGING?
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 $50 million 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 $46 million, squarely within this segment.
- Infrastructure.
- 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. Finalis fills that gap.
- 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.
ABOUT STEVEN PRICE
- Served as FINRA's inaugural leader of its National Cause Program (2020-2023), integrating multiple investigative units into a unified national platform.
- Held leadership roles at SS&C/ALPS for 12 years (2008-2020), including five years as Chief Compliance Officer.
- Began his markets career as an options market maker at the Chicago Board Options Exchange from 1996-2002, having started his career as a litigator.
ABOUT FINALIS
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.
Through the Finalis platform, members gain regulatory affiliation, streamlined deal execution support and access to a curated network of investors and deal flow opportunities.
Built to modernize private capital markets, Finalis helps dealmakers work more efficiently, scale with confidence, and meet their regulatory obligations. For more information, visit www.finalis.com.
FINALIS MEDIA CONTACT
Tanner Lindsey
Director of Revenue Operations
View original content to download multimedia:https://www.prnewswire.com/news-releases/finalis-names-former-finra-investigations-chief-steven-price-cco-as-ai-accelerates-investment-banking-shift-to-independent-dealmakers-302850304.html
SOURCE Finalis
