Boutique IB -> Not Registered as a Broker-Dealer

Basically what the title says… should a sell-side M&A advisor be registered as a broker-dealer? I was reached out to by a third-party recruiter, and I was able to figure out the name of the company. From what I can see they also use a lot of student interns as well. Should I be sketched out? Apparently deal flow is good.

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