Is a boutique agency riskier than a big one?

The risk is not size. Two of the agencies that failed recently were mid-sized. The risks that matter are who holds the money, whether the owner has a professional license and reputation to lose, whether screening is real, and whether the agency will still exist in two years. A six-person agency run by a registered nurse with a 27-year record and no debt, that has never held client funds, is a different risk profile from a large agency with investors to repay.