B. Riley Financial said that its wealth management business and broker-dealer will no longer use the Wunderlich Securities name. The subsidiary will be referred to as B. Riley Wealth Management by year-end.
In July 2017, Los Angeles-based B. Riley bought Wunderlich to grow its institutional client base, research coverage and proprietary trading capabilities, as well as to boost its wealth management business by adding some 180 financial advisors and nearly $8.7 billion in assets under administration.
“Since the acquisition last year, Wunderlich has not only expanded and strengthened our platform in various areas, but has also positioned our firm to hold one of the most comprehensive wealth management platforms in the industry,” said Bryant Riley, chairman and CEO of B. Riley Financial, in a statement. “Through this effort, we aim to strengthen the firm’s position in the external marketplace as we continue to grow and evolve in new and existing markets.”
Founded in Memphis, Tennessee in 1992, according to FINRA BrokerCheck, Wunderlich has branch locations nationwide in cities like New York, Los Angeles, Chicago, Dallas, Houston and Nashville.