B. Riley Financial Inc., which acquired Wunderlich Securities Inc. in 2017, announced on Tuesday that Wunderlich will now go by the moniker of B. Riley Wealth Management Inc.
Based in Los Angeles, B. Riley Financial provides business and advisory services through its five wholly owned subsidiaries.
As part of the renaming, Wunderlich is being folded into B. Riley’s existing wealth management unit that was created in 2015 after it bought MK Capital Advisors, a New York City-based RIA that services ultra-high-net-worth clients. Together, the firms formerly known as Wunderlich and MK Capital comprise B. Riley Wealth Management. The full transition of Wunderlich into B. Riley Wealth Management is expected to be completed later this year.
The Wunderlich acquisition last summer brought on board Wunderlich’s 180-plus financial advisors with roughly $8 billion in assets under administration and 37,000 active wealth management accounts. In addition, B. Riley says the purchase bolstered its small-cap investment banking and brokerage platform and broadened its distribution capabilities.
Wunderlich’s chief executive officer, Gary Wunderlich, says the acquisition has benefited his firm’s financial advisors and clients because they can now access proprietary research and investment products via B. Riley’s affiliated firms.