B. Riley Financial, Inc., a Los Angeles-based diversified financial services firm, has agreed to acquire the remaining 55% of New York-based National Holdings Corp., an investment banking and asset management firm, that it didn’t own already.
National’s largest subsidiary, National Securities, founded in 1947, operates primarily through independent registered representatives. National had 733 registered representatives managing $18.9 billion in client assets. It reported revenues of $229.9 million for its fiscal 2020, ending September 30, 2020.
In 2018, B. Riley Financial announced it was purchasing a stake of about 49% in National Holdings from Fortress Biotech Inc., which had acquired a 56% stake in the brokerage in 2016.
B. Riley Wealth Management includes over 170 registered representatives managing over $10 billion in client assets. In a release, the company said that combining with National’s network of registered representatives provides additional retail distribution opportunities for its B. Riley Securities affiliate, an investment bank serving small- and mid-cap companies. Other subsidiaries include B. Riley Advisory Services, formerly known as GlassRatner and Great American Appraisal, and B. Riley Retail Solutions, formerly known as Great American Group.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
