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B. Riley Wealth Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

B. Riley Wealth Management, Inc. is a Memphis, Tennessee-based financial advisor firm with billions in client assets under management (AUM). The firm employs a large team of financial advisors who work in a variety of locations around the U.S. The firm provides financial planning, consulting and asset management services to its client base, which is comprised primarily of individuals.

B. Riley is a fee-based firm. That means certain members of its advisory staff can sell insurance and securities products on a commission basis. They receive such commissions in addition to the advisory fees paid by clients. That's different from a fee-only firm, which only receives advisory fees and does not earn third-party forms of compensation.

B. Riley Wealth Management Background

B. Riley Wealth Management was founded in 1996 as Wunderlich Securities, Inc. At that time, the firm was only an investment company, as it wasn't until 2001 that it began offering investment advisory services. The firm is led by co-CEOs and co-founders Bryant Riley and Tom Kelleher. The firm is owned by B. Riley Wealth Management Holdings, Inc., which is a wholly-owned subsidiary of B. Riley Financial, Inc.

The firm has offices in 19 different states. Among the financial advisors employed by the firm, there are several financial certifications, including certified financial planner (CFP), accredited investment fiduciary (AIF) and more.

B. Riley Wealth Management Client Types and Minimum Account Sizes

B. Riley Wealth Management provides financial services to a wide range of clients. Most of them are non-high-net-worth individuals, but the firm also works with high-net-worth individuals, retirement plans, charitable organizations, government entities, other investment advisors and corporations. It also offers services to wrap fee programs, trusts and estates.

This firm's minimum account sizes vary by program:

  • WAM Asset Management Program (WAM): $50,000
  • Accounts with a sub-advisor: $25,000 - $100,000
  • Wunderlich Investment Solutions Discretionary Management (WISDM)
    • Mutual fund portfolios: $15,000
    • Exchange-traded fund (ETF) portfolios: $25,000

Services Offered by B. Riley Wealth Management

B. Riley Wealth Management provides a wide variety of financial planning, consulting and investment management services to its clients. While financial planning services are typically designed to help clients with their overall financial goals, such services typically include one of more of the following:

  • Budgeting
  • Estate planning
  • Income tax and spending analysis
  • Cash needs at death
  • Income needs of surviving dependents
  • Retirement strategies
  • Analysis of investment alternatives

Financial consulting services are more directed at single issues that clients are interested in receiving help with. This service does not involve a written report and is much narrower in scope than the general financial planning offering. Asset and investment management services provided by the firm are tailored to the individual objectives of each client.

The firm works with clients to construct portfolios and may use a wide range of different investments. The firm has both non-wrap and wrap fee programs available. The firm also has a number of model portfolios and portfolio programs that it may employ to help you develop an optimal portfolio:

  • WSI Wrap Plan
  • Wunderlich Asset Management Program (WAM)
  • Wunderlich Investment Solutions Discretionary Management (WISDM)

B. Riley Wealth Management Investing Philosophy

B. Riley Wealth Management's investment philosophy is centered around helping clients craft portfolios that align with their investment objectives, time horizon, risk tolerance and other important factors. Advisors provide advice on a wide range of securities, including:

  • Foreign and domestic stocks
  • Corporate and government bonds
  • Certificates of deposit (CDs)
  • Money market funds
  • Mutual funds
  • ETFs
  • Closed-end funds
  • Limited partnerships
  • Variable life and variable annuities
  • Options

To help inform investment decisions, the firm and its advisors rely upon a wide range of information sources that are both publically and privately available. The firm makes it clear that it does not adhere to a single investment strategy when working with portfolios. The only goal is to help them achieve their ultimate financial goals, and advisors employ any strategy they see fit to make that happen. Some strategies this firm's advisors typically engage in include long- and short-term purchases, day-trading, short selling, margin trading and options transactions.

Fees Under B. Riley Wealth Management

Fees under B. Riley Wealth Management varies significantly depending on the type of account you're looking to open. The WAM and WSI wrap fee programs have negotiable annual fees which are capped at 2.00% of the client's AUM annually and is subject to negotiations. Blended fees can occur for accounts exceeding $500,000. All non-wrap fee programs have a maximum annual fee of 3.00%.

What to Watch Out For

B. Riley Wealth Management has several disclosures on its Form ADV. As a result of some of these, the firm has paid fines and submitted to censures, disgorgements and restitution. These disclosures mostly relate to the firm itself, though some are also attributed to advisory affiliates of B. Riley.

Certain B. Riley Wealth Management employees receive commissions from the sale of specific insurance products and securities to clients. This is a potential conflict of interest, as advisors may have an incentive to recommend certain transactions that earn them commissions. That said, the firm is a fiduciary, meaning that it is legally bound to act in the best interests of clients.

Opening an Account With B. Riley Wealth Management

For those interested in opening an account with B. Riley Wealth Management, you can visit the firm's website and submit a contact form. Alternately, you can call the firm's headquarters at (901) 251-1330. On its website, you can find contact information for locations other than its main office.

All information is accurate as of the writing of this article.

Tips for Retirement Planning

  • Putting together a retirement income plan on your own can get complicated, which is why many people choose to work with a financial advisor. Finding the right financial advisor for you doesn’t have to be hard. SmartAsset's free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Don’t forget to take Social Security payments into account as you consider what kind of income you’ll need in retirement. If you don’t know what you’re in line to receive, check out SmartAsset’s Social Security calculator.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research