B. Riley Financial Inc. announced Tuesday that its subsidiary, stock brokerage and investment advisory Wunderlich Securities Inc., will change its name to B. Riley Wealth Management Inc.
Wunderlich is expected to be fully rebranded with the new name by later this year.
The Woodland Hills financial services company acquired Memphis-based Wunderlich last year, adding more than 180 financial advisors and around $8 billion in assets.
“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,” Chief Executive Bryant Riley said 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.”
Wunderlich will be combined with another B. Riley subsidiary, MK Capital Advisors, to form B. Riley Wealth Management. MK Capital will continue to operate as a registered investment advisor within the new entity.
Shares of B. Riley (RILY) fell 35 cents, or 1.6 percent, on Wednesday to close at $21.55 on the Nasdaq.