Regulatory and Legal Disclosures; Notices to Investors
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Review B. Riley Wealth Management’s Privacy Notice to Clients.
SIPC Account Protection
B. Riley Wealth Management, Inc. has selected First Clearing‡ to hold client brokerage account assets. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. First Clearing is a leading provider of clearing and custody services to financial institutions. First Clearing’s services include transaction execution, operational support, and the production of account statements and tax reporting documents.
B. Riley Wealth Management, Inc. and First Clearing are members of the Securities Investor Protection Corporation (SIPC), a nonprofit, congressionally chartered, membership corporation created in 1970. SIPC protects clients against the custodial risk of a member brokerage firm becoming insolvent by replacing missing securities and cash up to $500,000, including up to $250,000 in cash, per client, in accordance with SIPC rules. (Note that SIPC coverage is not the same as, nor is it a substitute for, FDIC deposit insurance. Securities purchased through our brokerage firm are not FDIC-insured; however cash in some account types may be covered by FDIC insurance and not by SIPC coverage.) For more information about SIPC, please visit www.sipc.org. You may visit www.fdic.gov for additional FDIC insurance information.
Above and beyond SIPC coverage, First Clearing maintains additional insurance coverage provided through London Underwriters (led by Lloyd’s of London Syndicates, the world’s specialist insurance market). For clients who have received the full SIPC payout limit, First Clearing’s policy with London Underwriters provides additional coverage above the SIPC limits for any missing securities and cash in client brokerage accounts up to a clearing-firm aggregate limit of $1 billion (including up to $1.9 million for cash per client). SIPC and the additional protection from London Underwriters do not protect against losses from the failure of a security, insure the quality of investments or protect against losses from fluctuating market value. All coverage is subject to the specific policy terms and conditions.
Social Media Disclaimers
B. Riley Wealth Management financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local B. Riley Wealth Management office for information and availability.
Social media networks are independent organizations and are not affiliated with B. Riley Wealth Management.
Any links to third-party websites or content are provided for information purposes only. B. Riley Wealth Management does not endorse, authorize or sponsor the content or its respective sponsors. B. Riley Wealth Management is not responsible for the content of the website or the collection or use of information regarding the website’s users and/or members.
For Twitter Retweets and Facebook or LinkedIn Shares: Views expressed in these posts are the current opinion of the author, but not necessarily those of B. Riley Wealth Management or your financial advisor. The author’s opinions are subject to change without notice. The information shared was received from sources believed to be reliable, but accuracy is not guaranteed.
Our financial advisors may also be involved in other business entities, including their own registered investment advisor firms and/or independent insurance relationships, unrelated to their association with B. Riley Wealth Management. These entities are completely independent of B. Riley Wealth Management. Brokerage and investment advisory services are offered through B. Riley Wealth Management, Inc.
Cash Sweep Program
The Federal Deposit Insurance Corporation (FDIC) insurance coverage in our Bank Deposit Sweep utilizes four Wells Fargo & Company banks (“Program Banks”). If the Bank Deposit Sweep is the cash sweep vehicle for your brokerage account, uninvested cash balances in your account are automatically deposited into the Bank Deposit Sweep. To view the Cash Sweep Program Disclosure Statement visit: https://www.wellsfargoclearingservicesllc.com/index.htm.
Third Party Research Disclosure
B. Riley Wealth Management, Inc. (“BRWM” or the “Firm”) is a wholly owned subsidiary of B. Riley Financial. B. Riley FBR, Inc. is also a subsidiary of B. Riley Financial and an affiliate of BRWM. Through its affiliation as part of the B. Riley Financial family of companies, BRWM has made arrangements to receive and distribute research reports prepared by B Riley FBR, Inc. BRWM is pleased to provide you with the attached third-party research report, which has been prepared by an affiliated company. Important information about the report and its preparation is provided at the end of the report, or in an appendix to the report, including information relating to activities involving, or relationships between, the company(ies) covered in the report and the affiliate preparing the report, as well as BRWM and other B. Riley Financial affiliates. You should read that information carefully. The report reflects the personal views of the analyst(s) preparing the report as of the time it was prepared. The Firm believes the report is objective and reliable, and is based on data from sources the author(s) of the report believe to be reliable. We note, however, that the report is not guaranteed as to accuracy and does not purport to be complete.
For important disclosures related to the relationship between BRWM and certain companies that are subject to these third-party research reports please click this link: http://www.brileywealth.com/legal-disclosures/third-party-research/
For up-to-date B. Riley FBR, Inc. covered company disclosures, please click on the following link or paste the URL in a web browser: http://brileyfbr.com/disclosures/.
Margin Disclosure Statement
B. Riley Wealth Management, Inc. (“BRWM”) is furnishing this information to you to provide some basic facts about purchasing securities on margin, and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review the margin agreement provided by BRWM. Please contact your broker regarding any questions or concerns you may have with your margin account(s).
When you purchase securities through BRWM, you may pay for the securities in full or you may borrow part of the purchase price from BRWM’s clearing firm, First Clearing‡. If you choose to borrow funds, you will need to open a margin account with BRWM. The securities purchased are First Clearing’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan. And, as a result, First Clearing or BRWM can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account.
It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:
You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to First Clearing, the firm that has made the loan, to avoid the forced sale of those securities or other securities or assets in your accounts).
First Clearing or BRWM can force the sale of securities or other assets in your account(s). If the equity in your account falls below the maintenance margin requirements or First Clearing’s higher “house” requirements, First Clearing can sell the securities or other assets in any of your accounts held at the firm to cover the margin deficiency. You also will be responsible for any shortfall in the account after such a sale.
First Clearing or BRWM can sell your securities or other assets without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the brokerage firm cannot liquidate securities or other assets in their accounts to meet the call unless the brokerage firm has contacted them first. This is not the case. Most firms will attempt to notify their customers of margin calls, but they are not required to do so. However, even if a firm has contacted a customer and provided a specific date by which the customer can meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to you.
You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, First Clearing or BRWM has the right to decide which security to sell in order to protect its interests.
First Clearing or BRWM can increase its “house” maintenance margin requirements at any time and is not required to provide you advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause First Clearing or BRWM to liquidate or sell securities in your account(s).
You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available to customers under certain conditions, a customer does not have a right to the extension.
Securities in your margin account may be loaned to or by First Clearing. To the extent First Clearing determines, in accordance with Federal tax regulations, that your securities have been loaned, payments received by you with respect to such securities (including payments in lieu of dividends) may be reclassified as substitute payments. Substitute payments may be reported on different tax reporting forms than payments received on the underlying securities and may be subject to different tax consequences and rates. You are advised to contact your tax advisor to discuss the tax treatment of substitute payments.
Mutual Fund Breakpoint Disclosure Statement
Before investing in mutual funds, it is important that you understand the sales charges, expenses, and management fees that you will be charged, as well as the breakpoint discounts to which you may be entitled. Understanding these charges and breakpoint discounts will assist you in identifying the best investment for your particular needs and may help you reduce the cost of your investment. This disclosure will give you general background information about these charges and discounts. However, sales charges, expenses, management fees, and breakpoint discounts vary from mutual fund to mutual fund. Therefore, you should discuss these issues with your financial advisor and review each mutual fund’s prospectus and statement of additional information, which are available from your financial advisor, to get the specific information regarding the charges and breakpoint discounts associated with a particular mutual fund.
Investors that purchase mutual funds must make certain choices, including which funds to purchase and which class share is most advantageous. Each mutual fund has a specified investment strategy. You need to consider whether the mutual fund’s investment strategy is compatible with your investment objectives. Additionally, most mutual funds offer different share classes. Although each share class represents a similar interest in the mutual fund’s portfolio, the mutual fund will charge you different fees and expenses depending upon your choice of share class. As a general rule, Class A shares carry a “front-end” sales charge or “load” that is deducted from your investment at the time you buy fund shares. This sales charge is a percentage of your total purchase. As explained below, many mutual funds offer volume discounts to the front-end sales charge assessed on Class A shares at certain pre-determined levels of investment, which are called “breakpoint discounts.” In contrast, Class B and C shares usually do not carry any front-end sales charges. Instead, investors that purchase Class B or C shares pay asset-based sales charges, which may be higher than the charges associated with Class A shares. Investors that purchase Class B and C shares may also be required to pay a sales charge known as a contingent deferred sales charge when they sell their shares, depending upon the rules of the particular mutual fund.
Most mutual funds offer investors a variety of ways to qualify for breakpoint discounts on the sales charge associated with the purchase of Class A shares. In general, most mutual funds provide breakpoint discounts to investors who make large purchases at one time. The extent of the discount depends upon the size of the purchase. Generally, as the amount of the purchase increases, the percentage used to determine the sales load decreases. In fact, the entire sales charge may be waived for investors that make very large purchases of Class A shares. Mutual fund prospectuses contain tables that illustrate the available breakpoint discounts and the investment levels at which breakpoint discounts apply. Additionally, most mutual funds allow investors to qualify for breakpoint discounts based upon current holdings from prior purchases through “Rights of Accumulation,” and future purchases, based upon “Letters of Intent.” This document provides general information regarding Rights of Accumulation and Letters of Intent. However, mutual funds have different rules regarding the availability of Rights of Accumulation and Letters of Intent. Therefore, you should discuss these issues with your financial advisor and review the mutual fund prospectus to determine the specific terms upon which a mutual fund offers Rights of Accumulation or Letters of Intent.
Rights of Accumulation
Many mutual funds allow investors to count the value of previous purchases of the same fund, or another fund within the same fund family, with the value of the current purchase, to qualify for breakpoint discounts. Moreover, mutual funds allow investors to count existing holdings in multiple accounts, such as IRAs or accounts at other broker-dealers, to qualify for breakpoint discounts. Therefore, if you have accounts at other broker-dealers and wish to take advantage of the balances in these accounts to qualify for a breakpoint discount, you must advise your financial advisor about those balances. You may need to provide documentation establishing the holdings in those other accounts to your financial advisor if you wish to rely upon balances in accounts at another firm.
In addition, many mutual funds allow investors to count the value of holdings in accounts of certain related parties, such as spouses or children, to qualify for breakpoint discounts. Each mutual fund has different rules that govern when relatives may rely upon each other’s holdings to qualify for breakpoint discounts. You should consult with your financial advisor or review the mutual fund’s prospectus or statement of additional information to determine what these rules are for the fund family in which you are investing. If you wish to rely upon the holdings of related parties to qualify for a breakpoint discount, you should advise your financial advisor about these accounts. You may need to provide documentation to your financial advisor if you wish to rely upon balances in accounts at another firm.
Mutual funds also follow different rules to determine the value of existing holdings. Some funds use the current net asset value (NAV) of existing investments in determining whether an investor qualifies for a breakpoint discount. However, a small number of funds use the historical cost, which is the cost of the initial purchase, to determine eligibility for breakpoint discounts. If the mutual fund uses historical costs, you may need to provide account records, such as confirmation statements or monthly statements, to qualify for a breakpoint discount based upon previous purchases. You should consult with your financial advisor and review the mutual fund’s prospectus to determine whether the mutual fund uses either NAV or historical costs to determine breakpoint eligibility.
Letters of Intent
Most mutual funds allow investors to qualify for breakpoint discounts by signing a Letter of Intent, which commits the investor to purchasing a specified amount of Class A shares within a defined period of time, usually 13 months. For example, if an investor plans to purchase $50,000 worth of Class A shares over a period of 13 months, but each individual purchase would not qualify for a breakpoint discount, the investor could sign a Letter of Intent at the time of the first purchase and receive the breakpoint discount associated with $50,000 investments on the first and all subsequent purchases. Additionally, some funds offer retroactive Letters of Intent that allow investors to rely upon purchases in the recent past to qualify for a breakpoint discount. However, if an investor fails to invest the amount required by the Letter of Intent, the fund is entitled to retroactively deduct the correct sales charges based upon the amount that the investor actually invested. If you intend to make several purchases within a 13 month period, you should consult your financial advisor and the mutual fund prospectus to determine if it would be beneficial for you to sign a Letter of Intent.
Understanding the availability of breakpoint discounts is important because it may allow you to purchase Class A shares at a lower price. The availability of breakpoint discounts may save you money and may also affect your decision regarding the appropriate share class in which to invest. Therefore, you should discuss the availability of breakpoint discounts with your financial advisor and carefully review the mutual fund prospectus and its statement of additional information, which you can get from your financial advisor, when choosing among the share classes offered by a mutual fund. If you wish to learn more about mutual fund share classes or mutual fund breakpoints, you may wish to review the investor alerts available on the FINRA website. See www.finra.org or visit the public website of the applicable mutual fund company.
The largest source of IRA contributions comes from individuals who move their money from their employer-sponsored retirement plans such as 401(k) and 403(b) plans when they leave a job, according to the Employee Benefit Research Institute. If you are considering rolling over money from an employer plan into an IRA, please read the FINRA Investor Alert titled “10 Tips to Making a Sound Decision,” which can be found on the FINRA Investor website at http://www.finra.org/investors/alerts/ira-rollover-10-tips-making-sound-decision.
FINRA Investor Brochure
FINRA is the Financial Industry Regulatory Authority, a self-regulatory organization that oversees securities firms and stockbrokers. FINRA offers unbiased information on a full range of issues that affect your money and investments. On FINRA’s website, www.finra.org, you can find facts and tools as well as background information on both firms and brokers.
In accordance with FINRA Rule 2267, B. Riley Wealth Management, Inc. is providing the following information in the event you wish to contact FINRA. You may contact FINRA at 301-590-6500 or by mail at 1735 K Street NW, Washington, DC 20006-1500. In addition, investors may utilize the BrokerCheck hotline (800-289-9999) or the FINRA Seniors Helpline (844-574-3577). For more information on FINRA, see the document titled “Putting Investors First” at http://www.finra.org/sites/default/files/InvestorDocument/p014341.pdf.
MSRB Information for Municipal Securities Investors
To satisfy the requirements of MSRB rule G-10, you are hereby notified that B. Riley Wealth Management is registered with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board. For more information about the Municipal Securities Rulemaking Board please visit their website at www.msrb.org. Additionally, customers may access the MSRB Investor Brochure, which describes the protections that may be provided by the Municipal Securities Rulemaking Board rules and how to file a complaint with an appropriate regulatory authority, by accessing the following web page: http://msrb.org/msrb1/pdfs/MSRB-Investor-Brochure.pdf
Investors’ Guide to Mortgage Backed Securities (MBS) and Collateralized Mortgage Obligations (CMOs)
Prior to the sale of a CMO to any person other than an institutional investor, B. Riley Wealth Management offers educational material that includes a discussion of the characteristics and risks of CMOs including credit quality, prepayment rates and average lives, interest rates (including their effect on value and prepayment rates), tax considerations, minimum investments, transaction costs and liquidity. Additionally, the educational material discusses the structure of a CMO, including the various types of tranches that may be issued and the rights and risks pertaining to each (including the fact that two CMOs with the same underlying collateral may be prepaid at different rates and may have different price volatility), the relationship between mortgage loans and mortgage securities, questions an investor should ask before investing, and finally a glossary of terms related to CMOs.
You can obtain a copy of the educational material, the Investors Guide: Mortgage-Backed Securities (MBS) and Collateralized Mortgage Obligations (CMOS), from your Financial Advisor or access it online at www.investinginbonds.com or directly here: http://www.investinginbonds.com/learnmore.asp?catid=5&subcatid=23
Important Information for Clients Who Invest in Options
The Chicago Board Options Exchange regularly publishes educational materials for investors regarding options. Prior to buying or selling an option, investors must read a copy of this disclosure document. It explains the characteristics and risks of exchange traded options.
The latest “Characteristics and Risks of Standardized Options,” as well as all supplements to the original 1994 pamphlet, can be viewed at https://www.theocc.com/about/publications/character-risks.jsp or may be requested from your Financial Advisor for physical delivery.
Penny Stocks (Low-Priced Securities)
B. Riley Wealth Management is required by the U.S. Securities and Exchange Commission (“SEC”) to provide the following disclosure statement: http://www.sec.gov/investor/schedule15g.htm. It explains some of the risks of investing in penny stocks. Please read it carefully before you agree to purchase or sell a penny stock.
Callable Securities Disclosure
B. Riley Wealth Management follows the allocation procedures for callable securities established by our clearing firm, First Clearing‡. For an explanation of this allocation process, review the First Clearing Callable Securities Disclosure.
To request a written copy of the Callable Securities Disclosure, please contact your Financial Advisor.
B. Riley Wealth Management seeks to execute its customers’ orders at the most favorable terms reasonably available under prevailing market conditions. B. Riley Wealth Management is responsible for overseeing the selection of the best market for each trade and for ensuring that the customer receives the best price. Details regarding B. Riley Wealth Management routing of U.S. equity and option orders are updated quarterly and may be found below in the section entitled Routing Disclosures Made Pursuant to SEC Rule 606. B. Riley Wealth Management conducts regular reviews to ensure that clients are getting the best executions on trades.
Routing and Execution Disclosures Made Pursuant to Rule 605
Rule 605 of SEC Regulation NMS requires “market centers” to publicly disclose, on a monthly basis, certain statistical information relating to the quality of executions provided to eligible client orders. The information generally depicts how orders of various sizes are executed relative to public quotes existing at the time of order receipt, and also attempts to measure speed of execution. Effective April 18, 2018, B. Riley Wealth Management ceased acting as a market center as defined by Rule 605 of SEC Regulation NMS and no longer has a Rule 605 reporting obligation. The Rule 605 statistics for B. Riley Wealth Management prior to April 15, 2018, are available for public review:
B. Riley Wealth Management SEC Rule 605 Compliance Notice
Routing Disclosures Made Pursuant to SEC Rule 606
Rule 606 of SEC Regulation NMS requires broker-dealers receiving non-directed client orders to publicly disclose, on a quarterly basis, the top execution venues to which such orders are routed for execution. Broker-dealers also must disclose material aspects of the relationships they maintain with the identified execution venues. Effective April 18, 2018, B. Riley Wealth Management transmits all customer orders to its clearing firm, First Clearing‡. For customer orders transmitted to First Clearing, First Clearing makes the routing decisions concerning these orders without regard to the identity of the introducing broker and routes orders to selected market makers and exchanges for execution. As such, B. Riley Wealth Management has adopted by reference First Clearing’s Rule 606 disclosure report with respect to customer orders transmitted to First Clearing. B. Riley Wealth Management has reviewed First Clearing’s 606 disclosure report and believes it accurately represents, in all material respects, the order routing practices for B. Riley Wealth Management’s customer orders transmitted to First Clearing. B. Riley Wealth Management does not receive any payment for order flow from First Clearing. First Clearing’s 606 disclosure report is available for public review online here.
Prior to April 18, 2018, B. Riley Wealth Management operated internal trading desks. For customer orders transmitted to B. Riley Wealth Management’s internal trading desks, the Rule 606 disclosure data was prepared based on all qualifying routes to execution venues, including customer orders that were routed to multiple execution venues. B. Riley Wealth Management was not compensated directly for customer orders handled by its internal trading desks which were routed to market makers or exchanges. However, we may have received standard rebates for providing liquidity to certain exchanges which were credited against the fees charged by those exchanges. The Rule 606 disclosure reports for B. Riley Wealth Management’s internal trading desks are available for public review online here.
Prior to January 1, 2016, B. Riley Wealth Management prepared its Rule 606 disclosure data by consolidating the customer order flow transmitted to First Clearing and to its internal trading desks. Additionally, for orders routed to multiple execution venues, the report was prepared using a single venue, generally the venue that received the largest quantity of shares, and excluded all other venues the order was routed to. B. Riley Wealth Management did not receive any payment for order flow for customer orders prior to January 1, 2016.
Extended Hours Trading Risk Disclosure
This disclosure is provided to customers who will engage in trading outside normal market hours. Such trading involves certain risks explained below.
- Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities and, as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular market hours. As a result, your order may only be partially executed, or not at all.
- Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. As a result, your order may only be partially executed or not at all, or you may receive an inferior price in extended hours trading than you would during regular market hours.
- Risk of Changing Prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours or upon the opening of the next morning. As a result, you may receive an inferior price in extended hours trading than you would during regular market hours.
- Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.
- Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
- Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.
- Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (“IIV”). For certain Derivative Securities Products (such as exchange-traded funds, or ETFs), an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals.
Anti-Money Laundering (AML) and Customer Identification Program (CIP)
In accordance with the regulations set forth by the USA Patriot Act, the Bank Secrecy Act and the rules of the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the SEC and FINRA, B. Riley Wealth Management has in place a program to identify and report suspicious activities that could be related to money laundering or other illegal activities and to monitor and verify the identities of our customers. What this means for you: When you open an account or otherwise establish a business relationship with B. Riley Wealth Management, we may ask for your name, address, date of birth, social security number or taxpayer ID and other information that will allow us to positively identify you. We may also ask to see your driver’s license, corporate formation documents or other identifying documents as applicable.
B. Riley Wealth Management reserves the right to refuse to open any account, or to close an existing account, at any time if information requested pursuant to an AML inquiry is not provided.
Business Continuity Plan
The paragraphs below provide a general overview of the Business Continuity Plan (“BCP”) for B. Riley Wealth Management, Inc. (“B. Riley Wealth Management”). A BCP is a program designed to help ensure that we can continue to do business even if we experience an unplanned business interruption such as a loss of utility service, a building evacuation, or a catastrophic event.
B. Riley Wealth Management’s BCP addresses the action that we will take in the event a significant business disruption (“SBD”) affects a single building, a business district, a citywide area, or an entire region. We have different planned recovery times depending on the severity of the SBD. In the event of a branch outage, the telephones to the branch office experiencing the SBD will be re-routed within a few hours to the main office or another branch office facility with the ability to service the needs of the clients. In the event of a short term SBD at the main office, the telephones would be re-routed to a branch office location within several hours. In the case of a major business disruption at the main office, the firm has a plan to relocate the mission-critical employees and systems to an alternate location, which would result in a disruption of several hours to several days.
B. Riley Wealth Management’s BCP is subject to annual review and update. In addition, the firm’s regulators will periodically review the BCP for compliance. As our BCP is materially updated, the changes will be reflected here on our website. You may also contact us to request a copy of our most recent BCP by calling 1-800-726-0557 and requesting to speak with the Operations Department.
For retail accounts held at First Clearing‡:
In regard to retail client assets carried by First Clearing, we have received and reviewed First Clearing’s Business Continuity Plan. We are committed to providing continued service to our clients and, to that end, during a significant business disruption B. Riley Wealth Management, Inc. will re-establish telephone service with our clients as soon as possible. Our clients should check here on our website for our latest information.
We recognize that as a client of B. Riley Wealth Management Securities, Inc. you many need access to your account to sell a position or request a check before we re-establish telephone service with our clients. During this time First Clearing will assist you with sell/liquidation orders and provide check disbursements, if needed. If you cannot contact our firm, please call First Clearing for assistance at 877-496-3223 or visit their website at https://www.wellsfargoclearingservicesllc.com/index.htm.
Disclaimer of Warranty and Limitation of Liability
The information on this site is provided ‘AS IS’. B. Riley Wealth Management, Inc. (“B. Riley Wealth Management”) does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. This information is for informative purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any product. B. Riley Wealth Management will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this site. Although the information provided to you on this site is obtained or compiled from sources we believe to be reliable, B. Riley Wealth Management cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither B. Riley Wealth Management, nor any of its affiliates, directors, officers or employees, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of B. Riley Wealth Management or of any vendor providing software or services support. In no event will B. Riley Wealth Management, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if B. Riley Wealth Management or any other party have been advised of the possibility thereof.
Compliance Contact Information
If you have any questions or complaints regarding your account, please call 901-251-1330.
James Ritt, Chief Compliance Officer OR
Candy Palugi, Investment Advisor – Chief Compliance Officer
B. Riley Wealth Management Compliance Department
40 S. Main, Suite 1800
Memphis, TN 38103
Order Execution Disputes Must Be Submitted in Writing
Please note that reports of execution of orders shall be conclusive if you do not object to them in writing within the shorter of (i) the applicable settlement cycle of the subject transactions or (ii) three business days after such documents have been transmitted to you by mail or otherwise. Your statements of account(s) shall be conclusive if you do not object to them in writing within 10 days after transmission to you by mail or otherwise.
B. Riley Wealth Management, Inc.
Attn: Compliance Department
40 S. Main, Suite 1800
Memphis, TN 38119
‡First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.