Account Protection Provided Through First Clearing‡
First Clearing provides a high level of safety for B. Riley Wealth Wealth Management accounts due to the way they conduct business and the safeguards and regulations in place for the financial services industry. These safeguards were primarily developed to protect consumers and thus ensure public confidence in the financial system and maintain stability in the financial industry.
First Clearing is a member of the Securities Investor Protection Corporation and, in addition, provides clients with excess coverage that goes above and beyond the standard SIPC maximums. Certain accounts enrolled in the FDIC Bank Deposit Sweep Program also qualify for FDIC insurance. These protection programs are described in detail below:
|SIPC Coverage*||Excess SIPC*||FDIC Deposit Insurance|
|Protection Program||SIPC protects client assets in the event of a member firm’s insolvency or bankruptcy.||Excess SIPC coverage is additional protection activated in the event client losses exceed the SIPC maximums.||The Bank Deposit Sweep Program automatically sweeps uninvested cash (principal and interest) in each eligible account to one or more Program Banks.|
|Covered Investments||Registered securities and cash||Registered securities and cash||Bank deposits held at FDIC-insured institutions†|
|Available Coverage||Protects registered securities held in a brokerage account up to a maximum of $500,000 including up to $250,000 for cash.||For clients who have received the full SIPC payout limit, excess SIPC coverage provides up to a clearing-firm aggregate limit of $1 billion (including up to $1.9 million for cash per client) for any missing securities and cash in client brokerage accounts.||Insured for at least $1.25 million when deposits are made at all five banks in the program. Coverage of at least $250,000 in each account ownership category at each bank. Up to $2.5 million total coverage in the case of two owners on joint accounts.†|
|Provider||Securities Investor Protection Corporation, a nonprofit membership corporation established by Congress in 1970.||London Underwriters (led by Lloyd’s of London Syndicates, the world’s specialist insurance market).||Federal Deposit Insurance Corporation (FDIC), an independent agency of the federal government created in 1933.|
Online Access to your B. Riley Wealth Management Accounts
Your B. Riley Wealth Management Advantage account is fully-featured with helpful tools that make it easy to keep track of your holdings, pay bills online and manage your financial affairs through a secure online portal. Learn more about the features of our online access service by taking a tour of the site.
To register for Access Online, as well as paperless delivery of statements and confirms, take the Account Log In link found at the top of every page on the B. Riley Wealth Management website, select the Sign Up option, and follow the instructions provided there to enroll. You may also wish to review these step-by-step instructions of the registration process before starting.
Should you have questions or experience technical issues, contact the Access Online dedicated support desk at 1-877-488-3748.
Set up Automatic Deposits to Your B. Riley Wealth Management Account
Review instructions for setting up direct deposit of payroll or Government payments to your B. Riley Wealth Management account, or to arrange for automatic withdrawals from your account for recurring payments click here.
Understand your Options for Retirement Plan Distributions
If you will be taking a distribution from a company retirement plan such as a 401k plan, perhaps due to an upcoming career change or pending retirement, you will be faced with important decisions about your retirement savings. Be sure to carefully weigh both the immediate and longer term impacts of each option before determining which is most appropriate for you. Know that what you choose to do with your current retirement savings can have a substantial impact on your future. Click here to learn more.
B. Riley Wealth Management Account Services Fee Schedule
B. Riley Wealth Management brokerage accounts are assessed an annual fee that varies based upon the account type. Additional fees apply to certain services which you may request from time to time. Review the full fee schedule here.
*SIPC and the additional protection from London Underwriters do not protect against losses from the failure of a security, nor do they insure the quality of investments, or protect against losses from fluctuating market value. Note that SIPC coverage is not the same as, nor is it a substitute for, FDIC deposit insurance; however cash in some account types may be covered by FDIC insurance and not by SIPC coverage. All coverage is subject to the specific policy terms and conditions. First Clearing’s SIPC and additional coverages only apply in the event of First Clearing’s insolvency, and do not apply in the event of B. Riley Wealth Management’s insolvency.
†The Expanded Bank Deposit Sweep consists of interest-bearing deposits at up to five banks including affiliated and unaffiliated banks. The rate of return for each sweep option shown will vary over time and may be lower than rates available to clients making deposits directly with Affiliated Banks, or other banks, or available by investing directly in other money market funds not offered through the sweep program. The rate will be tiered based upon account type and the overall household value of your account(s). For further information, please see Cash Sweep Program Disclosures at the following website address: https://www.wellsfargoclearingservicesllc.com/disclosures/cash-sweep-program.htm
‡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.