National Securities has filed termination request paperwork with the Financial Industry Regulatory Authority Inc. (FINRA). Since filing the paperwork, National Securities has moved its 574 advisors to B. Riley Wealth Management, resulting in various parts of the National Securities enterprise operating under the B. Riley brand.
In 2018, B. Riley announced its purchase of a significant stake in National Holdings Corp. (parent of National Securities Corp.) Two years later, B. Riley acquired the remaining shares it did not already own. According to B. Riley executives, National Securities and B. Riley used Fidelity's National Financial Services as a clearing firm, which made transferring client accounts seamless.
B. Riley Wealth primarily hires employee brokers and financial advisors, while National Securities focuses on independent contractor reps. The newly merged firm can move potential hires and recruits in either direction.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
