At least two dozen B. Riley Financial brokers, almost half the roster at its wealth’s branch office in Boca Raton, Florida, moved this week to Kestra Advisory Services, David Voreacos of Bloomberg reports, citing records from the Financial Industry Regulatory Authority. The exits plus a spate of other departures in recent weeks would represent about 8% of B. Riley’s brokerage force at the end of last year, according to Bloomberg. The recent departures could complicate B. Riley’s efforts to attract buyers for the wealth unit as it seeks to cope with a $2B debt load, write-offs of investments and an SEC investigation into its business, Voreacos adds.
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