After 34 Years at Edward Jones, Ohio Broker Breaks to B. Riley
An Ohio broker who had spent his 34-year career with Edward Jones & Co. and was managing $250 million of customer assets moved to a newly acquired small regional firm this month, emphasizing the unusual calculus advisors are making these days with career moves.
Curtis A. Paul joined B. Riley Financial, a group of financial services businesses that include the former Wunderlich Securities, which the Los Angeles-based Riley purchased last year and renamed B. Riley Wealth Management.
Paul is the biggest of the handful of recruits B. Riley has made since the Wunderlich acquisition, firm officials said. He managed around $250 million in assets and generated around $800,000 from his book of mass affluent and high-net worth client base, according to Craig Pirtle, a managing director.
Paul will enjoy access to small-cap syndicate deals underwritten by B. Riley, according to Chuck Hastings, director of wealth management strategic initiatives. B. Riley last year purchased FBR & Co., a Virginia-based investment bank formerly known as Friedman Billings & Ramsey that specializes in thrifts and real estate investment trusts.
B. Riley revamped its compensation plan for brokers in July, offering as much as 50% of monthly revenue to those who generate more than $28,750 per month, Hastings said in touting another lure for his new recruit.
Paul, who is based in Beachwood, Ohio, near his former Edward Jones office in Oberlin, did not return a call for comment on the reasons for his move. He first registered as a broker in 1984, and has no disclosures of customer complaints, regulatory or other events, according to his BrokerCheck record.
B. Riley Wealth Management’s 170-plus brokers—a small portion of whom are independent contractors as opposed to employees—operate out of about 20 branches and oversee some $10 billion of customer assets, Hastings said. Jones ranks as the biggest U.S broker in terms of its more than 16,900 brokers operating primarily out of single-advisor offices in more than 13,000 locations.
The parent of B. Riley Wealth, which was rebranded in July with the elimination of the Wunderlich name, bought the Memphis-based broker for about $72 million.
A spokesman for Jones said he could not immediately comment on Paul’s departure.
(A business unit of AdvisorHub has provided outside services to B. Riley Financial.)