B. Riley Financial Inc. continues to experience advisor departures. InvestmentNews reports, for example, that HudsonPoint Capital, which manages $200 million in assets and specializes in alternative investments, left B. Riley amid broader challenges at the firm.

Earlier, Eric Lyon, a senior managing director at B. Riley Wealth Management, moved to Kestra Investment Services in October. Lyon's team, Wealth Empowerment Financial Strategies, manages $1.4 billion in client assets.

Additionally, InvestmentNews reports that the firm's stock price has plummeted over 68 percent in the past year. To generate cash, B. Riley announced in November that it was selling part of its employee wealth management group to Stifel Financial Corp. for $27 million to $35 million. The transaction involves 40 to 50 "W2 advisors," full-time employee advisors who typically generate higher revenue than independent contractors.

In September, reports suggested Stifel might pay $100 million for B. Riley's retail brokerage group. However, it remains unclear if Stifel has any interest in B. Riley's roughly 190 independent financial advisors, who operate as contractors.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.