B. Riley Financial Inc. announced it will sell part of its wealth-management business to Stifel Financial Corp. for up to $35 million in cash, aiming to reduce its debt load. According to AdvisorHub, the terms of the deal exclude B. Riley's approximately 190 independent advisors and 90 tax professionals. Instead, up to 50 advisors, along with their customer accounts will join Stifel early next year, transferring assets under management valued between $3.5 billion and $4.5 billion.

As reported by AdvisorHub, the transaction marks B. Riley's latest effort to stabilize financially, following recent sales of consumer brand rights for $236 million and a majority stake in its Great American business to Oaktree Capital. With roughly $2 billion in debt as of midyear, B. Riley has taken additional measures, including suspending dividends and renegotiating key loan terms to manage its obligations.

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