Glossary of Municipal Securities Terms

FINANCIAL ADVISOR

(1) With respect to a new issue of municipal securities, commonly refers to an individual or firm that advises the issuer or other obligated person on matters pertinent to the issue, such as structure, timing, marketing, fairness of pricing, terms and bond ratings. A financial advisor may also be employed to provide advice on subjects unrelated to a new issue of municipal securities, such as advising on cash flow and investment matters in connection with outstanding municipal securities. The financial advisor is sometimes referred to as a “fiscal consultant” or “fiscal agent.”

(2) An investment professional who advises customers on the purchase and sale of securities. See: MUNICIPAL ADVISOR. Compare: PRICING ADVISOR; SWAP ADVISOR.

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