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Municipal Advisor Firms

MSRB-Registered Municipal Advisor Firms and Qualified Representatives and Principals

The Municipal Advisor Firms tab displays municipal advisor firms registered with the MSRB with at least one individual associated with the firm who has passed the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50).1

Municipal advisor firms must have at least one individual appropriately qualified who has passed the Series 50 exam in order to engage in municipal advisory activities. Municipal market participants should closely review this list as part of evaluating the qualifications of a municipal advisor firm. Any entity that is engaging in municipal advisory activities on behalf of a municipal entity or obligated person client without having taken the necessary steps to become a duly registered municipal advisor firm – meaning having filed Form MA (Application for Municipal Advisor Registration) and Form MA-I (Information Regarding Natural Persons Who Engage in Municipal Advisory Activities) with the SEC and Form A-12 with the MSRB – could be deemed an unregistered municipal advisor firm, which is a violation of MSRB rules and other federal securities laws.

The link on this tab facilitates access to the required disclosures that municipal advisor firms make to the U.S. Securities and Exchange Commission (SEC) on SEC Forms MA and MA-I. These disclosures may include information about criminal actions, regulatory actions, investigations, terminations, judgments, liens, civil judicial actions, customer complaints, arbitrations and civil litigation, if any. Read more about working with municipal advisors in the MSRB Education Center. 

Click on a firm or individual’s name below to access the filings made with the SEC.

Only those MSRB-registered municipal advisor firms who have at least one Series 50-qualified representative can be found in the list below.

Find a Firm:
Show entries:
Firm Name MSRB ID Sort descending State Registrant Type
LRB Public Finance Advisors, Inc. A4774 UT Municipal Advisor/Broker Dealer
Northland Securities, Inc. A4861 MN Municipal Advisor/Broker Dealer
A.Bridge-Realvest Securities Corp. A4892 NJ Municipal Advisor/Broker Dealer
Representative Name
Nelson, Gregory
Sandler, Gilbert
Principal Name
Nelson, Gregory
PMA Securities, LLC A4912 IL Municipal Advisor/Broker Dealer
Siebert Williams Shank & Co., LLC A5074 NY Municipal Advisor/Broker Dealer
Principal Name
Frain, Thomas
Ortega, Ramon
Government Capital Securities Corporation A5412 TX Municipal Advisor
Municipal Capital Markets Group, Inc. A5738 TX Municipal Advisor/Broker Dealer
Backstrom McCarley Berry & Co., LLC A6298 CA Municipal Advisor/Broker Dealer
Barclays Capital Inc. A6566 NY Municipal Advisor/Broker Dealer
Principal Name
Daniel, John
Heritage Financial Systems, LLC A6627 PA Municipal Advisor/Broker Dealer
Representative Name
Lureen, Brian
Principal Name
Lureen, Brian
Samco Capital Markets, Inc. A6695 TX Municipal Advisor/Broker Dealer
Guggenheim Securities, LLC A6789 NY Municipal Advisor/Broker Dealer
Principal Name
Bojmel, Ronen
Kipling Jones & Co., Ltd. A6881 TX Municipal Advisor
Representative Name
Jones, Robbi
Principal Name
Jones, Robbi
Rockfleet Financial Services, Inc. A6991 NY Municipal Advisor/Broker Dealer
Principal Name
Corrigan, Catherine
Caldwell Sutter Capital, Inc. A7050 CA Municipal Advisor/Broker Dealer
Representative Name
Crotty, Robert
Principal Name
Crotty, Robert
Clean Energy Capital Securities LLC A7104 CA Municipal Advisor
Representative Name
Lockwood, William
Moore, David
Principal Name
Moore, David
Signet Securities, LLC A7122 OH Municipal Advisor/Broker Dealer
Representative Name
Fumi, David
Principal Name
Fumi, David
Trailmark Inc. A7170 GA Municipal Advisor
Representative Name
Williamson, Bruce
Principal Name
Williamson, Bruce
H2C Securities Inc. A7304 GA Municipal Advisor/Broker Dealer
Jones Lang LaSalle Securities, LLC A7377 IL Municipal Advisor/Broker Dealer
ARK Global LLC A7413 NY Municipal Advisor/Broker Dealer
Representative Name
Antenor, Daniel
Murphy, Sandra
Institutional Bond Network LLC. A7419 CA Municipal Advisor/Broker Dealer
Principal Name
Hagge, Erik
Bancroft Capital, LLC A7479 PA Municipal Advisor/Broker Dealer
Representative Name
Ivcic, Michael
Principal Name
Ivcic, Michael
CHURCHILL STATESIDE SECURITIES, LLC. A7525 IL Municipal Advisor/Broker Dealer
Representative Name
Spieler, Guy
Principal Name
Spieler, Guy
Zions Bancorporation, N.A /MSD B0300 UT Municipal Advisor/Bank Dealer

1 The Municipal Advisor Firm tab is updated daily and is dependent on the quality of the data a municipal advisor submits to the Securities and Exchange Commission (SEC). If you believe your firm has been incorrectly omitted from this list, please contact MSRB Support at 202-838-1330 or MSRBsupport@msrb.org.

Any entity that is engaging in municipal advisory activities on behalf of a municipal entity or obligated person client without having taken the necessary steps to become a duly registered municipal advisor firm – meaning having filed Form MA (Application for Municipal Advisor Registration) and Form MA-I (Information Regarding Natural Persons Who Engage in Municipal Advisory Activities) with the SEC and Form A-12 with the MSRB – could be deemed an unregistered municipal advisor firm, which is a violation of MSRB rules and other federal securities laws. 

Series 50-Qualified Representatives

Series 50-Qualified Representatives 

The Series 50-Qualified Representatives tab displays the names of individuals who have passed the Series 50 examand are associated with an MSRB-registered municipal advisor firm.MSRB-registered municipal advisor firms must file a Form MA-I with the SEC which denotes that such individual(s) who are Series 50 qualified are engaged in municipal advisory activities on behalf of the municipal advisor firm. Pursuant to MSRB Rule G-3, only those associated persons who have passed the Series 50 exam are permitted to engage in municipal advisory activities or directly engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons.3

The links on this tab facilitates access to the required disclosures that municipal advisor firms make to the SEC on SEC Forms MA and MA-I. These disclosures may include information about regulatory actions, criminal actions, and other matters, if any. Read more on Municipal Advisor Professional Qualification and Examination Requirements.

Click on a firm or individual’s name below to access the filings made with the SEC.

Only those who have passed the Series 50 exam and are associated with an MSRB-registered municipal advisor firm can be found in the list below.

1 The Series 50 exam is designed to test broad-based knowledge of the business and regulations applicable to municipal advisory activities. The examination is not designed to specifically test each specialized functional role or service that may be provided on behalf of a municipal advisor firm as defined in Section 15B of the Securities Exchange Act of 1934 and, therefore, does not confer the degree of knowledge and expertise needed to provide a municipal entity or obligated person client with informed advice as required under MSRB Rule G-42.

2 The Series 50-Qualified Representatives’ qualification status is updated weekly, generally on the first business day of the week, and is dependent on the quality of the data a municipal advisor firm submits to the SEC on SEC Form MA-I. If your firm believes that the name of a qualified associated person is not displayed and you have confirmed that a Form MA-I is on file for the individual, please contact MSRB Support at 202-838-1330.

Since the Series 50 exam is a pre-requisite to becoming qualified as a municipal advisor principal, individuals who are Series 54 qualified are also displayed on the Series 50-Qualified Representatives tab.

Series 54-Qualified Principals

Series 54-Qualified Principals 

The Series 54-Qualified Principals tab displays the names of individuals who have passed the Series 54 examand are associated with an MSRB-registered municipal advisor firm.Pursuant to MSRB Rule G-3, only those associated persons who have passed the pre-requisite exam, the Series 50 exam, and the Series 54 exam,3 are duly qualified as a municipal advisor principal and, thus, permitted to engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons.

All MSRB-registered municipal advisor firms had to have at least one person appropriately qualified as a municipal advisor principal. Notwithstanding, every individual who meets the definition of a municipal advisor principal, as defined under MSRB Rule G-3(e), must be appropriately qualified as a municipal advisor principal; and pursuant to MSRB Rule G-44 each municipal advisor firm must designate one or more municipal advisor principals to carry out the responsibilities required by the rule.

The links on this tab facilitates access to the required disclosures that municipal advisor firms make to the SEC on SEC Forms MA and MA-I. These disclosures may include information about regulatory actions, criminal actions and other matters, if any. Read more on the Municipal Advisor Principal Qualification Examination (Series 54 Exam).

Click on a firm or individual’s name below to access the filings made with the SEC.

Only those who have passed the Series 54 exam and are associated with an MSRB-registered municipal advisor firm can be found in the list below.

1 The Series 54 exam is designed to test that a person seeking to qualify as a municipal advisor principal satisfies a specified level of competency and knowledge by measuring a person’s ability to apply the applicable federal securities laws, including MSRB rules to the municipal advisory activities of a municipal advisor.

2 The Series 54-Qualified Principals’ qualification status is updated weekly, generally on the first business day of the week, and is dependent on the quality of the data a municipal advisor firm submits to the SEC on SEC Form MA-I. If your firm believes that the name of a qualified associated person is not displayed and you have confirmed that a Form MA-I is on file for the individual, please contact MSRB Support at 202-838-1330.

3 Since the Series 50 exam is a pre-requisite to becoming qualified as a municipal advisor principal, individuals who are Series 54 qualified are also displayed on the Series 50-Qualified Representatives tab.