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.
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
The Series 50-Qualified Representatives tab displays the names of individuals who have passed the Series 50 exam1 and are associated with an MSRB-registered municipal advisor firm.2 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.
| Representative Name | Firm Name | State Sort descending |
|---|---|---|
| Hailey, Bobby | Concourse Financial Group Securities, Inc. | AL |
| Hartley, Rory | Concourse Financial Group Securities, Inc. | AL |
| Dill, Johnny | The Frazer Lanier Company, Incorporated | AL |
| Bamman, Prescott | Thornton Farish Inc. | AL |
| White, James | Porter, White & Company, Inc. | AL |
| Rice, Louis | Rice Advisory LLC | AL |
| Cardinal, Louis | Thornton Farish Inc. | AL |
| Jackson, Robert | Thornton Farish Inc. | AL |
| White, Goodloe | Porter, White & Company, Inc. | AL |
| Waters, Gerald | Waters and Company, LLC | AL |
| Williams, Christopher | Rice Advisory LLC | AL |
| Pierce, John | The Frazer Lanier Company, Incorporated | AL |
| Stone, Michael | Porter, White & Company, Inc. | AL |
| Crewse, Samuel | Stephens Inc. | AR |
| Antee, Kenneth | Crews & Associates, Inc. | AR |
| Ray, Alfred | Stephens Inc. | AR |
| Wright, Robert | Crews & Associates, Inc. | AR |
| Biernat, Leigh | Stephens Inc. | AR |
| Phillips, Paul | Crews & Associates, Inc. | AR |
| Neely, Maxwell | Stephens Inc. | AR |
| Lovelady, Danny | Crews & Associates, Inc. | AR |
| Rutledge, Nathaniel | Crews & Associates, Inc. | AR |
| Lomax, Walter | Crews & Associates, Inc. | AR |
| Ollar, Lindsey | Stephens Inc. | AR |
| Casavechia, Peggy | Stephens Inc. | AR |
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.
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.
Series 54-Qualified Principals
The Series 54-Qualified Principals tab displays the names of individuals who have passed the Series 54 exam1 and are associated with an MSRB-registered municipal advisor firm.2 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.
| Principal Name | Firm Name | State Sort descending |
|---|---|---|
| Waters, Gerald | Waters and Company, LLC | AL |
| White, Goodloe | Porter, White & Company, Inc. | AL |
| White, James | Porter, White & Company, Inc. | AL |
| Williams, Christopher | Rice Advisory LLC | AL |
| Pierce, John | The Frazer Lanier Company, Incorporated | AL |
| Cardinal, Louis | Thornton Farish Inc. | AL |
| Rice, Louis | Rice Advisory LLC | AL |
| Hailey, Bobby | Concourse Financial Group Securities, Inc. | AL |
| Faught, William | Stephens Inc. | AR |
| Mobley, Pamela | RSI Group LLC | AR |
| Beardsley, Scott | Crews & Associates, Inc. | AR |
| Holsclaw, Jason | Stephens Inc. | AR |
| Hunt, Dennis | Stephens Inc. | AR |
| Johnston, William | Stephens Inc. | AR |
| Mcanulty, Ashley | Stephens Inc. | AR |
| Carroll, Irene | FTG Advisors, LLC | AZ |
| Froelich, Carter | Launch Development Finance Advisors, LLC | AZ |
| Rasmussen, Robert | MGIC Corp. | AZ |
| Lawson, Nicholas | Iron Lion LLC | AZ |
| Mccormick, Lee | Sierra Management Group, LLC | CA |
| Farrell, Mark | Dale Scott & Co., Inc. | CA |
| Taussig, David | David Taussig and Associates, Inc | CA |
| Fawell, William | W J Fawell LLC | CA |
| Taylor, Victoria | Project Finance Advisory Limited | CA |
| Goodwin, Susan | Goodwin Consulting Group, Inc. | CA |
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.
