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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 State Registrant Type
AE2S Nexus, LLC K1086 ND Municipal Advisor
Principal Name
Graf, Ryan
Raymond James & Assoc., Inc. A1172 FL Municipal Advisor/Broker Dealer
Zions Bancorporation, N.A /MSD B0300 UT Municipal Advisor/Bank Dealer
Urban Futures Incorporated K0256 CA Municipal Advisor
Principal Name
Pickett, Jeff
Fox, Wing-See
BNY Mellon Capital Markets, LLC A4685 NY Municipal Advisor/Broker Dealer
Armadale Capital Inc. K0448 FL Municipal Advisor
Representative Name
Pack, Stephen
Principal Name
Pack, Stephen
&Partners A0747 TN Municipal Advisor/Broker Dealer
Representative Name
Billups, Thomas
Principal Name
Billups, Thomas
Vanguard Advisers, Inc. K0990 PA Municipal Advisor
Hayat Brown, LLC K1298 DC Municipal Advisor
Representative Name
Sheikh, Affan
Boss, Jenifer
Principal Name
Boss, Jenifer
SJ Advisors LLC K1325 MN Municipal Advisor
Independent Public Advisors, LLC K0810 MO Municipal Advisor
Representative Name
Pooler, Tionna
Principal Name
Pooler, Tionna
Ridgeline Municipal Strategies, LLC K1294 CA Municipal Advisor
Representative Name
Semenov, Dmitry
Principal Name
Semenov, Dmitry
30 Three Sixty Public Finance, Inc. K1227 CA Municipal Advisor
Representative Name
Mosesman, Mitchell
Principal Name
Mosesman, Mitchell
Frost Bank Capital Markets B0358 TX Municipal Advisor/Bank Dealer
Acacia Financial Group, Inc. K0116 NJ Municipal Advisor
DA Davidson & Company A0365 MT Municipal Advisor/Broker Dealer
Munistat Services, Inc. K0114 NY Municipal Advisor
Post Oak Municipal Advisors, LLC K1220 TX Municipal Advisor
Principal Name
Palmer, Charles
NW Financial Group, LLC K0438 NJ Municipal Advisor
Lawrenson Services Inc. K0707 AZ Municipal Advisor
Representative Name
Lawrenson, Leo
Southeastern Investment Securities, LLC K0436 FL Municipal Advisor
Representative Name
Wagner, Richard
Principal Name
Wagner, Richard
Argent Advisors, Inc. K1233 LA Municipal Advisor
Representative Name
Mcgehee, Lucius
Hanes, Taylor
Principal Name
Hanes, Taylor
Dunlap & Associates, Inc. K0227 FL Municipal Advisor
Representative Name
Dunlap, Sylvia
Dunlap, James
Principal Name
Dunlap, James
Dunlap, Sylvia
SB Friedman Development Advisors, LLC K0625 IL Municipal Advisor
Principal Name
Smith, Anthony
Arrow Partners K0177 NY Municipal Advisor
Representative Name
Rubenstein, Steven
Rogers, Kenneth
Principal Name
Rubenstein, Steven

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.