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PFM tops financial advisors in Q1-Q3

BY SourceMedia | MUNICIPAL | 10/31/25 08:30 AM EDT

PFM was the top underwriter for Q1-Q3, advising nearly $70 billion in par.

Municipal Capital Markets Group and CSG Advisors were new entrants to the top 10, kicking Caine Mitter and Estrada Hinojosa into the top 15.

<img src="https://public.flourish.studio/visualisation/25495085/thumbnail" width="100%" alt="chart visualization" />

In the third quarter, PFM and HilltopSecurities advised the most deals, 172 each.

Masterson Advisors, which ranked No. 14 in Q3, was second, with 63 deals, followed by Samco Capital Markets, ranked No. 10 in the quarter, with 61 deals.

<img src="https://public.flourish.studio/visualisation/25495598/thumbnail" width="100%" alt="chart visualization" />

The top three financial advisors have remained the same over the past several quarters: PFM in first, PRAG in second and HilltopSecurities in third.

<img src="https://public.flourish.studio/story/3366651/thumbnail" width="100%" alt="visualization" />

Since 2024, PFM has advised on $145.963 billion, followed by PRAG with $61.023 billion and HilltopSecurities with $37.882 billion.

<img src="https://public.flourish.studio/visualisation/25510258/thumbnail" width="100%" alt="bar-chart-race visualization" />

? Quinn Aitchison contributed to this piece

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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