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PFM remained top FA in Q1

BY SourceMedia | MUNICIPAL | 04/16/26 08:38 AM EDT By Jessica Lerner

PFM was the top financial advisor in the first quarter of 2026, advising just over $25 billion in par, more than the second- through fourth-highest ranked financial advisors combined.

RBC Capital Markets, Montague DeRose and Acacia Financial Group were new entrants into the top 10, bumping KNN Public Finance, Omnicap Group and Municipal Capital Markets Group.

<img src="https://public.flourish.studio/visualisation/28444155/thumbnail" width="100%" alt="visualization" />

PFM advised the most deals in the first quarter ? 222.

Hilltop Securities, which ranked third in Q1 by par, was second with 97 deals, followed by Baker Tilly, which ranked 12th by par, with 59 deals.

<img src="https://public.flourish.studio/visualisation/28444584/thumbnail" width="100%" alt="visualization" />

PFM ranks as the top financial advisor, followed by PRAG in second and HilltopSecurities in third.

<img src="https://public.flourish.studio/story/3645702/thumbnail" width="100%" alt="visualization" />

PFM has advised on nearly $200 billion in par since Q1 2024, nearly $80 million more than the cumulative par from the second-highest-ranking financial advisor, PRAG, over the same period.

<img src="https://public.flourish.studio/visualisation/28468612/thumbnail" width="100%" alt="visualization" />

Quinn Aitchison contributed to this article.

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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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