Commentary: Anticipating Municipal Advisor Regulation

JAN 28, 2013 1:56pm ET

Over the past several months, both dealers and nondealer advisors have made inflammatory public statements accusing the other of shoddy and questionable practices. Neither side, however, has a monopoly on competence or integrity.

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Comments (1)
Having worked as both a financial advisor and a municipal underwriter, I found this article to be comprehensive and encouraging in that it offers a way forward for better service to clients and cooperation among industry professionals. There is historical mistrust between financial advisors and underwriters, perhaps borne out of a sense of being in competion in a zero sum game, but there is also a lack of true understanding of the others' world. Both jobs are tough and, with only a few exceptions, not as well rewarded as the other side may think. The financial meltdown, increased regulation, the shrinking of spreads and greater competition on both the advisor and the underwriting sides have been hard on us all. Perhaps it's time to band together and work against abuses instead of against each other. If we can re-envision the industry in a way that capitalizes on both of our strengths, I believe that the industry as well as our clients would be better off.

Aquacena Lopez
Blaylock Robert Van, LLC
Posted by blaylockrob1 | Friday, February 01 2013 at 10:10AM ET
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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