Public Finance Blog

The request to leave the banking side and go to the municipal advisory side is definitely increasing.  Why is this happening? Let’s get into that…

Do The Numbers Make It Easier?

The first point I want to make is that this is not an easy thing to accomplish just because of sheer numbers.  There are more investment banking firms than there are municipal advisory firms.  This statement is even taking into account the banking firms that have an advisory practice.  Also, staying at an investment banking firm and expanding into municipal advisory is not included in this transition.  Why?  Because you are still at an investment banking firm, just doing both public finance and advisory work.  Once you have decided to make the transition, locating a pure minimal advisory firm is the next step.

First Steps…

Transitioning to the advisory side will require a Series 50 license.  Most people who decide to leave the banking side today have their Series 50, but that is not a prerequisite.   To be clear, you cannot interact with any issuers as an advisor without it.  Firms that want the bankers because of their previous relationships are more than willing to hire someone and then give them a small window to acquire the coveted “50”.  Also, when moving to a municipal advisory firm, there is not a long ramp-up time to start bringing in revenue like there is when joining a banking firm.

The Perfect Candidate

Who is the perfect candidate to go to the municipal advisory side? There are two types in my mind. The first is the candidate who has been on the issuer side.  They know what it’s like to receive financial advisory information on their past deals.  Here, we can be talking about a city official or a school official.  There have been numerous public officials over the years who have entered the advisory field.  The second is the banker who does not rely on his business card to have gotten deals but rather on his prowess in a specialized area of public finance.

If you decide this is an area that you want to explore and you’ve got what it takes, we would love to introduce you to our advisory firms that would be open for a conversation (whether a pure advisor or a banking firm looking to expand their advisory practice).

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. We have also been mentioned in Forbes this year, click HERE to read more.  

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.