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The Evolving Role of 21st Century Municipal Financial Advisors

Daniel Garrett & Baridhi Malakar

Public Budgeting & Finance2026https://doi.org/10.1111/pbaf.70010article
ABDC C
Weight
0.50

What the paper says

ABSTRACT We describe the evolution of the market for municipal financial advice since the year 2000 and present new empirical facts. Using SEC municipal advisor filings, we show that the number of operating advisors has decreased over time. We document that withdrawals—either exits, reorganizations, or mergers—are concentrated among smaller firms and those charging noncontingent fees. Using bond issuance data, we document that the use of advisors is increasing broadly over time and that advisor relationships are sticky. We relate the presence of advisors to several phenomena: changing structural complexity, changing disclosure complexity, and the timing of redemption behavior.

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https://doi.org/https://doi.org/10.1111/pbaf.70010

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@article{daniel2026,
  title        = {{The Evolving Role of 21st Century Municipal Financial Advisors}},
  author       = {Daniel Garrett & Baridhi Malakar},
  journal      = {Public Budgeting & Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/pbaf.70010},
}

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The Evolving Role of 21st Century Municipal Financial Advisors

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.