PFM ranks first among FAs in Q1-Q3
PFM was the top financial advisor in the first three quarters of 2026, advising just over $92 billion in par, more than the second- through fourth-highest-ranked financial advisors combined.
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Piper Sandler was the lone new entrant into the top 10, while Municipal Capital Markets Group, which ranked 7th in Q1-Q3 2025, fell to 52nd.
PFM advised the most deals in the third quarter — 228.
HilltopSecurities, which ranked third in Q3 by par, was second with 181 deals, followed by PRAG, which ranked second by par, with 61 deals.
PFM also ranked as the top financial advisor by par amount in the quarter, followed by PRAG and HilltopSecurities.
PFM has advised on $263.384 billion in par since Q1 2024, $112 billion more than the cumulative par from the second-highest-ranking financial advisor, PRAG, over the same period.
