Fmsbonds
FMSbonds, Inc. is a privately held, FINRA/SIPC-registered municipal bond broker-dealer founded in 1978 that buys, sells, and underwrites tax-free municipal bonds for individual investors, institutional clients, real estate developers, and special districts through a proprietary online platform and seven US offices.
- Company typePrivate
- Founded1978
- HeadquartersBoca Raton, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Fmsbonds does
FMSbonds, Inc. is a privately held, FINRA/SIPC-registered municipal bond broker-dealer founded in 1978 by James A. Klotz and Paul Feinsilver. The firm operates as an actual dealer that owns its inventory of tax-free and taxable municipal bonds, distinguishing it from online aggregators that compile offerings from other firms. Its core product platform is the FMSbonds.com retail website, which provides live inventory, real-time pricing, and direct online purchasing with a $15,000 minimum face value per transaction. Supporting this is the patented Muni-Trac® bond holder reporting system, which aggregates portfolio holdings, monthly income, call status, ratings, market prices, and year-end prices in a consolidated client-facing format.
The firm runs three coordinated business lines: a retail platform serving individual investors; an institutional sales group serving mutual funds, hedge funds, money managers, pension funds, banks, and insurance companies; and an investment banking division that underwrites tax-exempt land-secured financings, special assessment districts, Community Development Districts (CDDs) in Florida, and Public Improvement Districts (PIDs) in Texas. Revenue is generated primarily through 1–1.5% markups on secondary market bond trades and underwriting spreads on primary issuance. Distribution combines a proprietary digital trading platform with a seven-office physical footprint (North Miami Beach HQ, Boca Raton, Dallas, Frisco, Denver, Chicago, Seattle, Westchester/Mt. Kisco, Whippany) and bond specialist coverage via phone and in-person.
FMSbonds has executed more than 1,400 investment banking transactions totaling approximately $15.4 billion since 2009, with approximately $11 billion of secondary market trades over the same period. The firm is the No. 1 PID bond underwriter in Texas every year since 2017, raised $1.5 billion across 139 transactions in 2021 (No. 1 in both Florida and Texas), and exceeded $1.6 billion in special district bond issuance in 2022. The company is independently owned by its founders with no parent company, institutional investor backing, or funding rounds disclosed, and currently employs approximately 125 people.
Fmsbonds firmographics
Firmographics- Name
- Fmsbonds
- Legal name
- FMSbonds, Inc.
- Website
- https://fmsbonds.com
- Company type
- Private
- Founded year
- 1978
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- FMSbonds, Inc. is a privately held, FINRA/SIPC-registered municipal bond broker-dealer founded in 1978 that buys, sells, and underwrites tax-free municipal bonds for individual investors, institutional clients, real estate developers, and special districts through a proprietary online platform and seven US offices.
- Ownership category
- akta.pro rank
Fmsbonds industry classification
Industry- Product category
- Municipal Bond Brokerage and Investment Banking
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Single-Dealer Platforms (Multi-Asset) (FSAFAEAG)
- akta.pro secondary industry
- Supranational, Sub-Sovereign & Agency (SSA) Bonds (FSACABAD)
Keywords
Where Fmsbonds is headquartered
LocationHeadquarters
- HQ city
- Boca Raton
- HQ country
- United States
- HQ region
- North America
Offices11 records
Markets served
Fmsbonds business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Bond Trading Markup: As a municipal bond dealer that owns its inventory, FMSbonds makes money through the markup between purchase and selling price of bonds. The company earns 1% to 1.5% markup on transactions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Transaction-based pricing through bond trading markups |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels7 records
Fmsbonds product offering
Product offeringCore offering
FMSbonds, Inc. operates as a municipal bond dealer and broker-dealer that owns its own bond inventory, allowing individual investors to purchase tax-free and taxable municipal bonds directly online through fmsbonds.com or with assistance from bond specialists. The firm also provides investment banking services — underwriting, structuring, and distributing land-secured tax-exempt financings for real estate developers and special districts — alongside an institutional sales desk serving mutual funds, hedge funds, pension funds, and insurance companies.
Product overview
FMSbonds, Inc. is a municipal bond dealer offering a comprehensive platform for tax-free and taxable municipal bond investing. The core offering consists of the FMSbonds.com retail platform for individual investors to access live bond inventory, real-time pricing, and trading, supported by the patented Muni-Trac® reporting system for portfolio analysis. The company operates an investment banking division providing underwriting and distribution services for land-secured financings, and an institutional sales group serving premier institutional clients. Additional services include the Municipal Bond Forum for investor education and Muni News and Perspectives for market commentary. The firm specializes exclusively in municipal bonds since its founding in 1978.
Differentiator
Problem solved
Functional benefit
Products and services
- FMSbonds.com Retail Trading Platform Online platform for individual investors to buy and sell tax-free and taxable municipal bonds with live inventory, real-time pricing, and trading capabilities, requiring a $15,000 minimum face value per online purchase.
- Muni-Trac® Patented bond holder report system that consolidates portfolio holdings, monthly income, full bond descriptions, call status, ratings, market prices, and year-end prices into one organized report for clients.
- Municipal Bond Underwriting and Distribution Investment banking services for issuing bonds to fund public infrastructure for real estate projects, including rated and non-rated tax-exempt land secured financing, tax increment financing, special district restructurings, charter schools, multifamily housing, and tender option bonds.
- Institutional Sales and Trading Senior-level sales and trading coverage for institutional clients including mutual funds, hedge funds, money managers, pension funds, banks, and insurance companies, with expertise across multiple municipal sectors. Approximately $11 billion of secondary market trades executed since 2009.
Quantifiable outcome
- Raised $1.5 billion through 139 transactions in 2021, becoming No. 1 high-yield, tax-exempt underwriter in both Florida and Texas
- +1 more outcomes
Companies that use Fmsbonds
Customer profileNamed customers12 records
Segments4 records
Ideal customer profiles4 records
Fmsbonds technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Fmsbonds partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered supporting.
- Billing CochransupportingServed as issuer's counsel for the Avenir Community Development District $79.7 million Special Assessment Bonds transaction.
- Greenberg TraurigsupportingServed as bond counsel for the Avenir Community Development District tax-exempt bond financing transaction. Professional services firm providing legal counsel on municipal bond transactions.
- Squire Patton BoggssupportingServed as underwriter's counsel for the Avenir Community Development District tax-exempt bond financing transaction. Professional services firm providing legal counsel.
- First Clearing/Wells FargosupportingClearing services provider. The firm has redundant data centers as well as alternate clearing and administrative facilities for securities processing and access to customer funds. Objective is to restore operations within 4 hours of disruption.
Scale indicators17 records
Recent moves6 records
Expansion highlights5 records
Fmsbonds competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Fmsbonds social profiles
Digital presenceFmsbonds compliance and trust
Trust signalCompliance6 records
Fmsbonds financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fmsbonds leadership team
Management profileNumber of profiles
Profiles17 records
Fmsbonds funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fmsbonds M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fmsbonds
What does Fmsbonds do?
FMSbonds, Inc. operates as a municipal bond dealer and broker-dealer that owns its own bond inventory, allowing individual investors to purchase tax-free and taxable municipal bonds directly online through fmsbonds.com or with assistance from bond specialists. The firm also provides investment banking services — underwriting, structuring, and distributing land-secured tax-exempt financings for real estate developers and special districts — alongside an institutional sales desk serving mutual funds, hedge funds, pension funds, and insurance companies.
Is Fmsbonds a public or private company?
Fmsbonds is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Fmsbonds founded?
Fmsbonds was founded in 1978. It employs 101 to 250 people.
Where is Fmsbonds based?
Fmsbonds is headquartered in Boca Raton, United States, in the North America region.
How does Fmsbonds make money?
One revenue line is on record: bond Trading Markup.
Does Fmsbonds have an API?
No public API is recorded for Fmsbonds.
What industry is Fmsbonds in?
Fmsbonds's product category is Municipal Bond Brokerage and Investment Banking. Its primary akta.pro industry code is FSAFAEAG, Single-Dealer Platforms (Multi-Asset), with a secondary code of FSACABAD, Supranational, Sub-Sovereign & Agency (SSA) Bonds. Its NAICS code is 523 and its SIC code is 6211.