What First Liberties Financial does

First Liberties Financial is a privately held, FINRA/SIPC/MSRB-member broker-dealer headquartered in Tampa, Florida, with an additional office in Prairie Village, Kansas. Founded in 1994 (per company history) and operating under Pelion Financial Group since 2017, FLF delivers a diversified suite of financial services to institutions, corporations, alternative asset managers, and high-net-worth individuals, including investment banking (private placements, IPOs, secondaries, PIPEs, mezzanine and bridge financing, MBO/LBOs, recapitalizations, and M&A advisory), institutional trading in fixed income and equity securities, global capital raising for institutional money managers, and wealth management through PPLI/PPVA structures. The firm targets middle-market companies with $5 million to $500 million in annual sales, with affiliate entities Pelion Investment Advisors (RIA) and Pelion Insurance Agency extending its service surface into asset allocation advisory and insurance distribution. FLF operates as a correspondent firm of RBC Clearing and Custody for trade execution and clearing infrastructure.

FLF's technology stack is built on industry-standard financial technology rather than proprietary platforms, utilizing FIX protocol and integrations with major stock and option exchanges, ECNs, and ATS networks to support institutional trading. The firm supports internal AI initiatives for workflow improvement but discloses no proprietary AI, models, or data assets. Revenue is generated through three primary streams: transaction fees from investment banking and finder/broker services, recurring AUM-based advisory fees through Pelion Investment Advisors, and insurance distribution fees from PPLI/PPVA coordination. Pricing is largely deal-based and transaction-specific, with PPLI minimum first-year premiums of $500,000 and advisory fees structured around asset value rather than transaction commissions. The firm has raised over $3.6 billion for institutional money managers across strategies including large-cap equities, hedge funds, distressed credit, private equity, India-focused funds, CTAs, and fixed income over the past decade, with a management team combining 75+ years of Wall Street experience from institutions including Deutsche Bank, DLJ, Paine Webber, JP Morgan, RBS, and Shearman & Sterling.

Name

First Liberties Financial

Legal name

First Liberties Financial

Website

https://firstlibertiesfinancial.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

First Liberties Financial is a private FINRA-member broker-dealer providing investment banking, institutional trading, capital raising, and PPLI/PPVA wealth management services to middle-market companies, institutions, alternative asset managers, and high-net-worth individuals. Operates as a subsidiary of Pelion Financial Group.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189)

akta.pro primary industry

Private Banking Alternatives & Private Markets Access (PE/VC, Hedge Funds, Real Assets) (FSABADAH)

Keywords

• Investment banking services
• Institutional brokerage
• Capital raising advisory
• Private placement insurance
• Wealth management advisory

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking Fees: Earns fees from private placements, IPOs, secondaries, PIPES, mezzanine financing, bridge financing, MBO/LBOs, recapitalizations, and M&A advisory services. Acts as placement agent and exclusive financial advisor.
2. Advisory Fees: Pelion Investment Advisors charges advisory fees based on asset value of client portfolios. No commissions on transactions.
3. Finder/Broker Fees: Acts as finder connecting buyers and sellers in secondary transactions for private companies. Earns broker compensation on completed transactions.
4. Insurance Distribution: Coordinates PPLI and PPVA structures. FLF is independent advisor with no proprietary products, earning fees from insurance carriers and broker remuneration.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

First Liberties Financial is a private broker-dealer providing investment banking, institutional trading, capital raising, and wealth management services. The firm facilitates buy- and sell-side deal activity including private placements, IPOs, M&A advisory, recapitalizations, and fixed income/equity trading for middle-market companies, institutions, alternative asset managers, and high-net-worth individuals. It operates as a correspondent firm of RBC Clearing and Custody and is complemented by affiliated RIA and insurance agency services through Pelion.

Product overview

First Liberties Financial operates as a diversified financial services firm offering a unified platform of investment banking, institutional trading, capital raising, and wealth management services. The core offerings include Investment Banking (M&A advisory, capital markets, private placements), Institutional Trading (fixed income and equity execution), Capital Raising (global third-party marketing for institutional managers), and Wealth Management through PPLI/PPVA structures. The firm is complemented by affiliated companies Pelion Investment Advisors (RIA services) and Pelion Insurance Agency, creating a comprehensive ecosystem for institutional clients, corporations, alternative asset managers, and high-net-worth individuals.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Provides private placements, IPOs, secondaries, PIPEs, mezzanine and bridge financing, MBO/LBOs, recapitalizations, and M&A advisory services for middle-market companies with annual sales of $5 to $500 million.
• Institutional Trading Specializes in trading fixed income and equity securities including municipal bonds, structured products, mortgage-backed securities, CDs, and equity strategies for institutional clients and high-net-worth individuals.
• Capital Raising Third-party marketing on a global basis for institutional money managers, providing access to qualified investors in Europe and the United States across strategies including large-cap equities, hedge funds, distressed credit, private equity, and fixed income.
• PPLI / PPVA Wealth Management Design, structuring, and implementation of Private Placement Life Insurance (PPLI) and Private Placement Variable Annuity (PPVA) investment vehicles for high net worth investors and family offices, providing tax-efficient investment environments with access to hedge funds and traditional managers.
• Private Shares Trading (Secondary Transactions) Facilitates buyer and seller connections in secondary transactions for high-growth venture-backed private companies, acting as a finder to introduce qualified counterparties for share transfers in later-stage companies.
• Pelion Investment Advisors (RIA) Affiliated Registered Investment Adviser providing asset allocation strategy development based on client portfolio goals, time horizons, and risk tolerance, with allocations to equities, fixed income, alternative investments, and hedge funds.
• Pelion Insurance Agency Affiliated insurance advisory services for estate planning, retirement income streams, and private business protection, sourcing appropriate insurance products at competitive rates.

Quantifiable outcome

• $3.6 billion raised in last 10 years for institutional money managers
• +2 more outcomes

Named customers13 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• RBC Clearing and CustodycoreTechnology or IntegrationFirst Liberties Financial is a correspondent firm of RBC Clearing and Custody, a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC. This relationship provides access to industry-leading technology and clearing services.
• Charles Schwab & Co., Inc.coreTechnology or IntegrationPelion Investment Advisors, Inc.'s client assets are custodied by Charles Schwab & Co., Inc., providing secure custody services for advisory client portfolios.
• TD Ameritrade InstitutionalcoreTechnology or IntegrationClient accounts at Pelion Investment Advisors are held at TD Ameritrade Institutional, which can custody most investment vehicles available and provides industry-low transaction fees. Pelion expanded onto TD Ameritrade custodian platform in 2016.
• Pelion Investment AdvisorscoreStrategic or Co-development PartnerAffiliated Registered Investment Adviser providing investment advice to individuals and retirement plans. Works with clients on asset allocation strategies including equities, fixed income, alternatives and hedge funds. FLF acquired broker-dealer subsidiary of Pelion Financial Group.
• Pelion Insurance AgencycoreStrategic or Co-development PartnerAffiliated insurance agency providing expert advisory services for insurance products including estate planning, retirement income streams, and private business protection.
• West End Capital AdvisoryminorStrategic or Co-development PartnerFLF and West End Capital Advisory have been retained together for financial advisory assignments, including recapitalization of Canadian Specialty Lender and Puerto Rican Film Lender transactions.

Scale indicators5 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• ThinkEquity: ThinkEquity is a boutique investment bank and broker-dealer focused on capital raising, IPOs, and advisory services for small and mid-cap issuers. Directly comparable to FLF's private placement, IPO, and PIPEs activity.
• EF Hutton: EF Hutton is a boutique investment bank and broker-dealer offering investment banking, capital markets, and wealth management services to middle-market companies and individuals, directly comparable to FLF's service model and target client base.
• A.G.P. / Alliance Global Partners: A.G.P. is a middle-market investment bank and broker-dealer providing investment banking, institutional sales and trading, and wealth management. Comparable in scale, focus on small/mid-cap issuers, and diversified service mix.
• Maxim Group: Maxim Group is a full-service boutique broker-dealer and investment bank focused on middle-market and small-cap companies, offering investment banking, equity research, sales and trading, and wealth management, closely matching FLF's business profile.
• Aegis Capital Corp. Aegis Capital is a FINRA-registered broker-dealer providing investment banking, equity research, institutional sales and trading, and wealth management services, directly comparable to FLF's regulatory structure and product suite.
• Loop Capital Markets: Loop Capital Markets is a full-service broker-dealer and investment bank providing capital markets, fixed income, equities, and advisory services. Comparable in middle-market focus, fixed income emphasis, and institutional client base.
• National Securities Corporation: National Securities is a FINRA-registered broker-dealer providing investment banking, institutional trading, and wealth management services, comparable to FLF's boutique broker-dealer structure and middle-market IB focus.

Broad incumbents

• B. Riley Financial: B. Riley Financial is a diversified financial services platform offering investment banking, capital markets, wealth management, and financial consulting. A larger incumbent that overlaps with FLF's middle-market IB, trading, and wealth offerings.
• Oppenheimer & Co. Oppenheimer is a full-service broker-dealer and investment bank offering wealth management, asset management, and capital markets services. Provides overlapping capabilities to FLF across IB, trading, and wealth but at meaningfully greater scale and breadth.
• Ladenburg Thalmann: Ladenburg Thalmann is a diversified financial services holding company with broker-dealer, advisory, and wealth management subsidiaries. Comparable in providing an integrated platform of IB and wealth services to retail and HNW clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/first-liberties-financial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Liberties Financial