Masterson Advisors

What Masterson Advisors does

Masterson Advisors LLC is a Houston-headquartered, registered municipal advisory firm founded in March 2018 that provides independent, fiduciary financial advisory services to U.S. issuers of tax-exempt bonds and related financial products. The firm serves special districts (municipal utility districts, levee improvement districts, water control & improvement districts, municipal management districts, road districts, tax increment zones), charter and private schools, independent school districts, public and private universities, healthcare and cultural non-profits, and a range of local government entities including cities, counties, port authorities, and housing authorities. Leadership is drawn heavily from former First Southwest Company / Hilltop Securities professionals, and the firm's senior bench averages 40+ years of municipal finance experience.

The firm's two operating lines are Municipal Advisory (end-to-end bond financing advisory including financial feasibility analysis, credit profile evaluation, rating agency coordination, bond marketing, pricing negotiation, and post-closing compliance) and Municipal Financial Products (asset management, debt management, commodity risk management, advisory/execution/procurement, settlement, regulatory compliance, and GASB/FASB accounting services). The technical core consists of proprietary analytical tools for replicating rating agency models, evaluating derivative valuations under GASB 53/64 and FASB Topics 815 and 820, and modeling debt capacity and feasibility scenarios. The firm operates from five offices — Houston, Dallas, Austin (opened January 2025), Boston, and Naples — supporting both a Texas-anchored regional base and a stated nationwide service reach.

Masterson Advisors is privately held and founder-controlled by CEO Drew K. Masterson, with no disclosed external equity or debt funding. Revenue is generated on a transaction-fee basis (compensation contingent on closing and/or sized to transaction value), as disclosed under MSRB Rule G-42, with pricing not publicly stated and engagements structured to the complexity and size of each issuer's financing. Customer acquisition is relationship-driven, with senior bankers maintaining portfolios of 60–100+ special district clients and leveraging industry affiliations and professional networks for referrals in lieu of a formal sales function.

Name

Masterson Advisors

Legal name

Masterson Advisors LLC

Website

https://mastersonadvisors.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Masterson Advisors is a Houston-based registered municipal advisory firm providing independent, fiduciary bond financing and municipal financial product advisory to special districts, schools, universities, non-profits, and local government entities across the United States.

Ownership category

akta.pro rank

Product category

Municipal Financial Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Debt Advisory & Financing Advisory (FSAEAGAD)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Municipal advisory services
• Tax-exempt bond financing
• Public finance advisory
• Special district financing
• Municipal financial products

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Municipal Advisory Services: Compensation is contingent upon successful closing of a transaction and/or is based on the size of the transaction. This creates alignment with client outcomes but presents a potential conflict of interest that is disclosed per MSRB Rule G-42.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Masterson Advisors provides municipal advisory and municipal financial products services to issuers of tax-exempt bonds, including special districts, schools, universities, cities, counties, not-for-profits, and state agencies. The firm coordinates the full bond financing lifecycle from financial feasibility analysis and credit evaluation through rating agency presentations, offering document preparation, marketing, pricing negotiation, and post-closing compliance. Its Municipal Financial Products (MFP) group additionally delivers asset management, debt management, commodity risk management, advisory, execution/procurement, settlement, IRS/SEC/MSRB compliance, and GASB/FASB accounting services for public funds issuers nationwide.

Product overview

Masterson Advisors operates as a municipal advisory firm offering two primary service lines: Municipal Advisory and Municipal Financial Products (MFP). The Municipal Advisory service provides end-to-end bond financing advisory for governmental entities and not-for-profits, while the MFP suite offers specialized financial products including asset management, debt management, commodity risk management, and regulatory compliance services. The firm serves special districts, schools, universities, not-for-profits, and other governmental entities across multiple U.S. states.

Differentiator

Problem solved

Functional benefit

Products and services

• Municipal Advisory End-to-end municipal advisory service for issuers of tax-exempt bonds, including financial feasibility analysis, credit evaluation, bond issuance coordination, rating agency presentations, offering document preparation, marketing process management, and post-closing services. Built for special districts, schools, universities, not-for-profits, cities, counties, port authorities, housing authorities, and other government issuers that are not continuously in the bond market.
• Municipal Financial Products (MFP) Comprehensive suite of municipal financial products for public funds issuers nationwide, including asset management, debt management, commodity risk management, advisory, execution/procurement, settlement, IRS/SEC/MSRB compliance, and GASB/FASB accounting services. Includes proprietary GASB 53/64, FASB Topic 815, and FASB 820 derivative valuation and reporting tools.

Quantifiable outcome

• Over 60 special district clients served by individual team members
• +1 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• PFM (Public Financial Management): PFM is the largest U.S. independent registered municipal advisory firm, providing debt advisory, financial planning, and investment advisory services to state and local issuers and not-for-profits — directly comparable to Masterson's core Municipal Advisory practice and a known former employer of one Masterson director.
• Springsted: Springsted is an independent registered municipal advisor providing financial advisory services to cities, counties, school districts, and authorities nationwide — a long-standing peer in issuer-side bond and debt advisory with overlapping practice areas and target clients.
• CSG Advisors: CSG Advisors is an independent municipal advisory firm providing debt advisory, financial planning, and post-issuance services to local governments, special districts, and non-profits, comparable to Masterson in both service menu and issuer-side focus.
• Post Oak Municipal Advisors: Post Oak is a Houston-based registered municipal advisor serving Texas special districts and public issuers — directly comparable to Masterson by geography, size, and client segment, and a former employer of Masterson's new CFO Francine Stefan.
• Specialized Public Finance Inc. (SPI): SPI is an independent municipal advisor providing financial advisory, continuing disclosure, and special-district services to Texas and other issuers — overlapping with Masterson's special-district and small-issuer focus.
• Acacia Financial Group: Acacia Financial Group is an independent registered municipal advisor serving state, local, and not-for-profit issuers across the U.S., providing debt advisory and infrastructure financing services that are directly comparable to Masterson's core offerings.
• Phoenix Capital Partners: Phoenix Capital Partners is an independent municipal advisory and infrastructure-finance firm serving cities, counties, authorities, and special districts — a direct competitor in size, scope, and target issuer segments.
• E.J. De La Rosa & Co. E.J. De La Rosa & Co. is an independent municipal advisor serving Texas cities, school districts, and special districts — overlapping with Masterson's Texas-centric, special-district-heavy client base.

Broad incumbents

• Hilltop Securities Inc. Hilltop Securities (successor to First Southwest Company) is a broker-dealer with a sizable public finance and municipal advisory practice that competes for many of the same Texas special-district, school, and city mandates as Masterson, and is the single largest source of Masterson's senior hires.
• FTI Consulting (Public Sector / Acacia practice): FTI Consulting acquired Acacia Financial Group and operates a public-sector financial advisory practice serving state and local issuers nationwide; a broader incumbent competitor that offers municipal debt advisory as one of many consulting lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mastersonadvisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 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 Masterson Advisors