National Association of Municipal Advisors
NAMA is a 501(c)(6) nonprofit trade association serving SEC- and MSRB-registered municipal advisors through tiered membership, the CIPMA professional certification program, regulatory advocacy, compliance resources, and annual conferences. Founded 1989; headquartered in Irvine, California.
- Company typePrivate
- Founded1989
- HeadquartersIrvine, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What National Association of Municipal Advisors does
The National Association of Municipal Advisors (NAMA) is a 501(c)(6) nonprofit professional trade association founded in 1989 (originally as the National Association of Independent Public Financial Advisors, NAIPFA) and headquartered in Irvine, California. It serves SEC- and MSRB-registered municipal advisors — firms and individuals providing advice on bond sales and other financial products to state and local governments, agencies, and 501(c)(3) organizations. The organization operates a three-tier membership structure (Firm Members, Affiliate Members at $1,000/year, Associate Members at $2,500/year) and runs the CIPMA (Certified Independent Professional Municipal Advisor) certification program, which requires 12 hours of continuing education annually and costs $75 in the first year with $50 annual renewals.
NAMA's core deliverables are non-technological: educational programming (annual conferences, webinars, including G-42 regulatory updates and SEC/MSRB conversations), regulatory advocacy (formal comment letters to the SEC and MSRB on proposals affecting municipal advisors, spanning 2008-2026), and a compliance resource library covering MSRB Rules G-37, G-40, G-42, G-46, Series 50/54 exam preparation, FDTA/XBRL implementation, and OCIE/NEP examination preparation tools. The underlying platform is a WordPress-based website supporting membership applications, event management, newsletter distribution, and resource publication. Calendar subscription integrations (Google Calendar, iCalendar, Outlook 365, Outlook Live) handle event distribution.
NAMA's revenue model is membership-funded: recurring annual dues across three tiers, plus CIPMA certification fees and conference sponsorship (e.g., Platinum sponsors BondLink and Capital One Public Funding at the 2026 conference). Governance is via an elected Board of Directors with one- to three-year terms and a committee structure spanning Communications, Conference, Membership, Public Affairs, Standards/Ethics/Education, Governance, Budget and Finance, and Nominating. The organization is led by Executive Director Susan Gaffney and operates with 1-10 employees.
National Association of Municipal Advisors firmographics
Firmographics- Name
- National Association of Municipal Advisors
- Legal name
- The National Association of Municipal Advisors
- Website
- https://municipaladvisors.org
- Company type
- Private
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- NAMA is a 501(c)(6) nonprofit trade association serving SEC- and MSRB-registered municipal advisors through tiered membership, the CIPMA professional certification program, regulatory advocacy, compliance resources, and annual conferences. Founded 1989; headquartered in Irvine, California.
- Ownership category
- akta.pro rank
National Association of Municipal Advisors industry classification
Industry- Product category
- Professional Association Services
- NAICS
- Business Associations (813910), Professional Organizations (81392)
- SIC
- Services-Membership Organizations (8600)
- akta.pro primary industry
- Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)
Keywords
Where National Association of Municipal Advisors is headquartered
LocationHeadquarters
- HQ city
- Irvine
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
National Association of Municipal Advisors business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Membership Dues - Affiliate: Affiliate membership dues collected annually from individuals whose employer is a registered Municipal Advisor. The 2019 rate was $1,000 per individual.
- Membership Dues - Associate: Associate membership dues collected annually from individuals or organizations that do not qualify for other membership categories. The 2019 rate was $2,500 per member.
- CIPMA Certification Fees: The Certified Independent Professional Municipal Advisor (CIPMA) program charges $75 for the first year and $50 annually for ongoing years per individual designee, generating revenue from professional certification.
- Firm Membership Dues: Firm membership dues collected from registered municipal advisory firms that meet eligibility criteria including SEC and MSRB registration, primary activity in municipal advisory services, and significant revenue from municipal advisory activities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Affiliate Membership for individuals at registered MA firms |
| Subscription | Annual | Associate Membership for those not qualifying for other categories |
| Subscription | Annual | CIPMA professional certification program |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
National Association of Municipal Advisors product offering
Product offeringCore offering
NAMA is a professional membership association that serves firms and professionals specializing in advice on bond sales and other financial products used by state and local governments. The organization offers a three-tiered membership (Firm, Affiliate, Associate), the CIPMA professional certification program, compliance resources for SEC/MSRB rules, regulatory advocacy through comment letters, and an annual industry conference.
Product overview
The National Association of Municipal Advisors (NAMA) is a professional membership organization for municipal advisors, offering a portfolio of membership-based services, professional certification, and compliance resources. The core offerings include the CIPMA certification program, three-tiered membership (Firm, Affiliate, Associate), comprehensive compliance resources covering SEC/MSRB rules, and annual conferences for industry education. The association also provides regulatory advocacy through comment letters and maintains committees for governance, standards, communications, and public affairs. NAMA does not offer a unified software product but rather serves as a professional association providing member support, educational programming, and industry advocacy.
Differentiator
Problem solved
Functional benefit
Brands
- CIPMA Program: Certified Independent Professional Municipal Advisor (CIPMA) Program - designed to help municipal advisors and professional staff display an elevated dedication to continuing education and ethics.
Products and services
- NAMA Membership Services Three-tier membership program for municipal advisors, including Firm Membership (for SEC/MSRB registered municipal advisory firms), Affiliate Membership ($1,000 annually for individuals at registered MA firms), and Associate Membership ($2,500 annually for individuals or organizations not qualifying for other categories).
- CIPMA Program (Certified Independent Professional Municipal Advisor) Professional certification program for municipal advisors requiring at least twelve hours of continuing education annually and adherence to NAMA's Code of Conduct and Ethics. Program fee is $75 for the first year and $50 annually for renewal per individual designee.
- NAMA Compliance Resources Comprehensive library of compliance resources including guidance on MSRB Rules (G-37, G-42, G-40, G-34, G-10, G-20), Series 50/54 exam preparation, recordkeeping requirements, off-channel communications guidance, and compliance matrix templates.
- NAMA Annual Conference Annual industry conference featuring regulatory updates, educational sessions, networking opportunities, and discussions with SEC and MSRB officials. The 2025 and 2026 conferences featured participation from SEC Commissioner Hester Peirce.
- NAMA Comment Letters Formal comment letters submitted to SEC and MSRB on regulatory proposals affecting municipal advisors, spanning from 2008 to 2026, covering topics including MSRB fees, Rule G-42, FDTA implementation, and ESG practices.
- Structured Data/FDTA Resource Center Resource center providing information on the Federal Data Transparency Act requirements mandating structured data format for MSRB submissions by 2026, including XBRL taxonomies, regulatory timelines, and implementation guidance.
- External Compliance Providers Resource Directory of external compliance providers for municipal advisors featuring interview recordings and slide decks, including Alternative Regulatory Solutions, Bracewell LLP, Garrison Compliance Group, Kroll, and Norton Rose Fulbright.
Companies that use National Association of Municipal Advisors
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
National Association of Municipal Advisors technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
National Association of Municipal Advisors partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and supporting.
- SEC (Securities and Exchange Commission)coreNAMA maintains ongoing regulatory dialogue with the SEC, submitting comment letters on proposed rules affecting municipal advisors. The organization provides resources related to SEC regulation of municipal advisors including MSRB rules requiring SEC oversight.
- MSRB (Municipal Securities Rulemaking Board)coreNAMA maintains continuous engagement with the MSRB on rulemaking for municipal advisors, submitting comment letters on proposed rules including G-37, G-40, G-42, G-46, and other MSRB regulations. NAMA also refers members to MSRB registration information and resources.
- OCIE (Office of Compliance Inspections and Examinations)supportingNAMA provides resources related to SEC OCIE/NEP examination processes for municipal advisors, including flow charts, cover sheets, and tracking sheets to help members prepare for examinations.
Scale indicators2 records
Recent moves5 records
Expansion highlights4 records
National Association of Municipal Advisors competitors and assessment
Company assessmentBroad incumbents
- Securities Industry and Financial Markets Association (SIFMA): SIFMA is the leading trade association for the U.S. securities industry, representing broker-dealers, banks, and asset managers. It overlaps with NAMA because it also engages in regulatory advocacy with the SEC and MSRB on capital markets issues that affect municipal advisors, although NAMA is the specialist body and SIFMA is the broad incumbent.
- Financial Services Institute (FSI): FSI is a trade association representing independent financial services firms and individual financial advisors. It is comparable to NAMA because both serve independent advisors navigating SEC regulation, advocate on compliance and regulatory matters, and provide educational and certification resources for member firms.
- Investment Company Institute (ICI): ICI is the leading association representing regulated investment companies, including mutual funds and ETFs. It is comparable to NAMA as a long-standing financial services trade association that advocates with the SEC, publishes guidance, and operates member education and certification programs.
- National Association of Insurance and Financial Advisors (NAIFA): NAIFA is a professional association for insurance and financial advisors. It is comparable to NAMA because both serve financial professionals through membership tiers, advocacy with regulators, continuing-education and certification programs, and an annual conference format.
Direct peers
- Government Finance Officers Association (GFOA): GFOA is a professional association serving state and local government finance officials, including those who hire municipal advisors. It is highly comparable to NAMA because both serve the municipal finance ecosystem, publish guidance and best practices, run annual conferences, and advocate on regulatory matters affecting public-sector finance.
- National Association of Bond Lawyers (NABL): NABL is a professional organization for bond lawyers and counsel involved in public finance. It is comparable to NAMA because both serve specialized professionals in the municipal securities market, provide education and certification programming, file comment letters with the SEC and MSRB, and host annual conferences.
- Bond Dealers of America (BDA): BDA is the trade association representing municipal securities dealers and brokers. It is comparable to NAMA because both advocate before the SEC and MSRB on behalf of municipal market participants, provide compliance and regulatory education, and serve as collective voices for the buy- and sell-side of the municipal advisor industry.
- National Association of State Budget Officers (NASBO): NASBO is a professional membership organization for state budget officers, with similar mission and structure to NAMA. It is comparable because both are 501(c)(6)-style professional associations that provide regulatory guidance, hold annual conferences, publish resources, and represent members in public policy and fiscal-regulatory matters.
- National Association of Personal Financial Advisors (NAPFA): NAPFA is a professional association of fee-only financial advisors. It is comparable to NAMA because both are independent-focused financial advisory trade bodies that provide certification (NAPFA's Registered Financial Advisor designation is analogous to NAMA's CIPMA), advocacy, and member compliance guidance.
- Public Investors Arbitration Bar Association (PIABA): PIABA is a bar association for attorneys representing investors in securities arbitration. It is comparable to NAMA as a niche professional association operating in the securities regulatory space, providing member education, advocacy before the SEC and FINRA, and annual conferences for specialized practitioners.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
National Association of Municipal Advisors social profiles
Digital presenceNational Association of Municipal Advisors financial estimates
Financial estimateRevenue estimate
Valuation estimate
National Association of Municipal Advisors leadership team
Management profileNumber of profiles
Profiles1 record
National Association of Municipal Advisors funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
National Association of Municipal Advisors 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 National Association of Municipal Advisors
What does National Association of Municipal Advisors do?
NAMA is a professional membership association that serves firms and professionals specializing in advice on bond sales and other financial products used by state and local governments. The organization offers a three-tiered membership (Firm, Affiliate, Associate), the CIPMA professional certification program, compliance resources for SEC/MSRB rules, regulatory advocacy through comment letters, and an annual industry conference.
Is National Association of Municipal Advisors a public or private company?
National Association of Municipal Advisors is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was National Association of Municipal Advisors founded?
National Association of Municipal Advisors was founded in 1989. It employs 1 to 10 people.
Where is National Association of Municipal Advisors based?
National Association of Municipal Advisors is headquartered in Irvine, United States, in the North America region.
How does National Association of Municipal Advisors make money?
Four revenue lines are on record. Membership Dues - Affiliate is the primary driver. The others are membership Dues - Associate, CIPMA Certification Fees and firm Membership Dues.
Who are National Association of Municipal Advisors's main competitors?
Broad incumbents on record are Securities Industry and Financial Markets Association (SIFMA), Financial Services Institute (FSI), Investment Company Institute (ICI) and National Association of Insurance and Financial Advisors (NAIFA). Direct peers are Government Finance Officers Association (GFOA), National Association of Bond Lawyers (NABL), Bond Dealers of America (BDA), National Association of State Budget Officers (NASBO), National Association of Personal Financial Advisors (NAPFA) and Public Investors Arbitration Bar Association (PIABA).
Does National Association of Municipal Advisors have an API?
No public API is recorded for National Association of Municipal Advisors.
What industry is National Association of Municipal Advisors in?
National Association of Municipal Advisors's product category is Professional Association Services. Its primary akta.pro industry code is FSAEABAA, Registered Investment Advisor (RIA) Wealth Management. Its NAICS code is 813910 and its SIC code is 8600.