National Association of Municipal Advisors

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.

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

Product category

Professional Association Services

NAICS

Business Associations (813910), Professional Organizations (81392)

SIC

Services-Membership Organizations (8600)

akta.pro industry

PRIMARYFSAEABAA

Registered Investment Advisor (RIA) Wealth Management

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Wealth & Retirement Advisory

Keywords

• Municipal advisory services
• Professional membership association
• Regulatory advocacy
• Compliance resources
• Financial advisor certification

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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.

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• SEC (Securities and Exchange Commission)coreOthersNAMA 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)coreOthersNAMA 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)supportingOthersNAMA 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

Broad 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

• Xx.com/muniadvisors
• LinkedInlinkedin.com/company/national-association-of-municipal-advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 National Association of Municipal Advisors