Which type of municipal advisors are linked to underwriting firms?

Affiliated Municipal Advisors are linked to underwriting firms, which means they often have a direct relationship with those entities that facilitate the issuance of municipal securities. This connection allows them to provide advice that aligns with the underwriting process and can ensure compliance with regulatory requirements.

These advisors play a crucial role because they often work in tandem with underwriters to ensure that financial products meet the needs of the municipalities while also aligning with the underwriting firm's objectives. Their affiliation can lend credibility and expertise to the advisory role, as they are often more familiar with the underwriting landscape and requirements.

In contrast, Independent Municipal Advisors operate independently of underwriters and do not have affiliations that could create conflicts of interest. Investment Bank Advisors also typically focus on the underwriting side of transactions rather than advising municipalities directly on their needs. Local Government Advisors may provide guidance specific to local government issues but are not typically linked to underwriting firms. Thus, the distinction of affiliation with underwriting firms is a defining characteristic of Affiliated Municipal Advisors.