Siebert Financial Corp. is a holding company that conducts its retail discount
brokerage business through its wholly-owned subsidiary, Muriel Siebert &
Co., Inc., (“MSCO”) a Delaware corporation. In addition, in 2014
we began business as a registered investment advisor through our wholly-owned
subsidiary, Siebert Investment Advisors, Inc. (“SIA”) The estate
of Muriel F. Siebert, our former Chairwoman, Chief Executive Officer and President,
owns approximately 90% of our outstanding common stock, par value $.01 per share
(the “Common Stock”).
Our principal offices are located at 885 Third Avenue, New York, New York 10022,
and our phone number is (212) 644-2400.
Siebert’s principal activity is providing online and traditional discount
brokerage and related services to retail investors. On November 4, 2014, the
Company sold its capital market business to an affiliate, Siebert Brandford
Shank Financial, LLC (“SBSF”) and on November 9, 2015, sold its
49% membership interest in SBSF.
Siebert Investment Advisors Inc. (“SIA”) is a registered investment
adviser that began business in 2014. SIA is a wholly owned subsidiary of Siebert
Financial Corp and affiliated with Muriel Siebert & Co., a registered broker
dealer. SIA is a boutique investment management firm that greatly extends our
ability to meet our customer’s investment needs.
SIA offers advice to clients regarding asset allocation and the selection of
investments. Our investment management services include the design, implementation,
and continued monitoring of client accounts on a discretionary or non-discretionary
basis. Investment selections and recommendation are guided by the stated objectives
of the customer, other considerations include the customer’s risk profile
and financial status.
SIA offers to its clients a number of Asset Management Programs (“Managed
Programs”) consisting of asset allocation, flexible asset management and
focused or completion strategies. In these Managed Programs, SIA acts as the
co-adviser to clients. IA Representatives will assist each client in reviewing
information about the programs, completing a client questionnaire to determine
the client’s risk tolerance, financial situation and investment objectives
and selecting an investment strategy. SIA does not ever act as portfolio manager
directly; SIA selects other investment advisers to act as portfolio manager
on behalf of its clients.
Discount Brokerage and Related Services. Siebert became a discount broker on
May 1, 1975. Siebert believes that it has been in business and a member of The
New York Stock Exchange, Inc. (the “NYSE”) longer than any other
discount broker. In 1998, Siebert began to offer its customers access to their
accounts through SiebertNet, its Internet website. Siebert’s focus in
its discount brokerage business is to serve retail clients seeking a wide selection
of quality investment services, including trading through a broker on the telephone,
through a wireless device or via the Internet, at commissions that are substantially
lower than those of full-commission firms. Siebert clears its securities transactions
on a fully disclosed basis through National Financial Services Corp. (“NFS”),
a wholly owned subsidiary of Fidelity Investments.
Siebert serves investors who make their own investment decisions. Siebert seeks
to assist its customers in their investment decisions by offering a number of
value added services, including easy access to account information. Siebert’s
representatives are available to assist customers with information via toll-free
800 service Monday through Friday between 7:30 a.m. and 7:30 p.m.
Eastern Time. Through its SiebertNet, Mobile Broker, inter-active voice recognition
and Siebert Brokerage Express services, 24-hour access is available to customers.
Independent Retail Execution Services. Siebert and NFS monitor order flow in
an effort to ensure that we are getting the best possible trade executions for
customers. Siebert does not make markets in securities, nor does it take positions
against customer orders.
Siebert’s equity orders are routed by NFS in a manner intended to afford
its customers the opportunity for price improvement on all orders. The firm
also offers customers execution services through various electronic communication
networks (“ECNs”) for an additional fee. These systems give customer’s
access to numerous ECNs before and after regular market hours. Siebert believes
that its over-the counter executions consistently afford its customers the opportunity
for price improvement.
Customers may also indicate online interest in buying or selling fixed income
securities, including municipal bonds, corporate bonds, mortgage-backed securities,
government sponsored enterprises, unit investment trusts or certificates of
deposit. These transactions are serviced by registered representatives.
Siebert became a discount broker on May 1, 1975. Siebert believes that it has
been in business and a member of The New York Stock Exchange, Inc. (the “NYSE”)
longer than any other discount broker. In 1998, Siebert began to offer its customers
access to their accounts through SiebertNet, its Internet website. Siebert’s
focus in its discount brokerage business is to serve retail clients seeking
a wide selection of quality investment services, including trading through a
broker on the telephone, through a wireless device or via the Internet, at commissions
that are substantially lower than those of full-commission firms. Siebert clears
its securities transactions on a fully disclosed basis through National Financial
Services Corp. (“NFS”), a wholly owned subsidiary of Fidelity Investments.
Siebert and NFS monitor order flow in an effort to ensure that we are getting
the best possible trade executions for customers. Siebert does not make markets
in securities, nor does it take positions against customer orders.
Siebert’s Capital Markets Group (“SCM”) division served the
Company as a co-manager, underwriting syndicate member, or selling group member
on a wide spectrum of securities offerings for corporations and Federal agencies.
The principal activities of SCM were investment banking and institutional equity
execution services. SCM provided Muriel Siebert & Co., Inc. high-quality
brokerage service to both institutional investors and issuers of equity and
fixed-income securities.