Values

Independence

PRAG is an independent, employee-owned financial advisor and does not engage in any form of underwriting, trading, marketing, or investing in securities, nor do we have any affiliate which engages in these lines of business.  As an independent financial advisor, we have no conflicts between securities trading, underwriting or marketing and the financial advisory services we provide, allowing us to aggressively advocate on behalf of our clients for lower interest rates and underwriting spreads.  Unlike investment banking firms serving as financial advisor, we have no inventory or financial positions that could be negatively affected when our clients successfully obtain lower interest rates on their new issues.

Service

PRAG is dedicated to providing the best possible service to our clients.  Indeed, “Service is our motto.”  Providing high quality services requires the dedication of senior level personnel and our staffing meets those needs – over 50% of PRAG’s professionals are at the Managing Director level or above with an average of 15 years of experience. This high ratio ensures that highly qualified professionals are involved in the day-to-day management of engagements for all the firm’s clients and are always available, ensuring optimal service.

Integrity

PRAG is  proud of our record of integrity which is of utmost importance, especially with the implementation of new regulatory rules for municipal advisors.  Even before the new regulatory requirements, PRAG has always felt that it has a fiduciary relationship with its clients.

We are not, and never have been, the subject of a regulatory investigation. Moreover, we do not make political contributions to municipal issuer officials nor do we retain outside consultants for new business purposes. We are fully compliant with and keep our staff apprised of the new MSRB and SEC regulations for Municipal Advisors implemented this year.  Additionally, PRAG is registered as an Investment Adviser under the Investment Adviser’s Act of 1940.