We work to understand our clients' goals and objectives to help ensure that our recommendations align with their investment philosophy. We use objective, empirical information to drive our recommendations. As a broker-dealer we transact in securities that meet our threshold for transparency. Securities must be price-discoverable, credit-discoverable and liquid. We support our trade recommendations with our proprietary Credit Discovery Assistance and Bond Price Assurance services.

First Trust underwrites municipal securities, both on a competitive and negotiated transaction basis. On a limited basis, we engage in principal trading positions across all fixed income classes. In addition, we engage in riskless trades based on client inquiries where we source our securities through other brokers, banks and institutions.

Transparency is our primary differentiating factor. We disclose fees and markups, including underwriting spreads and commissions, for municipal, corporate and U.S. Agency transactions.