“Financial Advisers should be prohibited from resigning as financial adviser to an issuer, and then underwriting that issuer's bonds...This is a classic example of conflict of interest.”

—Mary Shapiro, Former Chairman, SEC

With the advent of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, a single firm can no longer provide both financial advice and underwriting services on the same transaction: the same firm providing both advice and execution provides an unresolvable conflict. Debt issuance may be the singly most costly undertaking by a government or non-profit borrower during a year. Don't you deserve to have someone on your side?

The value of quality financial advice has been quantified in academic study. In 2006 two researchers at the business school at the University of Nebraska found that quality financial advice provided a pricing advantage of nearly 0.05% in true interest cost on the pricing of new issues. In addition the same authors found that on-going relationships with financial advisors are also associated with lower borrowing costs.

Independence matters. Experience matters. With advice provided on more than $60 billion in municipal par offered and through service to some of the largest issuers in the country, Columbia Capital brings independence and deep expertise to your public finance needs.

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