What changed in this filing

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Item 1. Business

2025-03-31 compared with 2024-05-10 · 126 added, 92 removed, 357 unchanged (38% of the section changed)

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We have a strong legacy and continue to evolve in our approach to take advantage of opportunities in the financial services

As part of our strategic initiatives to diversify and create synergies between our enterprises, we acquired a media and entertainment

Additionally we created an investment advisory committee with several veterans in the entertainment industry.

conduct the following lines of business through our wholly-owned and majority-owned subsidiaries:

● Muriel Siebert & Co., LLC (“MSCO”) provides retail brokerage services.

MSCO is a Delaware

corporation and broker-dealer registered with the SEC under the Securities Exchange Act of 1934 (“Exchange Act”) and the Commodity

Exchange Act of 1936, and member of the Financial Industry Regulatory Authority (“FINRA”), the New York Stock Exchange (“NYSE”),

the Securities Investor Protection Corporation (“SIPC”), Euroclear, and the National Futures Association (“NFA”),

and the Commodities Futures Trading Commission (“CFTC”).

● Siebert AdvisorNXT, LLC (“SNXT”) provides investment advisory services.

SNXT is a New York

corporation registered with the SEC as a Registered Investment Advisor (“RIA”) under the Investment Advisers Act of 1940 (“Advisers

Act”), and the CFTC.

● Muriel Siebert & Co., LLC (“MSCO”) provides

retail brokerage services.

MSCO is a Delaware corporation and broker-dealer registered with the SEC under the Securities Exchange Act

of 1934 (“Exchange Act”) and the Commodity Exchange Act of 1936, and member of the Financial Industry Regulatory Authority

(“FINRA”), the New York Stock Exchange (“NYSE”), the Securities Investor Protection Corporation (“SIPC”),

Euroclear, and the National Futures Association (“NFA”), and the Commodities Futures Trading Commission (“CFTC”).

● Siebert AdvisorNXT, LLC (“SNXT”) provides investment

advisory services.

SNXT is a New York corporation registered with the SEC as a Registered Investment Advisor (“RIA”) under

the Investment Advisers Act of 1940 (“Advisers Act”), and the CFTC.

● Park Wilshire Companies, Inc.

(“PW”) provides insurance services.

PW is a Texas corporation

and licensed insurance agency.

● Siebert Technologies, LLC (“STCH”) provides technology development.

STCH is a Nevada limited

liability company.

● RISE Financial Services, LLC, (“RISE”) is a Delaware limited liability company and a broker-dealer

registered with the SEC, CFTC, FINRA, SIPC and NFA.

(“PW”) provides

insurance services.

PW is a Texas corporation and licensed insurance agency.

● Siebert Technologies, LLC (“STCH”) provides technology

STCH is a Nevada limited liability company.

● RISE Financial Services, LLC, (“RISE”) is a Delaware

limited liability company and a broker-dealer registered with the SEC, CFTC, FINRA, SIPC and NFA.

● StockCross Digital Solutions, Ltd.

(“STXD”) is an inactive subsidiary headquartered in Bermuda.

an inactive subsidiary headquartered in Bermuda.

● Gebbia Entertainment, LLC (“GE”) is a Florida

limited liability company and provides media entertainment services.

For purposes of this Annual

Report, the terms “Siebert,” “Company,” “we,” “us” and “our” refer to Siebert

Financial Corp., MSCO, SNXT, PW, STCH, RISE, and STXD collectively, unless the context otherwise requires.

headquarters is located at 653 Collins Avenue, Miami Beach, FL 33139, with primary operations in New Jersey, Florida and California.

Financial Corp., MSCO, SNXT, PW, STCH, RISE, STXD, and GE, collectively, unless the context otherwise requires.

headquarters is located at 653 Collins Avenue, Miami Beach, FL 33139, with primary operations in New York, Florida and California.

phone number is (310) 385-1861 and our Internet address is www.siebert.com .

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around the world.

As of May 1, 2024, we had

As of March 11, 2025, we had

146 full-time employees.

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and reinforces our commitment as a strategic partner to our clients.

January 1, 2024, MSCO changed its name to Muriel Siebert & Co., LLC and its tax status from a C-Corporation to a Limited Liability

Refer to Note 24 – Subsequent Events for further detail.

Today, MSCO offers a wide range of products and services and

is the primary subsidiary of Siebert.

Siebert 2023 Form-10K 2

MSCO offers a wide range of products and services and is the primary subsidiary of Siebert.

Products and Services

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and also clears with National Financial Services Corp.

(“NFS”), a wholly-owned subsidiary of FMR, LLC.

(“NFS”), a wholly-owned subsidiary of FMR, LLC (“Fidelity Investments”).

Securities Finance and Market Making

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publicly traded companies and their employees manage their equity compensation plans.

Corporate services is a key component of our business,

Corporate services are a key component of our business,

and we leverage our technology partnerships to create a distinct advantage through FIX connection trading and real-time transaction reporting.

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● Strategic Shift and Business Evolution:

Throughout 2023, Siebert Corporate Services has initiated a strategy

shift, transitioning from transaction-based service delivery to focus on the overall client experience.

Throughout 2023, Siebert

Corporate Services has initiated a strategy shift, transitioning from transaction-based service delivery to focus on the overall client

● Investment in Innovation and Technology:

We have made a commitment to innovation and investment in technology

that we believe will provide efficiencies and accelerate our service-to-sales model.

This strategic approach is critical in driving future

growth in account conversion revenue.

We have made a commitment

to innovation and investment in technology that we believe will provide efficiencies and accelerate our service-to-sales model.

strategic approach is critical in driving future growth in account conversion revenue.

● Future Outlook:

Industry consolidation and rising minimum plan value requirements among competitors is

creating an underserved market of public issuers looking for new service providers.

Siebert Corporate Services is currently developing

an enhanced equity management solution to capture new market opportunities.

Industry consolidation and rising minimum

plan value requirements among competitors is creating an underserved market of public issuers looking for new service providers.

Corporate Services is currently developing an enhanced equity management solution to capture new market opportunities.

Independent Retail Execution Services

MSCO and its clearing

firms monitor order flow in efforts to ensure that customers are getting the best possible trade executions.

All equity orders are

routed in a manner intended to afford MSCO’s customers the most favorable terms on all orders.

MSCO also offers customers

execution services through various market centers for an additional fee, providing customers access to numerous market centers

before and after regular market hours.

Customers may buy or sell fixed income securities, municipal bonds, corporate bonds,

mortgage-backed securities, government sponsored enterprises, unit investment trusts, mutual funds, certificates of deposit, and

other securities.

and its clearing firms monitor order flow in efforts to ensure that customers are getting the best possible trade executions.

equity orders are routed in a manner intended to afford MSCO’s customers the most favorable terms on all orders.

offers customers execution services through various market centers for an additional fee, providing customers access to numerous

market centers before and after regular market hours.

Customers may buy or sell fixed income securities, municipal bonds, corporate

bonds, mortgage-backed securities, government sponsored enterprises, unit investment trusts, mutual funds, certificates of deposit,

and other securities.

These transactions are serviced by MSCO’s registered representatives.

Siebert 2023 Form-10K 3

Retail Customer Service

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We are currently in the process of developing

a new retail platform (“Retail Platform”) for our customers and integrating the trading platform into our operations.

Siebert 2023 Form-10K 4

a new retail platform (“Retail Platform”) for our customers and integrating it into our operations.

Investment Banking

and Capital Markets

During the first quarter of

2025, the Company established an Investment Banking and Capital Markets division as part of its strategic expansion designed to serve

middle-market clients often overlooked by larger financial institutions.

The Company has hired several experienced professionals

with extensive experience in capital markets, M&A, and financial advisory services to lead and develop this growth initiative.

hires represent a significant investment in the Company’s future operations.

Siebert AdvisorNXT, Inc.

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The robo-advisor continuously monitors and periodically rebalances portfolios to address changes in market and economic conditions.

January 1, 2024, SNXT changed its name to Siebert AdvisorNXT, LLC and its tax status from a C-Corporation to a Limited Liability Corporation.

Refer to Note 24 – Subsequent Events for further detail.

Products and Services

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Siebert Technologies, LLC

STCH is a technology company

through which we are expanding our products and services and we plan to use this subsidiary for

future fintech opportunities.

is an innovative technology subsidiary dedicated to advancing new technology for our clients as well as our business operations.

By leveraging

cutting-edge technology, STCH is positioned to drive the evolution of our products and services, delivering greater efficiency, accessibility,

and value to our clients.

With a focus on future fintech opportunities, STCH aims to be at the forefront of developing transformative

solutions that will cater to both retail and corporate service clients.

During 2024, we hired a new

President of STCH with over 25 years of experience in technology leadership and innovation, changed our primary software development vendor,

and made investments in technology development.

Some of these technology investments

include the development of a Siebert mobile trading application, online platform for our retail customer base and corporate services clients,

as well as upgrades to our technological and operational infrastructure to support these platforms and future growth.

We believe that

these ongoing investments in technology will be key to meeting the needs of our retail customers, correspondent clearing, corporate services

as well as expand into new markets and demographics.

We look to continue to expand this business line and additional product offerings

through technology development.

RISE Financial Services, LLC

During 2022, RISE was a prime

broker focused on providing institutional quality services to hedge funds and other institutional investors.

In 2022, Siebert and RISE

engaged in certain transactions with Tigress Holdings, LLC (“Tigress”) and Hedge Connection, Inc.

(“Hedge Connection”)

to exchange equity, cash, and respective leadership positions.

In 2023, based upon the strategic direction of these ventures, management

of the respective businesses decided to unwind the original transactions with Siebert, RISE, Hedge Connection and Tigress.

– Transactions with Tigress and Hedge Connection for further detail on these transactions.

a registered broker-dealer with the SEC and a member of FINRA, is currently conducting a comprehensive review of its strategic initiatives

to evaluate potential opportunities and determine the most effective course of action for future operations.

Gebbia Entertainment, LLC

GE is a media entertainment

company with reach into the realms of music, entertainment and media.

GE has a business partnership with GAMMA Media and L.A Reid LLC

for the rights to SIMIEN, a talented group of three sisters from Los Angeles, California who are managed by the globally renowned singer,

songwriter and producer, Akon, who also serves as a member of the Company’s advisory committee.

Other Business Developments

Advisory Committee

In 2024, we established a

new advisory committee composed of prominent leaders from the finance, technology, sports, and entertainment industries.

This committee

provides strategic guidance to us as we pursue an ambitious growth strategy.

The advisory committee includes globally recognized artist

and entrepreneur Akon, former NFL athlete and media entrepreneur Brandon Marshall, Wall Street professional Mick Solimene (Managing Director,

Monroe Capital), Steven Geskos (Operating Partner, Fifth Down), entertainment entrepreneur Nick Jarjour (CEO, JarjourCo and former Global

Head of Song Management at Hipgnosis Songs Fund), and Laura J.

Richardson (retired United States Army general).

Each advisory committee member

brings unique expertise and an extensive network to support Siebert’s innovation and expansion.

Notably, Akon, known for his entrepreneurial

ventures and philanthropic initiatives, has partnered with GE in co-managing SIMIEN, a rising female recording artist group.

committee meets regularly to discuss key opportunities, leveraging their collective experience in an effort to drive our growth and enhance

shareholder value.

Strategic Initiatives

In 2024, we began undertaking

a strategic rebranding initiative designed to enhance our digital presence and expand our evolving services.

As part of this rebranding,

we have shifted our focus to provide innovative financial management solutions tailored to a diverse range of clients such as athletes

and artists, bridging the gap between traditional finance and creative industries.

By integrating cutting-edge technologies, we aim to

position ourselves as a forward-thinking leader, delivering relevant and insightful content to our audience.

This revitalized approach

reflects our commitment to staying ahead of industry trends and offering a more personalized, impactful experience to our clients.

We encounter significant competition

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services industry is a result of our high-quality customer service, responsiveness, products offered, and excellent executions.

Siebert 2023 Form-10K 5

The securities industry in

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of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (“Dodd-Frank”), the adoption of implementing regulations

by the federal regulatory agencies, as well as other recent regulatory reforms, we have experienced significant changes in the laws and

regulations that apply to us, how we are regulated, and regulatory expectations in the areas of compliance, risk management, corporate

governance, operations, capital and liquidity.

by the federal regulatory agencies, and other recent regulatory reforms, we have experienced significant changes in the laws and regulations

that apply to us, how we are regulated, and regulatory expectations in the areas of compliance, risk management, corporate governance,

operations, capital and liquidity.

Regulation Best Interest

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Act, the SEC was charged with considering whether broker-dealers should be subject to a standard of care similar to the fiduciary standard

applicable to registered investment advisers (“RIAs”).

In June 2019, the SEC adopted a package of rules and interpretations

related to the provision of advice by broker-dealers and investment advisers, including Regulation Best Interest and Form CRS (collectively,

these regulations, rules and interpretations are referred to herein as the “Regulation Best Interest Rules”).

Among other things,

Regulation Best Interest requires a broker-dealer to act in the best interest of a retail customer when making a recommendation to that

customer of any securities transaction or investment strategy involving securities.

Form CRS requires that broker-dealers and investment

advisers provide retail investors with a brief summary document containing simple, easy-to-understand information about the nature of

the relationship between the parties.

Regulation Best Interest and Form CRS had a compliance date of June 30, 2020.

applicable to RIAs.

In June 2019, the SEC adopted a package of rules and interpretations related to the provision of advice by broker-dealers

and investment advisers, including Regulation Best Interest and Form CRS (collectively, these regulations, rules and interpretations are

referred to herein as the “Regulation Best Interest Rules”).

Among other things, Regulation Best Interest requires a broker-dealer

to act in the best interest of a retail customer when making a recommendation to that customer of any securities transaction or investment

strategy involving securities.

Form CRS requires that broker-dealers and investment advisers provide retail investors with a brief summary

document containing simple, easy-to-understand information about the nature of the relationship between the parties.

Regulation Best Interest

and Form CRS had a compliance date of June 30, 2020.

The Regulation Best Interest

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Equities, bonds, mutual funds and money market funds are

included at net asset value for purposes of SIPC protection and the additional protection.

Neither SIPC protection nor the additional

protection insures against fluctuations in the market value of securities.

Siebert 2023 Form-10K 6

included at net asset value for purposes of SIPC protection and additional protection.

Neither SIPC protection nor the additional protection

insures against fluctuations in the market value of securities.

MSCO is also authorized by

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and are also required to impose certain maintenance requirements on the amount of securities and cash held in margin accounts.

those rules and rules of the Chicago Board Options Exchange govern the amount of margin customers must provide and maintain in writing

uncovered options.

those rules and rules of the Chicago Board Options Exchange govern the amount of margin customers must provide and maintain uncovered

options in writing.

Investment Advisers Act of 1940

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Rather, as a fiduciary, SNXT

selects brokers based on its clients’ interests in receiving best execution.

selects brokers based on its clients’ interest in receiving best execution.

Bank Secrecy Act of 1970

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Office of Foreign Assets Control.

Siebert 2023 Form-10K 7

As registered broker-dealers,

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of personally identifiable information.

These laws and regulations are increasing in complexity and number, change frequently and sometimes

These laws and regulations are increasing in complexity and number, changing frequently and sometimes

To the extent they are applicable to us, we must comply with federal and state information-related laws and regulations in the

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integrity, and service.

As of May 1, 2024, we had 124 employees, two of whom were corporate officers.

As of March 11, 2025, we had 146 employees, two of whom were corporate officers.

None of our employees are represented

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personnel to attend regular training sessions and workshops on those topics.

Siebert 2023 Form-10K 8

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business