Siebert Financial Reports Third-Quarter 2026 Results, Highlighting Growth in Advisory Revenue and Retail Accounts
Siebert Financial Corp. (NASDAQ: SIEB), a diversified financial services provider, has announced its financial and operational results for the third quarter ended September 30, 2026. The company reported growth in several key revenue categories, including advisory fees, principal transaction revenue, and commissions and fees, while continuing to expand its retail customer base and invest in financial technology, digital wealth management, and new investment products.
During the reporting period, Siebert recorded total revenue of $24.7 million, compared with $26.8 million in the third quarter of 2025. The decrease was primarily attributable to lower stock borrow and stock loan revenue resulting from market conditions.
Despite the decline in overall revenue, the company achieved positive performance across several other business activities. Advisory fees increased by 38% year over year, while principal transaction revenue and commissions and fees also recorded growth. These results demonstrate the contribution of Siebert’s diversified financial services operations and its continued efforts to strengthen revenue sources across its business platform.
The company also reported growth in retail customer net worth and the number of retail accounts, reflecting continued expansion in its customer relationships and brokerage operations.
Advisory Fees Increase 38% as Financial Services Activities Expand
One of the strongest revenue developments during the third quarter of 2026 was the increase in advisory fees. Siebert reported advisory fee revenue of $1.1 million, representing a 38% increase compared with $800,000 in the corresponding quarter of the previous year.
The growth highlights the company’s progress in expanding its advisory-related activities and strengthening its financial services offerings. Advisory services are an important component of the financial services industry because they allow firms to develop ongoing relationships with clients seeking investment guidance, portfolio support, and financial planning solutions.
As customers increasingly look for accessible investment services and personalized financial solutions, advisory businesses can provide opportunities for financial institutions to diversify their revenue streams beyond traditional brokerage transactions.
For Siebert, the increase in advisory fees represents a positive contribution to its overall financial performance. Continued development of its wealth management capabilities and digital investment infrastructure may provide additional opportunities to expand advisory services and attract new customers.
The company is also investing in technology and distribution capabilities designed to support the delivery of financial products and services across its broader business platform.
Principal Transaction Revenue Records Year-Over-Year Growth
Siebert reported principal transaction revenue of $4.7 million during the third quarter of 2026, compared with $4.3 million in the same period of 2025. This represented an increase of approximately 8%.
The company attributed the improvement primarily to market conditions.
Principal transaction revenue is associated with financial transactions conducted by a firm using its own capital or acting as a principal in securities-related activities. Revenue in this category can fluctuate depending on market activity, trading conditions, securities prices, and demand for financial instruments.
The increase during the latest reporting period contributed positively to Siebert’s quarterly financial results. It also demonstrated the role of its market-related activities in supporting the company’s diversified revenue model.
However, principal transaction revenue can be affected by changes in market conditions, making it important for financial services companies to maintain appropriate risk management practices and manage their trading activities carefully.
Commissions and Fees Increase 5%
Commissions and fees also recorded growth during the third quarter of 2026. Siebert generated $2.4 million from this category, compared with $2.3 million in the prior-year quarter, representing a 5% increase.
Commission-based revenue remains an important component of brokerage operations, reflecting customer trading activity and other transaction-related services.
The improvement suggests continued contribution from Siebert’s brokerage business as the company works to expand its retail customer relationships and strengthen its financial services platform.
Growth in commissions and fees, combined with higher advisory and principal transaction revenue, helped offset some of the pressure caused by lower stock borrow and stock loan revenue.
The company’s performance across these categories demonstrates the importance of maintaining multiple sources of revenue within a diversified financial services business.
Retail Customer Net Worth Reaches $20.8 Billion
Siebert also reported positive developments in its retail customer business during the reporting period.
Retail customer net worth increased by 7% to $20.8 billion as of September 30, 2026, compared with $19.5 billion as of December 31, 2025.
This increase reflects growth in the aggregate net worth associated with the company’s retail customer base. The figure provides an indication of the scale of customer assets and financial relationships supported by Siebert’s retail operations.
Customer asset growth is an important consideration for brokerage and wealth management businesses because a larger customer asset base can create opportunities to expand advisory services, investment products, and other financial offerings.
The increase also highlights the importance of customer relationships in the company’s broader growth strategy.
As financial services firms continue investing in digital platforms and investment solutions, maintaining a strong retail customer base can support long-term business development and create opportunities to introduce additional products and services.
Siebert’s focus on technology, distribution, and product development is intended to strengthen these relationships and support the company’s expanding retail business.
Retail Brokerage Accounts Increase to 177,666
Alongside growth in customer net worth, Siebert reported an increase in the number of retail accounts.
The company had 177,666 retail accounts as of September 30, 2026, representing a 7% increase compared with 166,217 accounts as of December 31, 2025.
The expansion of retail accounts indicates continued growth in the company’s customer base and provides an additional measure of its progress in the brokerage market.
A growing account base can create opportunities for financial services providers to increase customer engagement and offer additional services, including investment products, advisory solutions, and digital wealth management tools.
For Siebert, expanding its retail customer relationships is an important part of its broader strategy to strengthen its established brokerage business while developing new technology-driven financial services.
The company continues to focus on improving its infrastructure and distribution capabilities to support customers and accommodate future business expansion.
Leadership Transition Supports Long-Term Strategic Objectives
In addition to its financial results and business developments, Siebert announced a new leadership structure on November 3, 2026, designed to support the company’s continued growth and long-term strategic objectives.
Under the updated leadership arrangement, John J. Gebbia will continue serving as Chairman of the Board of Siebert Financial Corp.
David J. Gebbia and Richard S. Gebbia have been appointed Co-Chief Executive Officers of Siebert Financial Corp. Additionally, John M. Gebbia has been appointed Chief Executive Officer of Muriel Siebert & Co., LLC and has joined the Board of Directors of Siebert Financial Corp.
The leadership transition reflects the company’s efforts to strengthen its management structure and support the development of its expanding businesses.
As Siebert continues investing in financial technology, wealth management, brokerage services, and new investment products, an experienced leadership team will play an important role in coordinating its strategic priorities.
The updated structure is intended to position the company for its next phase of growth while maintaining its focus on established financial services operations.
Strategic Partnership with Unusual Whales Expands Investment Product Opportunities
Siebert continued developing its strategic partnerships during the third quarter, including a five-year licensing and marketing services agreement with Unusual Whales announced in August 2026.
The agreement supports the development, launch, and management of exchange-traded funds (ETFs) that will utilize Unusual Whales branding and market data.
The relationship brings together Siebert’s established financial infrastructure and investment expertise with Unusual Whales’ market intelligence and data capabilities.
Unusual Whales is known for providing financial market information and tools that help investors monitor market activity and evaluate investment-related information. Its data-focused approach complements Siebert’s financial services platform and creates opportunities to develop investment products based on market insights.
Through the partnership, the companies aim to introduce new investment products and expand access to market information that has traditionally been less accessible through conventional financial research channels.
Exchange-traded funds are investment vehicles that trade on securities exchanges and can provide investors with exposure to different securities, strategies, and market segments.
The development of ETFs utilizing Unusual Whales’ branding and market data represents an opportunity for Siebert to expand its investment product offerings while exploring new approaches to financial information and market access.
The five-year agreement also reflects the company’s broader strategy of collaborating with technology and data providers to develop new financial services opportunities.
Expanded FusionIQ Relationship Strengthens Digital Wealth Capabilities
Siebert also expanded its strategic relationship with FusionIQ during the third quarter of 2026.
As part of the development, the company made an additional $1 million investment in FusionIQ and broadened its collaboration across technology, distribution, product development, and commercialization.
The additional investment supports Siebert’s objective of expanding its digital wealth management capabilities and modernizing its financial services infrastructure.
Digital wealth management has become an increasingly important area for financial institutions as customers seek convenient access to investment services, portfolio information, and financial products through technology-enabled platforms.
Technology partnerships can help financial services companies improve their operating capabilities, introduce new products, and reach customers through additional distribution channels.
Through its expanded relationship with FusionIQ, Siebert aims to strengthen the technological foundation of its business and support the development of new financial products and services.
The collaboration is expected to contribute to the company’s wider efforts to modernize its financial infrastructure and create opportunities across its wealth management and brokerage operations.
Continued Investment in Financial Technology and Product Development
The partnerships with Unusual Whales and FusionIQ form part of Siebert’s broader strategy to combine its regulated financial infrastructure with technology, data, and new investment opportunities.
The company is continuing to invest in capabilities that can support several business areas, including wealth management, brokerage, investment banking, and financial technology.
These investments reflect the changing competitive environment within the financial services industry. Digital platforms, data-driven investment tools, and technology-enabled distribution channels are becoming increasingly important in attracting customers and delivering financial products.
For established financial services companies, combining existing regulatory and operational capabilities with innovative technology can create opportunities to develop new revenue streams and strengthen customer relationships.
Siebert’s approach focuses on using partnerships and targeted investments to expand its capabilities while continuing to build on its established businesses.
Management Highlights Progress Across Business Operations
John M. Gebbia, CEO of Muriel Siebert & Co., LLC, said the third-quarter results demonstrate the benefits of continuing to build a broader Siebert platform.
He noted that although stock loan revenue declined as market conditions changed, the company achieved growth in advisory fees, commissions, and principal transactions.
Gebbia also highlighted the strategic relationships with Unusual Whales and FusionIQ, explaining that these partnerships are expanding the products and services that Siebert can develop and distribute through its platform.
David J. Gebbia, Co-CEO of Siebert Financial Corp., emphasized the company’s focus on developing scalable businesses and infrastructure.
He stated that Siebert is investing across financial technology, data-driven investment products, and distribution capabilities while continuing to strengthen its established operations.
Andrew Reich, CFO of Siebert Financial, also highlighted the company’s ongoing investments in technology, new products, distribution, and business infrastructure.
According to Reich, the company’s priorities include disciplined expense management and converting these investments into stronger operating performance and long-term earnings potential.
Focus on Sustainable Growth and Financial Services Expansion
Siebert Financial’s third-quarter 2026 results reflect a combination of revenue growth in selected business categories, expansion in retail customer relationships, and continued investment in technology-driven financial services.
Although total revenue declined to $24.7 million from $26.8 million in the prior-year quarter, the company recorded improvements in advisory fees, principal transaction revenue, and commissions and fees.
The 7% increase in retail customer net worth to $20.8 billion and the expansion of retail accounts to 177,666 also highlight continued development of its customer base.
Meanwhile, the company’s partnerships with Unusual Whales and FusionIQ demonstrate its commitment to developing new investment products, expanding digital wealth management capabilities, and improving distribution infrastructure.
The November 2026 leadership transition represents another important development as Siebert works to strengthen its management structure and support its long-term business objectives.
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