Here are 1-3 brief analogies for Siebert Financial (SIEB):

• A smaller, independent version of Charles Schwab or Fidelity for online brokerage and investment services.
• A boutique financial services firm offering retail brokerage, investment banking, and clearing services, similar in scope to a smaller Raymond James.

• Retail Brokerage Services: Provides investment accounts, online trading platforms, and financial advisory services to individual investors.
• Custody and Clearing Services: Offers back-office support, including asset custody, trade execution, and settlement for financial institutions and independent advisors.
• Investment Advisory Platforms: Supplies independent financial advisors with comprehensive platforms and support services to manage their clients' assets.
• Asset Management: Manages investment portfolios and offers various investment strategies through its subsidiary, WBI Investments.

Siebert Financial (symbol: SIEB) operates a diversified financial services business that serves both individual and institutional clients. While the company has a significant Capital Markets division catering to institutional customers (such as hedge funds, registered investment advisors, and other broker-dealers), its historical foundation and a substantial portion of its business, particularly through Muriel Siebert & Co., Inc., are focused on individual investors. Therefore, the company primarily serves individuals.

The up to three categories of individual customers that Siebert Financial serves include:

• Individual Retail Investors: This category encompasses everyday investors who utilize Siebert's brokerage platform for self-directed trading of various investment products, including stocks, options, and mutual funds.
• High-Net-Worth Customers: These are individuals with substantial assets who often seek more personalized financial advice, wealth management services, and access to a broader array of sophisticated investment strategies and products.

• Apex Clearing Corporation
• StoneX Group Inc. (Symbol: SNEX)

John J. Gebbia Sr., Chief Executive Officer / Board Member

Mr. Gebbia brings decades of leadership experience in the financial services industry, having held executive roles at firms such as Merrill Lynch; Walston & Company; and Jesup, Josephthal & Co.. He purchased Jesup & Lamont, an institutional brokerage firm, in 1983 after serving as its CEO. After the Gebbia Family acquired approximately 90% of Siebert's outstanding common stock in 2016, Mr. Gebbia was instrumental in significantly growing Siebert's annual revenue and diversifying its business lines, including the acquisition of StockCross Financial Services, Inc.. He also has other business ventures in real estate, entertainment, and sports. Born in Sicily, Italy, he emigrated to New York in 1950 and began his finance career on the New York Stock Exchange floor at 21 years old.

Andrew Reich, Chief Financial Officer and Board Member

Mr. Reich possesses over 30 years of experience in the financial industry. He served in various executive positions with StockCross Financial Services, Inc. from 2002 to 2016, including Chairman from 2015 to 2016. He has also served as CFO of Gebbia Holding Co., an investment holding company, and CFO of Park Wilshire Insurance Company. Mr. Reich became Executive Vice President, Chief Financial Officer, and Assistant Secretary of Siebert Financial Corp. and CEO of Muriel Siebert & Co., Inc. in December 2016. He holds an M.B.A. from the University of Southern California and a B.B.A. from Baruch College. He is also the owner of Aarianna Realty Inc., a real estate company.

Gloria E. Gebbia, Board Member and Majority Shareholder

Ms. Gebbia is the managing manager of Kennedy Cabot Acquisition, LLC (KCA). She played a pivotal role in the 2016 acquisition of Siebert Financial Corp. by KCA, through which the Gebbia family acquired a majority stake. She was also an owner and director of StockCross Financial Services, Inc. Along with John J. Gebbia Sr., she is credited with rejuvenating Siebert Financial and substantially growing the firm in the years following the acquisition. She has been married to John J. Gebbia for over 60 years.

Eric Tassell, President

Mr. Tassell has extensive experience in the financial industry, starting his career at TD Waterhouse in 1995 as a Branch Manager and advancing to Regional VP and Vice President of Operations. He joined E*TRADE in 2003 as a Director, overseeing branch expansion, and later became Mid-market Segment Leader for Corporate Services at E*TRADE Financial in 2005. Prior to his promotion to President of Siebert Financial in August 2022, he served as a Senior Vice President at StockCross Financial and then Siebert Financial, joining Siebert in 2009.

Gregory Schebece, Chief Operating Officer

Mr. Schebece has been active in the financial industry since 1988 and is currently registered with Muriel Siebert & Co., LLC. His previous affiliations include Stockcross Financial Services, Inc., National Investor Services Corp., TD Ameritrade, Inc., Kennedy, Cabot & Co., T.R. Winston & Company, Inc., and Crowell, Weedon & Co. He holds a wide array of licenses and certifications, including Series 7, 24, 55, 62, 63, 8, 9, 10, 57TO, 99TO, and SIE.

• The widespread adoption of commission-free trading models by larger competitors and newer fintech platforms has fundamentally eroded the revenue model for traditional discount brokers. This forces firms like Siebert to either match these pricing strategies, sacrificing profitability, or risk losing clients to competitors offering seemingly "free" trades for common transactions.
• The rapid rise of technologically advanced "neobrokers" offering intuitive mobile-first experiences, fractional share trading, and integrated financial tools, has attracted a significant portion of retail investors, particularly younger demographics. This innovation sets a higher standard for user experience and diverts market share from traditional firms that may have legacy technology or less engaging digital platforms.

Online Brokerage/E-Brokerage

Wealth Management

Investment Banking

Insurance Services

Corporate Stock Plan Administration Solutions

Siebert Financial (SIEB) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic expansion, technological investments, and client-focused initiatives:

1. Expansion into New Business Lines and Markets: Siebert Financial has strategically launched new ventures, including Siebert Investment Banking, focusing on middle-market clients and high-growth sectors such as FinTech and digital assets. Additionally, the company established a Capital Markets Group to strengthen its institutional market presence and boost retail growth. Siebert also enhanced its Stock Plan Services and entered the media and entertainment sectors through the acquisition of Gebbia Media.

2. Investments in Technology and Digital Wealth Management: The company is making strategic investments in technology and digital wealth management platforms to modernize its offerings and enhance its competitive position. This includes investments in its retail trading platforms and a notable $2.0 million investment in FusionIQ, a cloud-native digital wealth management platform.

3. Customer Base Expansion and Targeted Initiatives: Siebert is focused on expanding its client base, evidenced by an increase in retail customer net worth and total retail customer accounts. A key initiative is the launch of Siebert.Valor, a fintech platform designed to provide customized financial education and investment services to military service members, veterans, law enforcement, and first responders.

4. Growth in Core Commission, Fee, and Lending Revenues: Sustained growth in established revenue streams, such as commissions and fees, stock borrow/stock loan activities, and interest revenues, is a crucial driver. Siebert's 2024 full-year results demonstrated strong performance in these areas, contributing significantly to overall revenue growth.

5. Strategic Partnerships and Geographic Expansion: Siebert is forming strategic alliances and expanding its physical footprint. The opening of a Washington, D.C. office supports the expanding Capital Markets and Investment Banking team. Furthermore, a strategic partnership with Next Securities aims to integrate AI technology and digital platform expertise with Siebert's financial infrastructure to develop new tools, market insights, and explore expansion into global markets and digital assets capabilities.

Share Repurchases

• Siebert Financial Corp. has a credit facility in place allowing for stock buybacks up to $10 million.

Share Issuance

• On June 9, 2025, a shelf registration statement on Form S-3 was declared effective by the SEC, enabling the company to raise up to $100 million through the sale of various securities to enhance financial flexibility for strategic initiatives, including acquisitions and technology advancements.
• The company launched a $50 million at-the-market (ATM) offering to fund strategic initiatives in AI, digital assets, and potential acquisitions.
• As of May 13, 2025, Siebert Financial had 41,409,936 issued shares and 40,409,936 shares outstanding.

Outbound Investments

• In January 2020, Siebert Financial Corp. acquired the remaining 85% of StockCross' outstanding shares, merging StockCross into Muriel Siebert & Co., Inc.
• In August 2025, Siebert invested $2.0 million in IQvestment Holdings ("FusionIQ"), a cloud-native digital wealth management platform.
• On October 28, 2025, Siebert Financial Corp. acquired the remaining 32% stake in RISE Financial Services, LLC for $3.7 million, making it a wholly-owned subsidiary.

Capital Expenditures

• In the second quarter of 2025, adjusted operating income was primarily impacted by additional investment in new personnel related to technology initiatives and expansion into new business lines, such as investment banking and servicing active trader customers.
• The company is focused on a strategic transformation that includes significant investments in technology and financial innovation, particularly in AI, digital assets, and digital wealth management platforms.