Muriel Siebert & Co., Inc., a wholly-owned subsidiary of Siebert Financial Corp. (NASDAQ:SIEB), today announced the acquisition of the retail brokerage accounts of the DJF Discount Brokerage Division of Lake Success, NY-based R&R Planning Group, Ltd. Terms of the acquisition were not disclosed. The company said that a majority of the acquired customer base is centered in the New York tri-state area where Siebert also has a strong presence and is headquartered.

“This transaction furthers our core strategy of growth through acquisition of compatible accounts,” said Ms. Siebert, president and chairwoman of Siebert. “We look forward to welcoming these accounts to the Siebert family and providing them with excellent customer support and service.”

As customers of Siebert, customers of DJF Discount Brokerage will continue to receive the same discounted commission rates on their stock and option trades and, through Siebert’s clearing agent, National Financial Services LLC, the highest level of account protection currently available in the industry.* Additionally, they will have lower margin rates and free access to an expanded independent research offering. Through the participation of Siebert’s Capital Markets Group in global equity and debt underwritings, they may also have access to new-issue equity and debt securities.

R&R Planning Group, Ltd. was founded in 1992. With this transaction the firm exits the agency retail brokerage business.

The transaction marks the sixth acquisition in the past 12 years for Siebert Financial. Previously, Siebert purchased the retail discount brokerage accounts of Andrew Peck Associates, Inc. in Jersey City, NJ, Wall Street Discount Corp. in New York, Your Discount Broker, Inc. of South Florida, TradeStation Securities Inc. of Boca Raton, and the Boca Raton Accounts of State Discount Brokers.

Siebert Financial Corp. is a holding company, which conducts all its brokerage operations through its wholly-owned subsidiary, Muriel Siebert & Co., Inc. (“Siebert”). A member of the New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975, when discounting was first permitted. Muriel Siebert & Co., Inc., owns 49% of Siebert, Brandford, Shank & Co., LLC, which provides municipal underwriting and financial advisory services to state and local governments across the nation for the funding of education, housing, health services, transportation, utilities, capital facilities, redevelopment and general infrastructure projects.

Siebert is based in New York City with additional retail branches in Boca Raton, West Palm Beach, Surfside and Naples, Florida; Beverly Hills, California; and Jersey City, New Jersey. Siebert, Brandford, Shank & Co. has offices in Anchorage, Atlanta, Baton Rouge, Chicago, Dallas, Detroit, Fort Worth, Fort Lauderdale, Honolulu, Houston, Los Angeles, Miami, Newark, New York, Oakland, San Antonio, San Diego, Seattle, St. Louis and Washington, D.C.

* Securities in accounts carried by National Financial Services LLC ("NFS"), a Fidelity Investments company, are protected in accordance with the Securities Investor Protection Corporation ("SIPC") up to $500,000 (including up to $100,000 for cash awaiting reinvestment). NFS also has arranged for coverage above these limits to the maximum level of excess SIPC protection currently available in the brokerage industry. This excess SIPC coverage is provided by Lloyd's of London together with Axis Specialty Europe Ltd. and Munich Reinsurance Co. Total aggregate excess SIPC coverage available through NFS's excess SIPC policy is $1 billion. Within NFS's excess SIPC coverage, there is no per account dollar limit on coverage of securities, but there is a per account limit of $1.9 million on coverage of cash awaiting investment, which brings the total of cash coverage through SIPC and excess of SIPC to $2 million for each account. Neither coverage protects against a decline in the market value of securities, nor does either coverage extend to certain securities that are considered ineligible for coverage. For more details on SIPC, or to request a SIPC brochure, visit or call 1-202-371-8300.

Statements in this press release concerning the Company’s business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are “forward-looking statements” as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and other factors include, changes in general economic and market conditions, fluctuations in volume and prices of securities, changes and prospects for changes in interest rates and demand for brokerage and investment banking services, increases in competition within and without the discount brokerage business through broader service offerings or otherwise, competition from electronic discount brokerage firms offering greater discounts on commissions than Siebert, prevalence of a flat fee environment, decline in participation in equity or municipal finance underwriting, decreased ticket volume in the discount brokerage division, limited trading opportunities, increases in expenses, changes in net capital or other regulatory requirements. As a result of these and other factors, Siebert may experience material fluctuations in its operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial condition, operating results, and stock price, as well as other risks detailed in the Company’s filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in “forward-looking statements” are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Accordingly, investors are cautioned not to place undue reliance on any such “forward-looking statements,” and the Company disclaims any obligation to update the information contained herein or to publicly announce the result of any revisions to such “forward-looking statements” to reflect future events or developments. An investment in Siebert involves various risks, including those mentioned above and those, which are detailed from time to time in Siebert’s Securities and Exchange Commission filings. Copies of the company’s SEC filings may be obtained by contacting the company or the SEC.

Copyright Business Wire 2010