<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/mafiler" xmlns:com="http://www.sec.gov/edgar/common_ma" xmlns:com1="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>MA</submissionType>
    <filerInfo>
      <com:filer>
        <com1:filerId>0002041221</com1:filerId>
        <com1:filerCcc>XXXXXXXX</com1:filerCcc>
      </com:filer>
      <com:contact>
        <com1:name>Walter D. Lomax III</com1:name>
        <com1:phoneNumber>5019787915</com1:phoneNumber>
      </com:contact>
      <com:contactEmail>blomax@crewsfs.com</com:contactEmail>
      <com:notifications>
        <com1:internetNotificationAddress>scott@fsbeardsley.com</com1:internetNotificationAddress>
      </com:notifications>
    </filerInfo>
  </headerData>
  <formData>
    <firmName>First Security Municipal Advisors, Inc.</firmName>
    <irsNum>33-1383623</irsNum>
    <principalOfficeAddress>
      <addressInfo>
        <com:address>
          <com1:street1>501 PRESIDENT CLINTON AVE</com1:street1>
          <com1:city>LITTLE ROCK</com1:city>
          <com1:stateOrCountry>AR</com1:stateOrCountry>
          <com1:zipCode>72201</com1:zipCode>
        </com:address>
      </addressInfo>
      <phoneNumber>5019072000</phoneNumber>
    </principalOfficeAddress>
    <additionalOffices>
      <additionalOffice>
        <addDeleteAmend>
          <com:newAdd>NewAdd</com:newAdd>
        </addDeleteAmend>
        <officeInfo>
          <addressInfo>
            <com:address>
              <com1:street1>625 Farnsworth Avenue</com1:street1>
              <com1:city>Bordentown</com1:city>
              <com1:stateOrCountry>NJ</com1:stateOrCountry>
              <com1:zipCode>08505</com1:zipCode>
            </com:address>
          </addressInfo>
          <phoneNumber>6092910130</phoneNumber>
        </officeInfo>
      </additionalOffice>
    </additionalOffices>
    <mailingAddressDifferent>N</mailingAddressDifferent>
    <cco>
      <name>
        <com:firstName>Scott</com:firstName>
        <com:middleName>Arthur</com:middleName>
        <com:lastName>Beardsley</com:lastName>
      </name>
      <titles>
        <title>President</title>
      </titles>
      <address>
        <com:address>
          <com1:street1>521 President Clinton Ave</com1:street1>
          <com1:city>Little Rock</com1:city>
          <com1:stateOrCountry>AR</com1:stateOrCountry>
          <com1:zipCode>72201</com1:zipCode>
        </com:address>
      </address>
      <phoneNumber>5019786385</phoneNumber>
      <email>scott@fsbeardsley.com</email>
    </cco>
    <contactPerson>
      <name>
        <com:firstName>Walter</com:firstName>
        <com:middleName>Devillers</com:middleName>
        <com:lastName>Lomax</com:lastName>
      </name>
      <titles>
        <title>Senior Compliance Officer</title>
      </titles>
      <address>
        <com:address>
          <com1:street1>521 President Clinton Avenue</com1:street1>
          <com1:street2>Suite 800</com1:street2>
          <com1:city>Little Rock</com1:city>
          <com1:stateOrCountry>AR</com1:stateOrCountry>
          <com1:zipCode>72201</com1:zipCode>
        </com:address>
      </address>
      <phoneNumber>501-978-7915</phoneNumber>
      <email>blomax@crewsfs.com</email>
    </contactPerson>
    <businessAffiliates>
      <businessAffiliate>
        <affiliateName>First Security Bancorp</affiliateName>
        <hasApplicableRegistration>Y</hasApplicableRegistration>
        <applicableRegistration>
          <issuingAgencyName>Federal Reserve</issuingAgencyName>
          <registrationNumber>1096505</registrationNumber>
          <jurisdiction>
            <US_Federal/>
          </jurisdiction>
        </applicableRegistration>
      </businessAffiliate>
      <businessAffiliate>
        <affiliateName>First Security Finance</affiliateName>
        <hasApplicableRegistration>N</hasApplicableRegistration>
      </businessAffiliate>
      <businessAffiliate>
        <affiliateName>First Security Bank</affiliateName>
        <hasApplicableRegistration>Y</hasApplicableRegistration>
        <applicableRegistration>
          <issuingAgencyName>Federal Deposit Insurance Corporation</issuingAgencyName>
          <registrationNumber>5633</registrationNumber>
          <jurisdiction>
            <US_Federal/>
          </jurisdiction>
        </applicableRegistration>
      </businessAffiliate>
      <businessAffiliate>
        <affiliateName>Crews Core Holding Company</affiliateName>
        <hasApplicableRegistration>Y</hasApplicableRegistration>
        <applicableRegistration>
          <issuingAgencyName>State of Arkansas</issuingAgencyName>
          <jurisdiction>
            <US_State>AR</US_State>
          </jurisdiction>
        </applicableRegistration>
      </businessAffiliate>
      <businessAffiliate>
        <affiliateName>Financial Management Inc.</affiliateName>
        <hasApplicableRegistration>Y</hasApplicableRegistration>
        <applicableRegistration>
          <issuingAgencyName>United States Security and Exchange Corporation</issuingAgencyName>
          <registrationNumber>801126707</registrationNumber>
          <jurisdiction>
            <US_Federal/>
          </jurisdiction>
        </applicableRegistration>
      </businessAffiliate>
      <businessAffiliate>
        <affiliateName>Crews &amp; Associates, Inc.</affiliateName>
        <hasApplicableRegistration>Y</hasApplicableRegistration>
        <applicableRegistration>
          <issuingAgencyName>Financial Industry Regulatory Authority</issuingAgencyName>
          <registrationNumber>8052</registrationNumber>
          <jurisdiction>
            <US_Federal/>
          </jurisdiction>
        </applicableRegistration>
      </businessAffiliate>
    </businessAffiliates>
    <formOfOrganization>
      <formOrgType>
        <formOrgTypes>
          <Corporation/>
        </formOrgTypes>
      </formOrgType>
    </formOfOrganization>
    <monthOfFiscalYearEnd>December</monthOfFiscalYearEnd>
    <organizedJurisdiction>
      <com1:stateOrCountry>AR</com1:stateOrCountry>
    </organizedJurisdiction>
    <dateOfOrganization>09-20-2024</dateOfOrganization>
    <isPrcApplicant>N</isPrcApplicant>
    <numberOfEmployees>5</numberOfEmployees>
    <employeesEngagedInMAA>1</employeesEngagedInMAA>
    <maaEmployeesRegBD>0</maaEmployeesRegBD>
    <maaRegIA>0</maaRegIA>
    <numberOfSolicitingFirms>0</numberOfSolicitingFirms>
    <clientsServedAsMA>0</clientsServedAsMA>
    <typesOfClients>
      <typesOfClients>
        <clientTypes>Municipal Entities</clientTypes>
        <clientTypes>Non-profit organizations</clientTypes>
        <clientTypes>Corporations or other businesses</clientTypes>
      </typesOfClients>
    </typesOfClients>
    <numberOfSolicitedME>0</numberOfSolicitedME>
    <numberOfSolicitedOP>0</numberOfSolicitedOP>
    <totalNumberOfSolicitedMEAndOP>0</totalNumberOfSolicitedMEAndOP>
    <typesOfSolicitedPersons>
      <solicitationPersonTypes>
        <solicitationPersonTypes>Not Applicable</solicitationPersonTypes>
      </solicitationPersonTypes>
    </typesOfSolicitedPersons>
    <meOrOPCompensationTypes>
      <compensationTypes>
        <compensationTypes>Hourly Charges</compensationTypes>
        <compensationTypes>Fixed Fees</compensationTypes>
        <compensationTypes>Contingent Fees</compensationTypes>
      </compensationTypes>
    </meOrOPCompensationTypes>
    <solicitationCompensationTypes>
      <compensationTypes>
        <compensationTypes>Not Applicable</compensationTypes>
      </compensationTypes>
    </solicitationCompensationTypes>
    <engagedActivities>
      <engagedActivityTypes>
        <engagedActivityType>Advice Insurance Of MS</engagedActivityType>
        <engagedActivityType>Advice Investment Of Proceeds MS</engagedActivityType>
        <engagedActivityType>Advice ME Investments</engagedActivityType>
        <engagedActivityType>Advice ME Other Investments</engagedActivityType>
        <engagedActivityType>Advice Guaranteed IC</engagedActivityType>
        <engagedActivityType>Advice Use Of MD</engagedActivityType>
        <engagedActivityType>Advice On Selection</engagedActivityType>
        <engagedActivityType>Other</engagedActivityType>
      </engagedActivityTypes>
      <eaTypeOtherDescription>Post-issuance compliance</eaTypeOtherDescription>
    </engagedActivities>
    <isEngagedInOtherNonMAABusiness>N</isEngagedInOtherNonMAABusiness>
    <fiaAssociatedPersonsTypes>
      <fiaAPTypes>Broker-dealer municipal securities dealer or government securities broker or dealer</fiaAPTypes>
    </fiaAssociatedPersonsTypes>
    <totalFIAAssociatedPersons>4</totalFIAAssociatedPersons>
    <fiaAssociatedPersons>
      <fiaAssociatedPerson>
        <type>
          <com:newAdd>NewAdd</com:newAdd>
        </type>
        <apTypes>
          <fiaAPTypes>Broker-dealer municipal securities dealer or government securities broker or dealer</fiaAPTypes>
        </apTypes>
        <legalName>James Stephen Jones</legalName>
        <primaryBusinessName>Crews &amp; Associates, Inc.</primaryBusinessName>
        <otherMunicipalAdviser>
          <isControlOrControlled>Y</isControlOrControlled>
          <isUnderCommonControl>Y</isUnderCommonControl>
          <isRegisteredWithFFRA>N</isRegisteredWithFFRA>
        </otherMunicipalAdviser>
      </fiaAssociatedPerson>
      <fiaAssociatedPerson>
        <type>
          <com:newAdd>NewAdd</com:newAdd>
        </type>
        <apTypes>
          <fiaAPTypes>Broker-dealer municipal securities dealer or government securities broker or dealer</fiaAPTypes>
        </apTypes>
        <legalName>Dennis Charles Clay</legalName>
        <primaryBusinessName>Crews &amp; Associates, Inc.</primaryBusinessName>
        <otherMunicipalAdviser>
          <isControlOrControlled>Y</isControlOrControlled>
          <isUnderCommonControl>Y</isUnderCommonControl>
          <isRegisteredWithFFRA>N</isRegisteredWithFFRA>
        </otherMunicipalAdviser>
      </fiaAssociatedPerson>
      <fiaAssociatedPerson>
        <type>
          <com:newAdd>NewAdd</com:newAdd>
        </type>
        <apTypes>
          <fiaAPTypes>Broker-dealer municipal securities dealer or government securities broker or dealer</fiaAPTypes>
        </apTypes>
        <legalName>Joseph Parrot Bumpers</legalName>
        <primaryBusinessName>Crews &amp; Associates, Inc.</primaryBusinessName>
        <otherMunicipalAdviser>
          <isControlOrControlled>Y</isControlOrControlled>
          <isUnderCommonControl>Y</isUnderCommonControl>
          <isRegisteredWithFFRA>N</isRegisteredWithFFRA>
        </otherMunicipalAdviser>
      </fiaAssociatedPerson>
      <fiaAssociatedPerson>
        <type>
          <com:newAdd>NewAdd</com:newAdd>
        </type>
        <apTypes>
          <fiaAPTypes>Broker-dealer municipal securities dealer or government securities broker or dealer</fiaAPTypes>
        </apTypes>
        <legalName>Scott Arthur Beardsley</legalName>
        <primaryBusinessName>Crews &amp; Associates, Inc.</primaryBusinessName>
        <otherMunicipalAdviser>
          <isControlOrControlled>Y</isControlOrControlled>
          <isUnderCommonControl>Y</isUnderCommonControl>
          <isRegisteredWithFFRA>N</isRegisteredWithFFRA>
        </otherMunicipalAdviser>
      </fiaAssociatedPerson>
    </fiaAssociatedPersons>
    <participationInterestMACT>
      <mactBuySellFromClients>N</mactBuySellFromClients>
      <mactBuySellRecommendToClients>N</mactBuySellRecommendToClients>
      <mactEnterDerivativesWithClients>N</mactEnterDerivativesWithClients>
      <mactRecommendOwnedInterestToClients>N</mactRecommendOwnedInterestToClients>
      <mactRecommendToClientsServing>N</mactRecommendToClientsServing>
      <mactRecommendToClientsHavingOtherSalesInterest>N</mactRecommendToClientsHavingOtherSalesInterest>
      <mactDiscAuthBuySellAsMAA>N</mactDiscAuthBuySellAsMAA>
      <mactDiscAuthBuySell>N</mactDiscAuthBuySell>
      <mactDiscAuthDetermineBrokerDealer>N</mactDiscAuthDetermineBrokerDealer>
      <mactDiscAuthDetermineCommissionToBrokerDealer>N</mactDiscAuthDetermineCommissionToBrokerDealer>
      <mactRecommendBrokerDealerToClient>N</mactRecommendBrokerDealerToClient>
      <mactCompensateForReferrals>N</mactCompensateForReferrals>
      <mactReceiveCompensationForReferrals>N</mactReceiveCompensationForReferrals>
    </participationInterestMACT>
    <disclosureAnswers>
      <criminalDisclosure>
        <com:isConvictedOfFelony>N</com:isConvictedOfFelony>
        <com:isChargedWithFelony>N</com:isChargedWithFelony>
        <com:isOrgConvictedOfFelony>N</com:isOrgConvictedOfFelony>
        <com:isOrgChargedWithFelony>N</com:isOrgChargedWithFelony>
      </criminalDisclosure>
      <regulatoryDisclosure>
        <com:isMadeFalseStatement>N</com:isMadeFalseStatement>
        <com:isViolatedRegulation>N</com:isViolatedRegulation>
        <com:isCauseOfDenial>N</com:isCauseOfDenial>
        <com:isOrderAgainst>N</com:isOrderAgainst>
        <com:isImposedPenalty>N</com:isImposedPenalty>
        <com:isUnEthical>N</com:isUnEthical>
        <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
        <com:isFoundInCauseOfDenial>N</com:isFoundInCauseOfDenial>
        <com:isOrderAgainstActivity>N</com:isOrderAgainstActivity>
        <com:isDeniedLicense>N</com:isDeniedLicense>
        <com:isFoundMadeFalseStatement>N</com:isFoundMadeFalseStatement>
        <com:isFoundInViolationOfRules>N</com:isFoundInViolationOfRules>
        <com:isFoundInCauseOfSuspension>N</com:isFoundInCauseOfSuspension>
        <com:isDiscipliend>N</com:isDiscipliend>
        <com:isAuthorizedToActAttorney>N</com:isAuthorizedToActAttorney>
        <com:isRegulatoryComplaint>N</com:isRegulatoryComplaint>
      </regulatoryDisclosure>
      <civilDisclosure>
        <com:isEnjoined>N</com:isEnjoined>
        <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
        <com:isDismissed>N</com:isDismissed>
        <com:isNamedInCivilProceeding>N</com:isNamedInCivilProceeding>
      </civilDisclosure>
    </disclosureAnswers>
    <hasAnnualReceiptsLessThan7Million>Y</hasAnnualReceiptsLessThan7Million>
    <isAffiliatedWithReceiptsMoreThan7Million>Y</isAffiliatedWithReceiptsMoreThan7Million>
    <scheduleA>
      <businesses>
        <business>
          <name>Crews Core Holding Company</name>
          <controPersonPR>N</controPersonPR>
          <deFeNp>
            <de/>
          </deFeNp>
          <irsNum>88-2453800</irsNum>
          <baseInformation>
            <titleStatus>100 %  Owner</titleStatus>
            <statusAcquired>09-20-2024</statusAcquired>
            <ownershipCode>NA</ownershipCode>
            <isControPerson>Y</isControPerson>
          </baseInformation>
        </business>
      </businesses>
      <persons>
        <person>
          <name>
            <com:firstName>Dennis</com:firstName>
            <com:middleName>Charles</com:middleName>
            <com:lastName>Clay</com:lastName>
          </name>
          <baseInformation>
            <titleStatus>Chief Executive Officer</titleStatus>
            <statusAcquired>09-20-2024</statusAcquired>
            <ownershipCode>NA</ownershipCode>
            <isControPerson>Y</isControPerson>
            <crdNumber>1233857</crdNumber>
          </baseInformation>
        </person>
        <person>
          <name>
            <com:firstName>Joseph</com:firstName>
            <com:middleName>Parrot</com:middleName>
            <com:lastName>Bumpers</com:lastName>
          </name>
          <baseInformation>
            <titleStatus>Chief Financial Officer</titleStatus>
            <statusAcquired>09-20-2024</statusAcquired>
            <ownershipCode>NA</ownershipCode>
            <isControPerson>Y</isControPerson>
            <crdNumber>4336359</crdNumber>
          </baseInformation>
        </person>
        <person>
          <name>
            <com:firstName>Scott</com:firstName>
            <com:middleName>Arthur</com:middleName>
            <com:lastName>Beardsley</com:lastName>
          </name>
          <baseInformation>
            <titleStatus>President, Chief Compliance Officer, Secretary</titleStatus>
            <statusAcquired>09-20-2024</statusAcquired>
            <ownershipCode>NA</ownershipCode>
            <isControPerson>Y</isControPerson>
            <crdNumber>2349866</crdNumber>
          </baseInformation>
        </person>
      </persons>
    </scheduleA>
    <scheduleB>
      <businesses>
        <business>
          <owningEntity>Crews Core Holding Company</owningEntity>
          <baseInfo>
            <name>First Security Bancorp</name>
            <controPersonPR>N</controPersonPR>
            <deFeNp>
              <de/>
            </deFeNp>
            <irsNum>88-2453800</irsNum>
            <baseInformation>
              <titleStatus>100%  owner</titleStatus>
              <statusAcquired>01-13-2022</statusAcquired>
              <ownershipCode>E</ownershipCode>
              <isControPerson>Y</isControPerson>
            </baseInformation>
          </baseInfo>
        </business>
      </businesses>
      <persons>
        <person>
          <owningEntity>First Security Bancorp</owningEntity>
          <baseInfo>
            <name>
              <com:firstName>John</com:firstName>
              <com:middleName>Reynolds</com:middleName>
              <com:lastName>Rutledge</com:lastName>
            </name>
            <baseInformation>
              <titleStatus>12.240% owner, and Chairman of First Security Bancorp</titleStatus>
              <statusAcquired>01-13-2022</statusAcquired>
              <ownershipCode>F</ownershipCode>
              <isControPerson>Y</isControPerson>
              <crdNumber>4440855</crdNumber>
            </baseInformation>
          </baseInfo>
        </person>
        <person>
          <owningEntity>First Security Bancorp</owningEntity>
          <baseInfo>
            <name>
              <com:firstName>Nathan</com:firstName>
              <com:middleName>Thomas</com:middleName>
              <com:lastName>Rutledge</com:lastName>
            </name>
            <baseInformation>
              <titleStatus>12.686% Owner, and Secretary of First Security Bancorp</titleStatus>
              <statusAcquired>12-24-2019</statusAcquired>
              <ownershipCode>F</ownershipCode>
              <isControPerson>Y</isControPerson>
              <crdNumber>5710030</crdNumber>
            </baseInformation>
          </baseInfo>
        </person>
        <person>
          <owningEntity>First Security Bancorp</owningEntity>
          <baseInfo>
            <name>
              <com:firstName>Adam</com:firstName>
              <com:middleName>Mills</com:middleName>
              <com:lastName>Rutledge</com:lastName>
            </name>
            <baseInformation>
              <titleStatus>12.686% Owner in First Security Bancorp</titleStatus>
              <statusAcquired>12-24-2019</statusAcquired>
              <ownershipCode>F</ownershipCode>
              <isControPerson>N</isControPerson>
              <crdNumber>000000000</crdNumber>
            </baseInformation>
          </baseInfo>
        </person>
        <person>
          <owningEntity>First Security Bancorp</owningEntity>
          <baseInfo>
            <name>
              <com:firstName>John</com:firstName>
              <com:middleName>Reynolds</com:middleName>
              <com:lastName>Rutledge Jr.</com:lastName>
            </name>
            <baseInformation>
              <titleStatus>12.686% owner in First Security Bancorp</titleStatus>
              <statusAcquired>12-24-2019</statusAcquired>
              <ownershipCode>F</ownershipCode>
              <isControPerson>N</isControPerson>
              <crdNumber>4199052</crdNumber>
            </baseInformation>
          </baseInfo>
        </person>
      </persons>
    </scheduleB>
    <maExecutionPage>
      <signature>
        <com1:signature>Walter D Lomax III</com1:signature>
        <com1:signerName>Walter D. Lomax III</com1:signerName>
        <com1:title>Senior Compliance Officer</com1:title>
        <com1:date>12-31-2024</com1:date>
      </signature>
    </maExecutionPage>
    <controls>
      <isSolePropietor>N</isSolePropietor>
      <hasNameChange>N</hasNameChange>
      <hasDBAName>N</hasDBAName>
      <hasPreviousDBAName>N</hasPreviousDBAName>
      <hasAdditionalDBANames>N</hasAdditionalDBANames>
      <hasMATReg>N</hasMATReg>
      <additionalRegs>N</additionalRegs>
      <additionalOffices>Y</additionalOffices>
      <hasMailingAddress>N</hasMailingAddress>
      <hasAdditionalWebsites>N</hasAdditionalWebsites>
      <hasBooksRecords>N</hasBooksRecords>
      <isRegisteredFFRA>N</isRegisteredFFRA>
      <isAffiliatedOtherBus>Y</isAffiliatedOtherBus>
      <independentBusinessEmployee>N</independentBusinessEmployee>
      <receiveCompensationForMAAFromOtherClients>N</receiveCompensationForMAAFromOtherClients>
      <isSucceedingApplicant>N</isSucceedingApplicant>
      <isCPForApplicantPolicy>N</isCPForApplicantPolicy>
      <isPRCompanyUnder1215>N</isPRCompanyUnder1215>
      <hasScheduleB>Y</hasScheduleB>
      <isSection12Or15ReportingCompany>N</isSection12Or15ReportingCompany>
      <isOtherNonMAABuisinesssPrimary>N</isOtherNonMAABuisinesssPrimary>
    </controls>
  </formData>
</edgarSubmission>
