[10] He joined the Wall Street firm Reynolds & Co., in 1968 and began a specialization in closed-end funds.

[9] In 1981, he formed a stock brokerage firm, Thomas J. Herzfeld & Co., Inc., that was the first to specialize in the field of closed-end funds.

[12] He created the industry's first and only Closed-End Fund Index, "The Herzfeld Average," which has been published in Barron’s weekly since its establishment in 1987.

[13][14][15] He also coined the term “lifeboat provisions” used in the industry to define tactics funds take to narrow discounts and keep prices afloat.

[22] They have two children: both have graduate degrees from MIT and work for Thomas J. Herzfeld Advisors, Inc.[23][24] He is an avid yachtsman.