D.A. Davidson &: AUM & Ownership

Clients

D.A. Davidson & serves 70,118 clients, 18,223 of them high-net-worth individuals. The average client has about $597,000 with the firm, and high-net-worth clients hold 56% of its $41.8 billion in assets.

Regulatory assets by client type

Individuals49,912 clients33%
High-net-worth individuals18,223 clients56%
Charitable organizations1,098 clients4%
Corporations and other businesses616 clients3%
OtherPension and profit-sharing plans, State or municipal government entities2%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
Individuals (other than HNW)	49,912	$14,015,605,013	33.5%	$281K
High-net-worth individuals	18,223	$23,597,665,968	56.4%	$1.29M
Pension and profit-sharing plans	240	$546,783,883	1.3%	$2.28M
Charitable organizations	1,098	$1,828,763,075	4.4%	$1.67M
State or municipal government entities	29	$390,228,649	0.9%	$13.5M
Corporations and other businesses	616	$1,460,199,111	3.5%	$2.37M
Total	70,118	$41,839,245,699	100%	$597K

Individuals (other than HNW)

Clients: 49,912
Regulatory AUM: $14,015,605,013
Share: 33.5%
Avg. per client: $281K

High-net-worth individuals

Clients: 18,223
Regulatory AUM: $23,597,665,968
Share: 56.4%
Avg. per client: $1.29M

Pension and profit-sharing plans

Clients: 240
Regulatory AUM: $546,783,883
Share: 1.3%
Avg. per client: $2.28M

Charitable organizations

Clients: 1,098
Regulatory AUM: $1,828,763,075
Share: 4.4%
Avg. per client: $1.67M

State or municipal government entities

Clients: 29
Regulatory AUM: $390,228,649
Share: 0.9%
Avg. per client: $13.5M

Corporations and other businesses

Clients: 616
Regulatory AUM: $1,460,199,111
Share: 3.5%
Avg. per client: $2.37M

Total

Clients: 70,118
Regulatory AUM: $41,839,245,699
Share: 100%
Avg. per client: $597K

What it does

D.A. Davidson & provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and educational seminars. It is paid through a percentage of assets, hourly charges and fixed fees.

D.A. Davidson & provided financial planning to 7,000 clients last fiscal year and advises no private funds.

91.5% of assets ($38.30B across 88,458 accounts) are managed with discretion; $3.54B across 3,688 accounts are not. $41.84B sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 1,050 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Stocks35%
Funds57%
Bonds6%
- U.S. government and agency bonds2%
- State and local bonds2%
- Investment grade corporate bonds1%
- High-yield corporate bonds1%
Cash2%

Custodians

D.A. Davidson &’s client accounts are held mainly at D.A. Davidson &, with 57% of managed assets, and D.A. Davidson Trust Services, with 41%. D.A. Davidson & has custody of $41.57B for 70,269 clients.

Managed account assets by custodian

D.A. Davidson &D.A. Davidson & Co. · Great Falls, MT · $23.98B57%
D.A. Davidson Trust ServicesD.A. Davidson Trust Services, Inc. · Great Falls, MT · $17.30B41%
All other custodians$551.9M1%

Ownership and leadership

D.A. Davidson Companies owns 75% or more of D.A. Davidson &.

Who owns the firm

D.A. Davidson & Co.· the adviser

D.A. Davidson Companies
Control person · since May 1986
Owns 75% or more of D.A. Davidson & Co.
- Employee Stock Ownership Plan and Trust
  since September 2001
  Owns 25% to 50% of D.A. Davidson Companies
  - D.A. Davidson Trust Company
    since September 2001
    Owns 25% to 50% of Employee Stock Ownership Plan and Trust

Leadership

Marc Russell Dispense
President, Fixed Income Capital Markets
Rory Adam McKinney
President, Equity Capital Markets
Michael Joseph Purpura
President, Wealth Management, Director
David Ian Wakefield
Chief Financial Officer
Jared C McCubbin
SVP, Chief Compliance Officer
Jacqueline Ann Beauprez
SVP, General Counsel
James Lee Cronk
Principal Operations Officer
Lawrence Todd Martinez
Chariman and CEO, D.A. Davidson Companies, Director

Staff

990 employees
410 in advisory functions
650 state-registered reps
710 broker-dealer reps
350 insurance agents
3 soliciting firms

Reported holdings

D.A. Davidson &’s reported 13F holdings total $18.09B across 1,593 positions, and the ten largest make up 28.9% of it.

$18.09B
Reported 13F value: 1,593
Positions: 28.9%
In the 10 largest: +9.7%
Value vs. prior quarter

Ten largest positions, share of reported value

Vanguard Index Fds · Value ETF6.9%
Vanguard Index Fds · Growth ETF5.2%
iShares TR · Core MSCI Total4.2%
iShares TR · Core US Aggbd ET2.9%
Apple Inc.2.4%
Microsoft Corp.1.8%
iShares TR · Rus 2000 Val ETF1.6%
Vanguard Tax-managed Fds · Van FTSE Dev Mkt1.4%
Broadcom Inc.1.4%
SPDR Series Trust · ST Inter BD ETF1.2%

Together, the ten largest are 28.9% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 24 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $18.09B is not its $41.84B in regulatory assets and does not represent any individual client's portfolio.

Fees

D.A. Davidson & is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees).

D.A. Davidson &’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, D.A. Davidson & has 100 offices, with 26 listed addresses across 8 states.

Listed office addresses by state

Montana · 6 listed addresses

8 Third Street North, Great FallsHQ
176 Timberwolf Pkwy, Kalispell
283 W. Front ST., Missoula
Hart Albin Building, Billings
40 W. 14th ST., Helena
1101 E Main ST, Suite 301, Bozeman

Registration details

Legal name: D.A. Davidson & Co.
Headquarters: 8 Third Street North, Great Falls, MT 59401
Phone: 406-727-4200
Website: www.dadavidson.com
SEC file: 801-45761
Structure: Montana corporation
Fiscal year end: September

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does D.A. Davidson & have?

D.A. Davidson & has 70,118 clients and manages $41.8 billion for them, as of July 2026. They include 49,912 other individuals, 18,223 high-net-worth individuals and 1,098 charitable organizations.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 July 2026

What services does D.A. Davidson & offer?

D.A. Davidson & provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and educational seminars.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does D.A. Davidson & use?

D.A. Davidson &’s separately managed account assets are held at D.A. Davidson & Co. (Great Falls, MT), with $23,984,210,569 and D.A. Davidson Trust Services, Inc. (Great Falls, MT), with $17,303,152,250. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 July 2026

How many financial advisors does D.A. Davidson & have?

D.A. Davidson & has 650 investment adviser representatives registered with state securities authorities, out of 990 employees, and 410 perform investment advisory functions. 710 are registered representatives of a broker-dealer and 350 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does D.A. Davidson & invest in?

At the end of its last fiscal year, D.A. Davidson &’s separately managed accounts held 57% registered funds (mutual funds, ETFs, BDCs), 35% exchange-traded equities, 2% U.S. government and agency bonds, 2% state and local bonds, 2% cash and equivalents, 1% investment grade corporate bonds and 1% high-yield corporate bonds. It advises no private funds of its own.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns D.A. Davidson &?

D.A. Davidson & is owned through a chain of holding companies by D.A. Davidson Trust Company. Its direct owner is D.A. Davidson Companies (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 30 July 2026

How does D.A. Davidson & get paid?

D.A. Davidson & is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file