SEC-registered wealth management firm Broker-dealer affiliated
Dunham
As of its Form ADV filed July 15, 2026, Dunham, an SEC-registered, broker-dealer affiliated wealth management firm in San Diego, California, reported $5.6 billion in regulatory assets under management across 13,155 accounts, ranking #40 among all wealth firms in California by assets.
Registration
- Registration
- SEC-registered, Approved
- CRD number
- 13162
- SEC file number
- 801-25803
- Registered since
- November 29, 1985
- Latest Form ADV filing
- July 15, 2026
- Legal name
- DUNHAM & ASSOCIATES INVESTMENT COUNSEL, INC.
- Organized as
- Corporation
- Fiscal year ends
- December
- Other offices
- 1
Key figures
- Regulatory assets under management
- $5.6 billion
- Discretionary
- $4.7 billion (84.2%)
- Non-discretionary
- $888.3 million
- Accounts
- 13,155 (10,769 discretionary)
- Clients
- 26,355, approximate as reported
- Employees
- 43
- Advisory staff
- 9 performing investment advisory functions
- Average account
- $427,795
- Asset growth, 1 year
- 18.8% (from $4.7 billion a year earlier)
- Asset growth, 3-year annual rate
- 24.7% (from $2.9 billion three years earlier)
- Asset growth, 5-year annual rate
- 21.2% (from $2.2 billion five years earlier)
- Client growth, 1 year
- 9.7% (from 24,032)
Broker-dealer affiliated. The firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1)). It is ranked among all wealth firms, the directory's view that includes wirehouses and broker-dealer firms, not in the main lists of independent RIAs. How firms are classed.
Growth rates come from the SEC's yearly snapshots and are left blank when the years are not comparable.
Rankings
Among all wealth firms, including wirehouses and broker-dealer firms.
Assets over time
Data table
| As of | RAUM |
|---|---|
| October 1, 2010 | $752.1 million |
| October 3, 2011 | $902.2 million |
| October 1, 2012 | $934.6 million |
| October 1, 2013 | $959.7 million |
| October 1, 2014 | $1.1 billion |
| October 1, 2015 | $1.2 billion |
| October 3, 2016 | $1.2 billion |
| October 2, 2017 | $1.4 billion |
| October 1, 2018 | $1.6 billion |
| October 1, 2019 | $1.7 billion |
| October 1, 2020 | $1.8 billion |
| October 4, 2021 | $2.2 billion |
| October 3, 2022 | $3.0 billion |
| October 5, 2023 | $2.9 billion |
| October 1, 2024 | $3.8 billion |
| September 2, 2025 | $4.7 billion |
| October 2, 2026 | $5.6 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| High net worth individuals 1,954 clients | $3.2 billion | |
| Individuals (other than high net worth) 10,820 clients | $2.0 billion | |
| Investment companies 15 clients | $335.7 million | |
| Corporations or other businesses 172 clients | $99.7 million | |
| Charitable organizations 149 clients | $38.5 million | |
| Pension and profit sharing plans 45 clients | $25.9 million | |
| Banking or thrift institutions fewer than 5 clients | $0 | |
| State or municipal government entities fewer than 5 clients | $0 | |
| Other investment advisers fewer than 5 clients | $0 | |
| Insurance companies fewer than 5 clients | $0 | |
| Sovereign wealth funds and foreign official institutions fewer than 5 clients | $0 |
How the firm is paid
- A percentage of assets under management
- Fixed fees
- Performance-based fees
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses or institutional clients
- Selection of other advisers
- Other
Financial planning clients (Item 5.H): 0.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
- Broker-dealer
Financial industry affiliations (Item 7.A)
- Trust company
- Sponsor, general partner or managing member of pooled investment vehicles
Advises 1 private fund (Item 7.B).
Custody (Item 9)
The firm reported no custody of client cash or securities.
Investment adviser representatives
- IARs registered with the firm
- 31
- Also registered through a broker-dealer
- 29
- Employees who are IARs (Form ADV 5.B(3))
- 30
Designations held by the firm's IARs: CFA 2, CFP 2.
31 of the firm's 31 IARs are registered in jurisdictions that require IAR CE. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 0 disclosure questions. See the detail on IAPD.
Succession and acquired firms
On Form ADV Item 4 the firm did not report succeeding to another adviser's business.
Similar-sized firms in California
| Firm | City | RAUM |
|---|---|---|
| KCM Investment Advisors | Greenbrae | $6.0 billion |
| Westmount Partners, LLC | Los Angeles | $5.9 billion |
| Index Fund Advisors, Inc. | Irvine | $5.9 billion |
| Bakeravenue | San Francisco | $5.1 billion |
| First Foundation Advisors | Irvine | $5.1 billion |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- Dunham on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: www.dunham.com
- Wealth management firms in California
Firm data as of October 2, 2026, from ia100226.zip. Figures are as the firm reported them; corrections are made on Form ADV and appear after the next monthly reload.
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.