SEC-registered wealth management firm Broker-dealer affiliated
D.A. Davidson & Co.
As of its Form ADV filed July 30, 2026, D.A. Davidson & Co., an SEC-registered, broker-dealer affiliated wealth management firm in Great Falls, Montana, reported $41.8 billion in regulatory assets under management across 92,146 accounts, ranking #1 among all wealth firms in Montana by assets.
Registration
- Main office
- Great Falls, MT
- Registration
- SEC-registered, Approved
- CRD number
- 199
- SEC file number
- 801-45761
- Registered since
- February 8, 1994
- Latest Form ADV filing
- July 30, 2026
- Organized as
- Corporation
- Fiscal year ends
- September
- Other offices
- 100
Key figures
- Regulatory assets under management
- $41.8 billion
- Discretionary
- $38.3 billion (91.5%)
- Non-discretionary
- $3.5 billion
- Accounts
- 92,146 (88,458 discretionary)
- Clients
- 71,168, approximate as reported
- Employees
- 990
- Advisory staff
- 410 performing investment advisory functions
- Average account
- $454,054
- Asset growth, 1 year
- 15.7% (from $36.2 billion a year earlier)
- Asset growth, 3-year annual rate
- 20.5% (from $23.9 billion three years earlier)
- Asset growth, 5-year annual rate
- 15.2% (from $20.7 billion five years earlier)
- Client growth, 1 year
- 5.5% (from 67,488)
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 | $4.6 billion |
| October 3, 2011 | $5.7 billion |
| October 1, 2012 | $6.2 billion |
| October 1, 2013 | $7.1 billion |
| October 1, 2014 | $9.3 billion |
| October 1, 2015 | $9.7 billion |
| October 3, 2016 | $9.9 billion |
| October 2, 2017 | $11.8 billion |
| October 1, 2018 | $15.2 billion |
| October 1, 2019 | $17.1 billion |
| October 1, 2020 | $18.4 billion |
| October 4, 2021 | $20.7 billion |
| October 3, 2022 | $27.2 billion |
| October 5, 2023 | $23.9 billion |
| October 1, 2024 | $27.9 billion |
| September 2, 2025 | $36.2 billion |
| October 2, 2026 | $41.8 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| High net worth individuals 18,223 clients | $23.6 billion | |
| Individuals (other than high net worth) 49,912 clients | $14.0 billion | |
| Charitable organizations 1,098 clients | $1.8 billion | |
| Corporations or other businesses 616 clients | $1.5 billion | |
| Pension and profit sharing plans 240 clients | $546.8 million | |
| State or municipal government entities 29 clients | $390.2 million |
How the firm is paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Portfolio management for businesses or institutional clients
- Pension consulting
- Selection of other advisers
- Publication of periodicals or newsletters
- Educational seminars or workshops
Financial planning clients (Item 5.H): 7000.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
- Broker-dealer
- Insurance broker or agent
- Registered municipal advisor
Financial industry affiliations (Item 7.A)
- Other investment adviser
- Trust company
Custody (Item 9)
The firm reported custody of client cash or securities, $83.3 billion in total.
Investment adviser representatives
- IARs registered with the firm
- 694
- Also registered through a broker-dealer
- 689
- Employees who are IARs (Form ADV 5.B(3))
- 650
Designations held by the firm's IARs: CFP 85, CFA 19, ChFC 1.
Between 98 and 282 of the firm's 694 IARs are registered in jurisdictions that require IAR CE. The source counts registrations by jurisdiction, and many IARs are registered in more than one, so the exact number is not knowable from it. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 8 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 Montana
| Firm | City | RAUM |
|---|---|---|
| Stack Financial Management Inc | Whitefish | $2.0 billion |
| Bitterroot Capital Advisors LLC | Bozeman | $1.8 billion |
| Allied Investment Advisors LLC | Billings | $1.5 billion |
| Xypn Sapphire | Bozeman | $1.3 billion |
| Main Line Retirement Advisors, LLC | Whitefish | $448.6 million |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- D.A. Davidson & Co. on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: www.dadavidson.com
- Wealth management firms in Montana
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.