Broker-dealer firm · Great Falls, MT
D.A. Davidson & Co.
SEC-registered investment adviser · CRD 199 · SEC 801-45761
At a glance
D.A. Davidson & Co. is an SEC-registered investment adviser based in Great Falls, Montana, with $41.8 billion in regulatory assets under management as of its Form ADV filed July 30, 2026. Its largest client group by assets is high-net-worth individuals, and it reports 68,135 individual clients. By Form ADV it is a broker-dealer firm, ranked 29th of 391 broker-dealer firms and 501st of 17,210 SEC-registered advisers by assets.
Main office 406-727-4200dadavidson.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $42B
- Rank among broker-dealer firms
- #29 of 391
- Rank among all SEC RIAs
- #501 of 17,210
- Rank in Montana
- #1 of 24
- Individual clients
- 68,135
- High-net-worth clients
- 18,223
- Accounts
- 92,146
- Discretionary
- 92% of AUM
- Employees
- 990
- Advisory staff
- 410
- Offices
- 101
Owners and executives on its Form ADV
- Michael Joseph PurpuraPresident, Wealth Management, Director
- Jacqueline Ann BeauprezSVP, General Counsel
- Marc Russell DispensePresident, Fixed Income Capital Markets
- Lawrence Todd MartinezChariman and CEO, D.A. Davidson Companies, Director
- Rory Adam McKinneyPresident, Equity Capital Markets
- Jared C McCubbinSVP, Chief Compliance Officer
- James Lee CronkPrincipal Operations Officer
- David Ian WakefieldChief Financial Officer
Custody and brokerage
2 custodians
- D.A. Davidson &Affiliate of the firm$24B58%
- D.A. Davidson Trust ServicesAffiliate of the firm$17B42%
Broker-dealer
Hybrid RIA
D.A. Davidson & Co. is a hybrid RIA: 710 of its employees are also registered representatives of a broker-dealer.
Form ADV Part 1 doesn’t name an unaffiliated broker-dealer. The firm’s Part 2A brochure (Item 10) and each adviser’s record on the SEC’s adviser search do.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 18,223 | $24B | 56% |
| Individuals | 49,912 | $14B | 33% |
| Charitable organizations | 1,098 | $1.8B | 4% |
| Corporations or other businesses | 616 | $1.5B | 3% |
| Pension and profit sharing plans | 240 | $547M | 1% |
| State or municipal government entities | 29 | $390M | <1% |
Disciplinary disclosures
D.A. Davidson & Co. answers yes to 20 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Pension consulting
- Selecting other advisers
- Periodicals or newsletters
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗dadavidson.com ↗
AtlasMembers
The full record on D.A. Davidson & Co.
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
- Locked
- Growth over one, three and five years
- Locked
- Rank against 35 peers of its type and size
- Locked
- Owners and executives, with titles and stakes
- 8 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 3Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does D.A. Davidson & Co. manage?
D.A. Davidson & Co. reports $41.8 billion in regulatory assets under management across 92,146 accounts, 92% of it on a discretionary basis, on its Form ADV filed July 30, 2026.
What kind of firm is D.A. Davidson & Co.?
D.A. Davidson & Co. is a broker-dealer firm by its Form ADV answers. The firm is itself registered as a broker-dealer as well as an investment adviser.
Who are D.A. Davidson & Co.’s clients?
By assets, its largest client types are high-net-worth individuals ($23.6 billion, 18,223 clients); individuals ($14.0 billion, 49,912 clients); charitable organizations ($1.8 billion, 1,098 clients).
Does D.A. Davidson & Co. have any disciplinary history?
D.A. Davidson & Co. answers yes to 20 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.
Where these numbers come from
Every figure is D.A. Davidson & Co.’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-07-30), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →