Broker-dealer firm · SAN Diego, CA
Dunham
Dunham & Associates Investment Counsel, Inc. · SEC-registered investment adviser · CRD 13162 · SEC 801-25803
At a glance
Dunham is an SEC-registered investment adviser based in SAN Diego, California, with $5.6 billion in regulatory assets under management as of its Form ADV filed July 15, 2026. Its largest client group by assets is high-net-worth individuals, and it reports 12,774 individual clients. By Form ADV it is a broker-dealer firm, ranked 86th of 391 broker-dealer firms and 1,937th of 17,210 SEC-registered advisers by assets.
Main office 858-964-0500dunham.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $5.6B
- Rank among broker-dealer firms
- #86 of 391
- Rank among all SEC RIAs
- #1,937 of 17,210
- Rank in California
- #208 of 1,873
- Individual clients
- 12,774
- High-net-worth clients
- 1,954
- Accounts
- 13,155
- Discretionary
- 84% of AUM
- Employees
- 43
- Advisory staff
- 9
- Offices
- 2
Owners and executives on its Form ADV
- Jeffrey Alan DunhamChief Executive Officer
- Salvatore Michael CapizziChief Sales and Marketing Officer
- Viktoria Irena PalermoChief Compliance Officer
- Helmut BoischChief Operations Officer
- Ryan John DykmansPresident and Chief Investment Officer
- Jennifer Kim GardyneChief Financial Officer
Custody and brokerage
Broker-dealer
Hybrid RIA
Dunham is a hybrid RIA: 31 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 | 1,954 | $3.2B | 56% |
| Individuals | 10,820 | $2.0B | 35% |
| Investment companies | 15 | $336M | 6% |
| Corporations or other businesses | 172 | $100M | 2% |
| Charitable organizations | 149 | $39M | <1% |
| Pension and profit sharing plans | 45 | $26M | <1% |
Disciplinary disclosures
Dunham reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses and institutions
- Selecting other advisers
- Other services
How it’s paid
- A percentage of assets under management
- Fixed fees
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗dunham.com ↗
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The full record on Dunham
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
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- Growth over one, three and five years
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- Rank against 85 peers of its type and size
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- Owners and executives, with titles and stakes
- 6 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Dunham manage?
Dunham reports $5.6 billion in regulatory assets under management across 13,155 accounts, 84% of it on a discretionary basis, on its Form ADV filed July 15, 2026.
What kind of firm is Dunham?
Dunham 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 Dunham’s clients?
By assets, its largest client types are high-net-worth individuals ($3.2 billion, 1,954 clients); individuals ($2.0 billion, 10,820 clients); investment companies ($336 million, 15 clients).
Does Dunham have any disciplinary history?
Dunham reports no disciplinary disclosures in Item 11 of its Form ADV. Check the SEC’s adviser search for the latest record.
Where these numbers come from
Every figure is Dunham’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 (2026-07-15), 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 →