{
  "crd_number": 199,
  "slug": "d-a-davidson-and-co-great-falls-mt-199",
  "primary_business_name": "D.A. DAVIDSON & CO.",
  "legal_name": "D.A. DAVIDSON & CO.",
  "dbas": [],
  "city": "Great Falls",
  "state": "MT",
  "country": "United States",
  "cbsa_code": "24500",
  "metro": {
    "cbsa_code": "24500",
    "common_name": "Great Falls",
    "msa_name": "Great Falls, MT",
    "path": "/advisors/mt/great-falls"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1994-02-08",
  "years_registered": 32,
  "period": "2026-10-01",
  "filing_date": "2026-07-30",
  "carried_forward": false,
  "raum_total": 41839245699.0,
  "raum_discretionary": 38297454732.0,
  "raum_non_discretionary": 3541790967.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 990,
  "advisory_employees": 410,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 1828763075.0,
      "count": 1098
    },
    "individuals": {
      "raum": 14015605013.0,
      "count": 49912
    },
    "state_municipal": {
      "raum": 390228649.0,
      "count": 29
    },
    "pension_profit_sharing": {
      "raum": 546783883.0,
      "count": 240
    },
    "high_net_worth_individuals": {
      "raum": 23597665968.0,
      "count": 18223
    },
    "corporations_other_businesses": {
      "raum": 1460199111.0,
      "count": 616
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "educational_seminars",
    "financial_planning",
    "pension_consulting",
    "periodicals_newsletters",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 8,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://dadavidson.com",
    "https://facebook.com/DADavidsonCo",
    "https://linkedin.com/company/d-a--davidson-&-co-",
    "https://x.com/DADavidsonCo",
    "https://youtube.com/@DADavidsonCo"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/199",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    },
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.D(5)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?"
    },
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    },
    {
      "item": "11.E(4)",
      "question": "Has a self-regulatory organization or a commodities exchange ever disciplined the firm or an advisory affiliate by expelling or suspending it from membership, barring or suspending it from association with other members, or otherwise restricting its activities?"
    }
  ],
  "city_as_filed": "GREAT FALLS",
  "url": "https://advisorcensus.com/firm/d-a-davidson-and-co-great-falls-mt-199",
  "display_name": "D.A. Davidson & Co.",
  "summary": "D.A. Davidson & Co. is an SEC-registered investment advisory firm in Great Falls, MT, registered since 1994, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 30, 2026.",
  "citation": "AdvisorCensus. D.A. Davidson & Co. (CRD 199): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)",
    "Publication of periodicals or newsletters",
    "Educational seminars/workshops"
  ],
  "quick_answers": [
    {
      "q": "How is D.A. Davidson & Co. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), D.A. Davidson & Co. reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is D.A. Davidson & Co. located?",
      "a": "D.A. Davidson & Co.'s principal office is in Great Falls, MT, according to its Form ADV; the August 2026 filing also lists 24 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is D.A. Davidson & Co. registered with the SEC or a state?",
      "a": "D.A. Davidson & Co. is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 199."
    },
    {
      "q": "How much does D.A. Davidson & Co. manage?",
      "a": "D.A. Davidson & Co. reports $41,839,245,699 in regulatory assets under management in its Form ADV filing dated July 30, 2026 (92% discretionary)."
    },
    {
      "q": "How have D.A. Davidson & Co.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for D.A. Davidson & Co.: Regulatory assets under management: $20,660,653,019 in the October 2021 data and $41,839,245,699 in the October 2026 data, up 103%. Total employees: 626 in October 2021 and 990 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does D.A. Davidson & Co. serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (49,912); high net worth individuals (18,223); charitable organizations (1,098)."
    },
    {
      "q": "Which custodians does D.A. Davidson & Co. use?",
      "a": "D.A. Davidson & Co.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists D.A. Davidson & Co. (affiliated with the firm) and D.A. Davidson Trust Services, Inc. (affiliated with the firm) as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does D.A. Davidson & Co. report any disciplinary disclosures?",
      "a": "Reports 8 disclosure items on Form ADV Item 11: yes answers to 8 questions about regulatory matters (11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5), 11.E(2), 11.E(4)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/199"
    },
    {
      "q": "What changed in D.A. Davidson & Co.'s recent Form ADV filings?",
      "a": "In the August 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 20660653019.0,
      "total_employees": 626,
      "filing_date": "2021-07-01"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 27232921779.0,
      "total_employees": 651,
      "filing_date": "2022-06-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 23892459266.0,
      "total_employees": 600,
      "filing_date": "2023-10-04"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 27925396056.0,
      "total_employees": 640,
      "filing_date": "2024-03-20"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 36175333459.0,
      "total_employees": 650,
      "filing_date": "2025-07-01"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 41839245699.0,
      "total_employees": 990,
      "filing_date": "2026-07-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "Regulatory assets under management went from $36,175,333,459 to $41,839,245,699 (+16%).",
        "Its Item 11 disclosure answers changed (now yes: 11.D(5); now no: 11.C(1)).",
        "Added an office in Coeur D' Alene, ID.",
        "Added an office in Roseburg, OR.",
        "Added an office in Sandpoint, ID.",
        "Added an office in Seattle, WA.",
        "No longer lists an office in Everett, WA.",
        "No longer lists an office in Grand Junction, CO.",
        "No longer lists an office in Kennewick, WA.",
        "No longer lists an office in Port Angeles, WA."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "D.A. Davidson & Co.",
      "name_as_filed": "D.A. DAVIDSON & CO.",
      "affiliated": true
    },
    {
      "name": "D.A. Davidson Trust Services, Inc.",
      "name_as_filed": "D.A. DAVIDSON TRUST SERVICES, INC.",
      "affiliated": true
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/d-a-davidson-and-co-great-falls-mt-199.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 49912,
      "fewer_than_5": false,
      "raum": 14015605013.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 18223,
      "fewer_than_5": false,
      "raum": 23597665968.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 240,
      "fewer_than_5": false,
      "raum": 546783883.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 1098,
      "fewer_than_5": false,
      "raum": 1828763075.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 29,
      "fewer_than_5": false,
      "raum": 390228649.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 616,
      "fewer_than_5": false,
      "raum": 1460199111.0
    }
  ],
  "disclosure_line": "Reports 8 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/199",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}