{
  "crd_number": 24549,
  "slug": "first-dallas-securities-inc-dallas-tx-24549",
  "primary_business_name": "FIRST DALLAS SECURITIES, INC.",
  "legal_name": "FIRST DALLAS SECURITIES, INC.",
  "dbas": [],
  "city": "Dallas",
  "state": "TX",
  "country": "United States",
  "cbsa_code": "19100",
  "metro": {
    "cbsa_code": "19100",
    "common_name": "Dallas",
    "msa_name": "Dallas-Fort Worth-Arlington, TX",
    "path": "/advisors/tx/dallas"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2006-01-30",
  "years_registered": 20,
  "period": "2026-10-01",
  "filing_date": "2025-10-31",
  "carried_forward": false,
  "raum_total": 335711026.0,
  "raum_discretionary": 335711026.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 20,
  "advisory_employees": 9,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 6856393.0,
      "count": 3
    },
    "individuals": {
      "raum": 45981837.0,
      "count": 154
    },
    "banking_thrift": {
      "raum": 16947235.0,
      "count": 2
    },
    "high_net_worth_individuals": {
      "raum": 240014528.0,
      "count": 99
    },
    "corporations_other_businesses": {
      "raum": 25911033.0,
      "count": 8
    }
  },
  "compensation_types": [
    "commissions"
  ],
  "advisory_activities": [
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 2,
  "states_registered": [
    "AR",
    "AZ",
    "CA",
    "CO",
    "FL",
    "GA",
    "LA",
    "NC",
    "NE",
    "OK",
    "TX"
  ],
  "websites": [
    "https://firstdallas.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/24549",
  "disclosure_items": [
    {
      "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.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?"
    }
  ],
  "city_as_filed": "DALLAS",
  "url": "https://advisorcensus.com/firm/first-dallas-securities-inc-dallas-tx-24549",
  "display_name": "First Dallas Securities, Inc.",
  "summary": "First Dallas Securities, Inc. is an SEC-registered investment advisory firm in Dallas, TX, registered since 2006, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated October 31, 2025.",
  "citation": "AdvisorCensus. First Dallas Securities, Inc. (CRD 24549): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "Commissions"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses"
  ],
  "quick_answers": [
    {
      "q": "How is First Dallas Securities, Inc. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), First Dallas Securities, Inc. reports these compensation arrangements: commissions."
    },
    {
      "q": "Where is First Dallas Securities, Inc. located?",
      "a": "First Dallas Securities, Inc.'s principal office is in Dallas, TX, according to its Form ADV."
    },
    {
      "q": "Is First Dallas Securities, Inc. registered with the SEC or a state?",
      "a": "First Dallas Securities, Inc. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 24549."
    },
    {
      "q": "How much does First Dallas Securities, Inc. manage?",
      "a": "First Dallas Securities, Inc. reports $335,711,026 in regulatory assets under management in its Form ADV filing dated October 31, 2025 (100% discretionary)."
    },
    {
      "q": "How have First Dallas Securities, Inc.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for First Dallas Securities, Inc.: Regulatory assets under management: $191,470,536 in the October 2021 data and $335,711,026 in the October 2026 data, up 75%. Total employees: 22 in October 2021 and 20 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does First Dallas Securities, Inc. serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (154); high net worth individuals (99); corporations or other businesses not listed above (8)."
    },
    {
      "q": "Which custodians does First Dallas Securities, Inc. use?",
      "a": "First Dallas Securities, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Wells Fargo Clearing Services, LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does First Dallas Securities, Inc. report any disciplinary disclosures?",
      "a": "Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.E(2) (self-regulatory organization's finding of a rule violation). 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/24549"
    },
    {
      "q": "Does First Dallas Securities, Inc. state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated October 31, 2025 says: \"The minimum to establish an advisory account with First Dallas Securities’ is $100,000. First Dallas Securities has accepted accounts that are smaller and reserves the right to do so in the future at its discretion.\""
    },
    {
      "q": "What changed in First Dallas Securities, Inc.'s recent Form ADV filings?",
      "a": "In the December 2025 filing data: Regulatory assets under management went from $297,314,357 to $335,711,026 (+13%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 191470536.0,
      "total_employees": 22,
      "filing_date": "2021-09-14"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 191470536.0,
      "total_employees": 22,
      "filing_date": "2022-08-03"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 221058883.0,
      "total_employees": 20,
      "filing_date": "2022-10-17"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 234332273.0,
      "total_employees": 20,
      "filing_date": "2023-11-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 297314357.0,
      "total_employees": 20,
      "filing_date": "2024-10-29"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 335711026.0,
      "total_employees": 20,
      "filing_date": "2025-10-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Regulatory assets under management went from $297,314,357 to $335,711,026 (+13%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated October 31, 2025",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$100,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $100,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "The minimum to establish an advisory account with First Dallas Securities’ is $100,000. First Dallas Securities has accepted accounts that are smaller and reserves the right to do so in the future at its discretion."
        ]
      }
    ],
    "quotes": [
      "The minimum to establish an advisory account with First Dallas Securities’ is $100,000. First Dallas Securities has accepted accounts that are smaller and reserves the right to do so in the future at its discretion."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Wells Fargo Clearing Services, LLC",
      "name_as_filed": "WELLS FARGO CLEARING SERVICES, LLC",
      "affiliated": false
    }
  ],
  "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/first-dallas-securities-inc-dallas-tx-24549.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 154,
      "fewer_than_5": false,
      "raum": 45981837.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 99,
      "fewer_than_5": false,
      "raum": 240014528.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 2,
      "fewer_than_5": false,
      "raum": 16947235.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 3,
      "fewer_than_5": false,
      "raum": 6856393.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 8,
      "fewer_than_5": false,
      "raum": 25911033.0
    }
  ],
  "disclosure_line": "Reports 2 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/24549",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}