# First Dallas Securities, Inc.

> 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.

- CRD: 24549
- Filed as: FIRST DALLAS SECURITIES, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: October 31, 2025
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/24549
- AdvisorCensus page: https://advisorcensus.com/firm/first-dallas-securities-inc-dallas-tx-24549

## Quick answers

**How is First Dallas Securities, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), First Dallas Securities, Inc. reports these compensation arrangements: commissions.

**Where is First Dallas Securities, Inc. located?**
First Dallas Securities, Inc.'s principal office is in Dallas, TX, according to its Form ADV.

**Is First Dallas Securities, Inc. registered with the SEC or a state?**
First Dallas Securities, Inc. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 24549.

**How much does First Dallas Securities, Inc. manage?**
First Dallas Securities, Inc. reports $335,711,026 in regulatory assets under management in its Form ADV filing dated October 31, 2025 (100% discretionary).

**How have First Dallas Securities, Inc.'s assets and staff changed since 2021?**
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.

**What types of clients does First Dallas Securities, Inc. serve?**
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).

**Which custodians does First Dallas Securities, Inc. use?**
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.

**Does First Dallas Securities, Inc. report any disciplinary disclosures?**
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

**Does First Dallas Securities, Inc. state an account minimum?**
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."

**What changed in First Dallas Securities, Inc.'s recent Form ADV filings?**
In the December 2025 filing data: Regulatory assets under management went from $297,314,357 to $335,711,026 (+13%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Commissions

### Fees and minimums (Form ADV Part 2A brochure dated October 31, 2025)

- Account minimum: $100,000 (the brochure says it may be waived or negotiated)

> 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.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Wells Fargo Clearing Services, LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $335,711,026
- Discretionary: $335,711,026
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 154 | $45,981,837 |
| High net worth individuals | 99 | $240,014,528 |
| Banking or thrift institutions | 2 | $16,947,235 |
| Charitable organizations | 3 | $6,856,393 |
| Corporations or other businesses not listed above | 8 | $25,911,033 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2006 (20 years)
- Employees: 20 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AR, AZ, CA, CO, FL, GA, LA, NC, NE, OK, TX
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): 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?
- 11.E(2): 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?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/24549

### Websites listed on Form ADV (Item 1.I)
- firstdallas.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $191,470,536 | 22 | September 14, 2021 |
| October 2022 | $191,470,536 | 22 | August 3, 2022 |
| October 2023 | $221,058,883 | 20 | October 17, 2022 |
| October 2024 | $234,332,273 | 20 | November 29, 2023 |
| October 2025 | $297,314,357 | 20 | October 29, 2024 |
| October 2026 | $335,711,026 | 20 | October 31, 2025 |

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.

## Changes in the filing (last 12 months)

### December 2025
- Regulatory assets under management went from $297,314,357 to $335,711,026 (+13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Dallas Securities, Inc. (CRD 24549): Form ADV filing data as of October 2026.