{
  "crd_number": 110417,
  "slug": "penn-davis-mcfarland-inc-dallas-tx-110417",
  "primary_business_name": "PENN DAVIS MCFARLAND INC",
  "legal_name": "PENN DAVIS MCFARLAND 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": "1977-05-12",
  "years_registered": 49,
  "period": "2026-10-01",
  "filing_date": "2026-03-12",
  "carried_forward": false,
  "raum_total": 1364461821.0,
  "raum_discretionary": 1358978463.0,
  "raum_non_discretionary": 5483358.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 10,
  "advisory_employees": 7,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": null
    },
    "charitable": {
      "raum": 30363645.0,
      "count": null,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 4801463.0,
      "count": 18
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": null
    },
    "state_municipal": {
      "raum": 0.0,
      "count": null
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": null
    },
    "investment_companies": {
      "raum": 0.0,
      "count": null
    },
    "pension_profit_sharing": {
      "raum": 20326343.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": null
    },
    "high_net_worth_individuals": {
      "raum": 1308970370.0,
      "count": 193
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": null
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": null
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": null
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": null
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "CO",
    "FL",
    "MT",
    "NY",
    "TX"
  ],
  "websites": [
    "https://linkedin.com/PENNDAVISMCFARLAND",
    "https://pdavis.org"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110417",
  "city_as_filed": "DALLAS",
  "url": "https://advisorcensus.com/firm/penn-davis-mcfarland-inc-dallas-tx-110417",
  "display_name": "Penn Davis McFarland Inc",
  "summary": "Penn Davis McFarland Inc is an SEC-registered investment advisory firm in Dallas, TX, registered since 1977, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 12, 2026.",
  "citation": "AdvisorCensus. Penn Davis McFarland Inc (CRD 110417): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "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"
  ],
  "quick_answers": [
    {
      "q": "How is Penn Davis McFarland Inc compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Penn Davis McFarland Inc reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "How much does Penn Davis McFarland Inc charge?",
      "a": "Its Form ADV Part 2A brochure dated March 12, 2026 states: Up to $1,000,000: 1.25% a year; $1,000,000 to $4,000,000: 1% a year; $4,000,000 to $10,000,000: 0.75% a year; Above $10,000,000: 0.5% a year; Subscription: $1,250 to $12,500 a quarter (non-advisory family office services). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Penn Davis McFarland Inc located?",
      "a": "Penn Davis McFarland Inc's principal office is in Dallas, TX, according to its Form ADV."
    },
    {
      "q": "Is Penn Davis McFarland Inc registered with the SEC or a state?",
      "a": "Penn Davis McFarland Inc is an SEC-registered investment advisory firm, registered since 1977. Status as filed: Approved. CRD 110417."
    },
    {
      "q": "How much does Penn Davis McFarland Inc manage?",
      "a": "Penn Davis McFarland Inc reports $1,364,461,821 in regulatory assets under management in its Form ADV filing dated March 12, 2026 (100% discretionary)."
    },
    {
      "q": "How have Penn Davis McFarland Inc's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Penn Davis McFarland Inc: Regulatory assets under management: $596,397,559 in the October 2021 data and $1,364,461,821 in the October 2026 data, up 129%. Total employees: 8 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Penn Davis McFarland Inc serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (193); individuals (other than high net worth individuals) (18)."
    },
    {
      "q": "Which custodians does Penn Davis McFarland Inc use?",
      "a": "Penn Davis McFarland Inc's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of America / Private Bank, Charles Schwab & Co. and Frost Bank as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Penn Davis McFarland Inc report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110417"
    },
    {
      "q": "What changed in Penn Davis McFarland Inc's recent Form ADV filings?",
      "a": "In the April 2026 filing data: No longer lists an office in Deerfield Beach, FL."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 596397559.0,
      "total_employees": 8,
      "filing_date": "2021-04-01"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 716135639.0,
      "total_employees": 8,
      "filing_date": "2022-04-22"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 698132126.0,
      "total_employees": 8,
      "filing_date": "2023-03-01"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 843202523.0,
      "total_employees": 9,
      "filing_date": "2024-03-05"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1261852927.0,
      "total_employees": 11,
      "filing_date": "2025-04-16"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1364461821.0,
      "total_employees": 10,
      "filing_date": "2026-03-12"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "No longer lists an office in Deerfield Beach, FL."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 12, 2026",
    "provided_by_the_firm": false,
    "tiers": [
      {
        "band": "Up to $1,000,000",
        "rate": "1.25%"
      },
      {
        "band": "$1,000,000 to $4,000,000",
        "rate": "1%"
      },
      {
        "band": "$4,000,000 to $10,000,000",
        "rate": "0.75%"
      },
      {
        "band": "Above $10,000,000",
        "rate": "0.5%"
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [
      "Subscription: $1,250 to $12,500 a quarter (non-advisory family office services)"
    ],
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "Up to $1,000,000: 1.25% a year",
          "$1,000,000 to $4,000,000: 1% a year",
          "$4,000,000 to $10,000,000: 0.75% a year",
          "Above $10,000,000: 0.5% a year"
        ],
        "quotes": [
          "One and one -quarter percent (1.25%) of the first $1,000,000 of assets under management;",
          "One percent (1.00%) of assets from $1,000,000 to $4,000,000;",
          "Three quarters of one percent (0.75%) of assets from $4,000,000 to $10,000,000;",
          "One-half of one percent (0.50%) on assets $10,000,000 and above."
        ]
      },
      {
        "label": "Planning fee",
        "statements": [
          "Subscription: $1,250 to $12,500 a quarter (non-advisory family office services)"
        ],
        "quotes": [
          "Our fees for non-advisory family office services are negotiated individually with clients and range from $1,250 to $12,500 a quarter depending on the amount of work performed."
        ]
      }
    ],
    "values": {
      "tiers": [
        {
          "min": 0.0,
          "max": 1000000.0,
          "rate_pct": 1.25
        },
        {
          "min": 1000000.0,
          "max": 4000000.0,
          "rate_pct": 1.0
        },
        {
          "min": 4000000.0,
          "max": 10000000.0,
          "rate_pct": 0.75
        },
        {
          "min": 10000000.0,
          "max": null,
          "rate_pct": 0.5
        }
      ],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": null,
      "planning": [
        {
          "kind": "subscription",
          "amount": null,
          "min": 1250.0,
          "max": 12500.0,
          "period": "quarterly",
          "service": "non-advisory family office services"
        }
      ]
    },
    "quotes": [
      "One and one -quarter percent (1.25%) of the first $1,000,000 of assets under management;",
      "One percent (1.00%) of assets from $1,000,000 to $4,000,000;",
      "Three quarters of one percent (0.75%) of assets from $4,000,000 to $10,000,000;",
      "One-half of one percent (0.50%) on assets $10,000,000 and above.",
      "Our fees for non-advisory family office services are negotiated individually with clients and range from $1,250 to $12,500 a quarter depending on the amount of work performed."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Bank of America / Private Bank",
      "name_as_filed": "BANK OF AMERICA / PRIVATE BANK",
      "affiliated": false
    },
    {
      "name": "Charles Schwab & Co.",
      "name_as_filed": "CHARLES SCHWAB & CO.",
      "affiliated": false
    },
    {
      "name": "Frost Bank",
      "name_as_filed": "FROST BANK",
      "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/penn-davis-mcfarland-inc-dallas-tx-110417.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 18,
      "fewer_than_5": false,
      "raum": 4801463.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 193,
      "fewer_than_5": false,
      "raum": 1308970370.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 20326343.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 30363645.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "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/110417",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}