Guides › Financial Advisor Fees
Updated September 23, 2026. Quick answer: D.A. Davidson & Co. is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run up to $9,250 a year (the published maximum, which the firm says is negotiable) under its published fee schedule; the minimum to open an account is $5,000 to $1,000,000 for D.A. Davidson Wrap Fee Programs (11 programs share the 1.85% ceiling), depending on strategy. Already a client and thinking about leaving? Budget $100.00 flat transfer/ACAT fee. Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.
D.A. Davidson & Co. at a glance
| Fact | What D.A. Davidson & Co.’s own pages say |
|---|---|
| Legal entity | D.A. Davidson & Co. |
| Registration | D.A. Davidson & Co. is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser. |
| Fee on a $500,000 account | Up to $9,250 a year (the published maximum, which the firm says is negotiable), per its own current brochure |
| Minimum to open an account | $5,000 to $1,000,000 for D.A. Davidson Wrap Fee Programs (11 programs share the 1.85% ceiling), depending on strategy |
| Cost to leave (exit fee) | $100.00 flat transfer/ACAT fee |
What D.A. Davidson & Co.’s own fee schedule charges
“The Total Annual Fee varies among Programs as follows: Program Davidson Advisory Fee Management Fee – MFP Negotiable up to 1.85% N/A; RMS Negotiable up to 1.85% 0.02%; MAC Negotiable up to 1.85% Negotiable; SAM Model Negotiable up to 1.85% 0.07%-0.60%…; SAM Manager Negotiable up to 1.85% 0.14%-0.57%…; UMA Select and UMA Discretion Negotiable up to 1.85% 0.15%-0.75%…; UMA Guided Negotiable up to 1.85% 0.28%-0.90%…; Paragon Negotiable up to 1.85% N/A; Paragon CWAM Negotiable up to 1.85% Negotiable up to 0.50% (with total Davidson Advisory Fee combined with Management Fee not to exceed 1.85%); Choice Negotiable up to 1.85% N/A.”
The disclosed ‘Davidson Advisory Fee’ ceiling, common to every Program listed, is ‘Negotiable up to 1.85%’ of assets under management, with no dollar minimum fee stated (only minimum account sizes by Program, e.g. $5,000-$100,000, are disclosed, not a minimum dollar fee). dollar_at = balance x 0.0185 for each of the four balances, using the core Davidson Advisory Fee ceiling only and excluding any additional per-Program Management/platform fee, which varies and is not a single number.
| Account balance | Annual fee |
|---|---|
| $250,000 | $4,625 |
| $500,000 | $9,250 |
| $1,000,000 | $18,500 |
| $2,000,000 | $37,000 |
See the full breakdown, including how the figure is calculated, on D.A. Davidson & Co.’s own fee page.
Is D.A. Davidson & Co. a fiduciary?
D.A. Davidson & Co. is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we must act in your best interest and not put our interest ahead of yours.”
The primary cash compensation we pay to each of our financial professionals is a share of his or her “production.” Production means the commissions, asset-based wrap fees, and other revenues that the financial professional generates for our Firm by providing services to investors.
Full detail, including the exact registration type and source: D.A. Davidson & Co.’s fiduciary status, explained.
The minimum to open an account
“Participation in each of the Programs is subject to the below initial minimum account size requirements and any minimum maintenance requirements determined in D.A. Davidson’s sole discretion. Minimum account sizes vary by Program and may vary depending on the type of portfolio selected for the client’s account.”
$5,000 to $1,000,000 for D.A. Davidson Wrap Fee Programs (11 programs share the 1.85% ceiling), depending on strategy. See the full minimum-investment breakdown, including what that minimum would cost per year, on D.A. Davidson & Co.’s minimum investment page.
What it costs to leave
D.A. Davidson & Co. custodies its own client assets, and its own Fees and Services schedule states the cost plainly: $100.00 to “transfer of an account to another financial institution,” independently confirmed by a separate D.A. Davidson disclosure that calls it the account’s ACAT fee.
Full mechanics, sources, and the ACATS transfer process: how to leave D.A. Davidson & Co..
What we would compare it against
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- D.A. Davidson & Co. Wrap Fee Program Brochure, Part 2A Appendix 1 of Form ADV (July 30, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1053418
- D.A. Davidson & Co. Form CRS: Client Relationship Summary (February 12, 2025): https://reports.adviserinfo.sec.gov/crs/crs_199.pdf
- SEC Investment Adviser Public Disclosure, D.A. Davidson & Co. (CRD #199): https://adviserinfo.sec.gov/firm/summary/199
- D.A. Davidson & Co., SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/199/PDF/199.pdf
Methodology. This page was built September 23, 2026, drawing directly on D.A. Davidson & Co.’s own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary, minimum-investment, and (where one exists) how-to-leave pages for the same firm, each independently sourced when it was built. Any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading D.A. Davidson & Co.’s own Form ADV Part 2A and Form CRS. We have not used D.A. Davidson & Co. as a client. D.A. Davidson & Co. did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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