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Updated September 22, 2026. Quick answer: It depends which hat D.A. Davidson & Co. is wearing. As your investment adviser, D.A. Davidson & Co. owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, D.A. Davidson & Co. owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. D.A. Davidson & Co.’s own Form CRS states: “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.”
How it’s registered
From D.A. Davidson & Co. Form CRS: Client Relationship Summary (February 12, 2025): “D.A. Davidson & Co. is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.”
The standard of conduct, in its own words
“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.”
On commissions: “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.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your broker-dealer | SEC-registered broker-dealer | Regulation Best Interest (not a fiduciary duty) | Yes | D.A. Davidson & Co. Form CRS: Client Relationship Summary, February 12, 2025 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $9,250 a year, 1.85% on a $500,000 account, the published maximum, which the firm says is negotiable) | D.A. Davidson & Co. Form CRS: Client Relationship Summary, February 12, 2025 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. D.A. Davidson & Co. discloses a published fee that runs up to $9,250 a year on a $500,000 account (the published maximum, which the firm says is negotiable); see the full dollar breakdown from D.A. Davidson & Co.’s own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
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Source: WiserAdvisor’s service descriptionSources
- 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 22, 2026, quoting directly from D.A. Davidson & Co.’s own current Form CRS, with the source linked above; 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 the firm’s own Form CRS. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
What does it actually take to open an account? See D.A. Davidson & Co.’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full D.A. Davidson & Co. review, including its fiduciary status and what it costs to leave.
Comparing D.A. Davidson & Co. against other options? See D.A. Davidson & Co. alternatives, including a flat-fee route and a robo/hybrid, plus a lower-fee full-service firm.