DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Davidson Investment Advisors, Inc.
Latest filing Dec 15, 2025
First filing on the tape Dec 22, 2011 · 34 filings
SEC status approved since Aug 8, 1975
RAUM
$5.2B
reported, Item 5.F
Discretionary
99%
of RAUM
Private clients
69%
$3.6B individuals and HNW
Advisors
17
registered through the firm on IAPD
RAUM per advisor
$306M
derived; firm RAUM over IAPD count
Employees
31
13 advisory (5.B.1)
Offices
6
beyond the principal office
Private funds
0
reported on Schedule D
History
34 filings and snapshots on the tape
RAUM$5.2B as of Dec 15, 2025
Dec 22, 2011$1.0B then
HNW client RAUM$2.3B as of Dec 15, 2025
Dec 21, 2017$557M then
State-registered IARs (5.B.3)17 as of Dec 15, 2025
Dec 21, 20128 then
Employees (5.A)31 as of Dec 15, 2025
Dec 21, 201213 then
Private funds: no history
RAUM +29% over the last fiscal year+28% a year over threeIARs 20 to 17offices 5 to 6
Practice profile
derived from the filing of Dec 15, 2025; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- Wrap program sponsor · sponsors a wrap fee program (5.I) with at least $100M of wrap assets
- RAUM per advisor
- $306MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 241derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $2.4MderivedHNW RAUM over HNW clients
- Average account
- $1.2MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 99%derivedof RAUM
- Institutional
- 20%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.8derivedItem 5.A over advisors
- Advisors per office
- 2.4derived7 offices incl. principal (1.F.5)
- RAUM growth, one year
- +19%derivedbetween the last two annual amendments
- Advisor growth, one year
- -15%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +8.3%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 5.G
- Wrap fee program
- $640MreportedItem 5.I
- Custody
- yesreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
- a related person acts as qualified custodian (9.D.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$2.3B44%
- Individuals$1.3B25%
- Charitable organizations$769M15%
- Corporations and businesses$346M6.6%
- Investment companies$148M2.8%
- State and municipal entities$143M2.7%
- Pension and profit-sharing plans$78.4M1.5%
- Pooled investment vehicles$74.7M1.4%
- Insurance companies$39.6M0.8%
- Individual clients
- 3,125reported
- HNW clients
- 966reported
- Pension plan clients
- 36reported
- Charitable clients
- 131reported
- Accounts
- 4,407reported
- Financial planning clients
- 0reported
- Wrap fee programs
- $0 sponsored, $3.2B managedreported
- Custody of client assets
- $0 for 0 clientsreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.69 fund_share=0.04 institutional_share=0.2 related_bd=true related_bank=false bd_reps=11.0derived
Advisors registered through the firm
17 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Andrew Ian Davidson | Great Falls, Mt | Jan 1, 1995 | 35 y | 0 |
| Brian Patrick ClancyChartered Financial Analyst | Seattle, Wa | Nov 8, 2004 | 21 y | 0 |
| Michael Paul KubasChartered Financial Analyst | Great Falls, Mt | Oct 6, 2005 | 22 y | 1 |
| Edward Patrick CrottyChartered Financial Analyst | Great Falls, Mt | Dec 12, 2006 | 27 y | 0 |
| Melissa Carol Holling | Spokane, Wa | Apr 8, 2009 | 33 y | 2 |
| Heather Elizabeth KubasChartered Financial Analyst | Great Falls, Mt | Apr 9, 2014 | 23 y | 0 |
| William James Holevoet | Seattle, Wa | Dec 9, 2014 | 24 y | 0 |
| Louis Gino DilelloChartered Financial Analyst | Great Falls, Mt | Jan 11, 2016 | 27 y | 1 |
| William Andrew MoonChartered Financial Analyst | Spokane, Wa | Jan 4, 2018 | 13 y | 1 |
| Bryn Gregory Hagfors | Bozeman, Mt | Nov 8, 2018 | 13 y | 0 |
| Paul Gilbert CondratChartered Financial Analyst | Carlsbad, Ca | Jan 2, 2020 | 22 y | 0 |
| Peyton Mills Studebaker | Richmond, Va | Mar 1, 2023 | 22 y | 1 |
| Herbert Barrow Turner | Richmond, Va | Mar 1, 2023 | 18 y | 3 |
| Cheryl Lynn PageCertified Financial Planner, Chartered Financial Analyst | Richmond, Va | Mar 1, 2023 | 34 y | 2 |
| Daniel Marc Peimer | Richmond, Va | Mar 13, 2023 | 22 y | 4 |
| Maxwell Hayden Lundgren | Great Falls, Mt | Sep 13, 2023 | 13 y | 0 |
| Robert James De MeulenaereChartered Financial Analyst | Bozeman, Mt | Oct 16, 2023 | 10 y | 1 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount1 left over 36 months
Left, latest
- Benjamin Tracy Bishop to D.A. Davidson & Co.Oct 2, 2024 · RIA to RIA
- Timothy Elliott Iltz to Herbert J. Sims Capital Management, Inc.Mar 7, 2023 · RIA to RIA
- Dean Fitzgerald Clemetsen to Fidelity Personal And Workplace AdvisorsNov 20, 2015 · Other
- Bradley Hunter Houle to D.A. Davidson & Co.Feb 5, 2013 · Other
- David Ryan Hultman to Bancwest Investment Services, Inc. (Bwis)Aug 17, 2010 · Other
- Robert Alfred Johnson to D.A. Davidson & Co.Nov 12, 2009 · Other
- Kirt Owen Fredericks to D.A. Davidson & Co.Nov 12, 2009 · Other
- Taeya Christina Lauer to D.A. Davidson & Co.Nov 12, 2009 · Other
- Chad Alexander Roland to Davidson Trust Co.Nov 12, 2009 · Other
- Eric Wendell Allen to Wells Fargo AdvisorsNov 12, 2009 · Other
- Garry Thomas Shea to Davidson Trust Co.Nov 24, 2008 · Other
- Michael Paul Kubas to D.A. Davidson & Co.May 8, 2006 · Other
- Brian Lynn Eisenbarth to D.A. Davidson & Co.Apr 10, 2006 · Other
- Jeremy Andrew Hawkins to LPL Financial LLCMar 3, 2006 · Other
- Matthew Walter Dhane to Tieton Capital ManagementJul 28, 2005 · Other
Joined, latest
- Daniel Marc Peimer from Caprin Asset Management, LLCMar 13, 2023 · RIA to RIA
- Cheryl Lynn Page from Caprin Asset Management, LLCMar 1, 2023 · RIA to RIA
- Peyton Mills Studebaker from Caprin Asset Management, LLCMar 1, 2023 · RIA to RIA
- Benjamin Tracy Bishop from Caprin Asset Management, LLCMar 1, 2023 · RIA to RIA
- Herbert Barrow Turner from Caprin Asset Management, LLCMar 1, 2023 · RIA to RIA
- Louis Gino Dilello from American Skandia Advisory Services, Inc.Jan 11, 2016 · Other
- Timothy Elliott Iltz from Davidson Fixed Income Management, Inc.Apr 2, 2015 · Other
- Dean Fitzgerald Clemetsen from D.A. Davidson & Co.Oct 2, 2014 · Other
- David Ryan Hultman from D.A. Davidson & Co.Jun 28, 2005 · Other
- Eric D Borggard from D.A. Davidson & Co.Jun 27, 2002 · Other
- Gary Buchanan from D.A. Davidson & Co.Jun 27, 2002 · Other
- Brenda Sue Robertson from D.A. Davidson & Co.Jun 27, 2002 · Other
- Brooks Carelton Marsted from D.A. Davidson & Co.Jun 27, 2002 · Other
- John Bratton Dubose from D.A. Davidson & Co.Jun 25, 2002 · Other
- J. Jay Flynn from D.A. Davidson & Co.Jun 25, 2002 · Other
Teams: two or more advisors moving together within fourteen days, from one state
- 5 joined from Caprin Asset Management, LLCMar 10, 2023 · Henrico, Va · Firm absorbed
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Patrick Edward Crotty · Directorcontrolsince 01/2013 · owns less than 5%
- Ian Andrew Davidson · President, Directorcontrolsince 11/2004 · owns less than 5%
- Elizabeth Heather Kubas · Chief Operating Officer Officercontrolsince 04/2018 · owns less than 5%
- Todd Lawrence Martinez · Ceo, D.A. Davidson Companies, Directorcontrolsince 02/2022 · owns less than 5%
Entity owners
- D.A. Davidson Companies · Parent Companydirect · owns 75% or more
- D.A. Davidson Trust Company · Trusteeindirect · owns 25% to 50% of Employee Stock Ownership Plan And Trust
- Employee Stock Ownership Plan And Trust · Shareholderindirect · owns 25% to 50% of D.A. Davidson Companies
Related persons
Schedule D 7.A
- D.A Davidson Trust Companyn
- D.A. Davidson & Co.broker-dealerinvestment adviserreal estatecustodiannRAUM $42B
Advisers that list Davidson Investment Advisors, Inc. as a related person
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Great Falls, Mt · principal | 7 | 0 | 0 | ||
| Bozeman, Mt | 4 | 0 | 0 | ||
| Richmond, Va | 4 | 0 | 0 | ||
| Seattle, Wa | 3 | 0 | 0 | ||
| Spokane, Wa | 2 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Seattle, WA3 employees
- Carlsbad, CA3 employees
- Richmond, VA3 employees
- Bozeman, MT1 employees
What changed
consecutive filings, newest first
- Accounts · 4,368 to 4,407Aug 29, 2025 to Dec 15, 2025
- BD registered reps · 10 to 11Aug 29, 2025 to Dec 15, 2025
- Charity clients · 134 to 131Aug 29, 2025 to Dec 15, 2025
- HNW clients · 924 to 966Aug 29, 2025 to Dec 15, 2025
- Individual clients · 3,124 to 3,125Aug 29, 2025 to Dec 15, 2025
- Pension plan clients · 37 to 36Aug 29, 2025 to Dec 15, 2025
- Employees · 29 to 31Aug 29, 2025 to Dec 15, 2025
- Insurance-licensed employees · 9 to 10Aug 29, 2025 to Dec 15, 2025
- State-registered IARs · 16 to 17Aug 29, 2025 to Dec 15, 2025
- Discretionary RAUM · $5.0B to $5.2BAug 29, 2025 to Dec 15, 2025
- HNW RAUM · $2.2B to $2.3BAug 29, 2025 to Dec 15, 2025
- Individual RAUM · $1.3B to $1.3BAug 29, 2025 to Dec 15, 2025
- Non-discretionary RAUM · $35.0M to $37.7MAug 29, 2025 to Dec 15, 2025
- Pension RAUM · $75.1M to $78.4MAug 29, 2025 to Dec 15, 2025
- Pooled vehicle RAUM · $72.7M to $74.7MAug 29, 2025 to Dec 15, 2025
- RAUM · $5.0B to $5.2BAug 29, 2025 to Dec 15, 2025
- Wrap assets (manager) · $3.0B to $3.2BAug 29, 2025 to Dec 15, 2025
- Accounts · 4,203 to 4,368Dec 20, 2024 to Aug 29, 2025
- Advisory employees · 12 to 13Dec 20, 2024 to Aug 29, 2025
- BD registered reps · 11 to 10Dec 20, 2024 to Aug 29, 2025
- Charity clients · 131 to 134Dec 20, 2024 to Aug 29, 2025
- HNW clients · 866 to 924Dec 20, 2024 to Aug 29, 2025
- Individual clients · 3,014 to 3,124Dec 20, 2024 to Aug 29, 2025
- Pension plan clients · 41 to 37Dec 20, 2024 to Aug 29, 2025
- Employees · 31 to 29Dec 20, 2024 to Aug 29, 2025
- Financial planning clients · 0 to 0Dec 20, 2024 to Aug 29, 2025
- State-registered IARs · 17 to 16Dec 20, 2024 to Aug 29, 2025
- Other offices · 4 to 6Dec 20, 2024 to Aug 29, 2025
- Discretionary RAUM · $4.8B to $5.0BDec 20, 2024 to Aug 29, 2025
- HNW RAUM · $2.1B to $2.2BDec 20, 2024 to Aug 29, 2025
- Individual RAUM · $1.2B to $1.3BDec 20, 2024 to Aug 29, 2025
- Non-discretionary RAUM · $45.2M to $35.0MDec 20, 2024 to Aug 29, 2025
- Pension RAUM · $75.9M to $75.1MDec 20, 2024 to Aug 29, 2025
- Pooled vehicle RAUM · $76.3M to $72.7MDec 20, 2024 to Aug 29, 2025
- RAUM · $4.8B to $5.0BDec 20, 2024 to Aug 29, 2025
- Wrap assets (manager) · $2.9B to $3.0BDec 20, 2024 to Aug 29, 2025
- Accounts · 4,038 to 4,203Apr 25, 2024 to Dec 20, 2024
- Advisory employees · 10 to 12Apr 25, 2024 to Dec 20, 2024
- BD registered reps · 8 to 11Apr 25, 2024 to Dec 20, 2024
- Corporate clients · 97 to 99Apr 25, 2024 to Dec 20, 2024
Signals
7 dated events
- Benjamin Tracy Bishop left Davidson Investment Advisors, Inc. for D.A. Davidson & Co. (registered 2024-10-02)Oct 2, 2024 · Advisor changed firm · fact
- Paul Steven Condon (Director) no longer on Schedule A of Davidson Investment Advisors, Inc. (listed 2023-03-30, absent 2023-12-22)Dec 22, 2023 · Control person left · inference
- Davidson Investment Advisors, Inc. reported RAUM $4.0B, up 67% from $2.4B (2022-12-22 to 2023-03-30)Mar 30, 2023 · RAUM change · derived
- Caprin Asset Management, LLC's advisors moved to Davidson Investment Advisors, Inc. (Henrico, VA): 5 of 5 registered, on the same dayMar 10, 2023 · Firm absorbed (people side) · derived
- Timothy Elliott Iltz left Davidson Investment Advisors, Inc. for Herbert J. Sims Capital Management, Inc. (registered 2024-10-23)Mar 7, 2023 · Advisor changed firm · fact
- Patrick James Kerr (Director, Chief Executive Officer Of Parent Company) no longer on Schedule A of Davidson Investment Advisors, Inc. (listed 2021-12-22, absent 2022-12-22)Dec 22, 2022 · Control person left · inference
- Todd Lawrence Martinez (Ceo, D.A. Davidson Companies, Director) appeared on Schedule A of Davidson Investment Advisors, Inc.Dec 22, 2022 · Control person joined · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Website
- DADAVIDSON.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 406-727-6111reportedpublic record, Form ADV, Dec 15, 2025
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $306Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026