What Wilson-Davis & Co. does

Wilson-Davis & Co., Inc. (WDCO) is a FINRA-registered, self-clearing broker-dealer founded in 1968 and headquartered in Salt Lake City, Utah. It is a wholly-owned subsidiary of AtlasClear Holdings, Inc. (NASDAQ: CLRV), acquired in 2024 as the clearing-and-custody anchor of AtlasClear's vertically integrated financial services platform. The firm operates a network of 38 registered representatives licensed across all 50 states, Puerto Rico, the U.S. Virgin Islands and Washington D.C., serving two distinct customer bases: individual retail investors seeking full-service securities brokerage (NYSE, NASDAQ, AMEX, OTC, Pink sheets, retirement accounts, margin, REITs/LPs/1031 exchanges, mutual funds and ETFs) and introducing broker-dealers seeking correspondent clearing, custody and settlement infrastructure (five agreements signed to date, with the major onboarding of Dawson James Securities). Technology is anchored by a self-clearing back-office that handles in-house certificate processing (Physical, DWAC, ACAT, DTC, DRS) and the WealthStation client portal (SunGard/FIS-powered), which provides real-time account viewing, investment tracking and document access.

Revenue is generated through four streams: negotiated transaction-based commissions on brokerage trades; clearing and correspondent services fees from introducing broker-dealers; recurring account maintenance fees (e.g., $75 IRA annual fee, $50 inactivity, $10 paper statement) and per-event fees (wire transfers, certificate processing ranging $600-$1,500, stock review fees $1,050-$3,000); and sales-agent commissions from At-The-Market equity offering programs for issuers such as YY Group ($20M Nasdaq ATM) and Hyperscale Data ($35.4M NYSE American preferred-stock ATM). Distribution is hybrid: direct sales via the 38-representative phone/email channel, self-service through WealthStation, and B2B business development targeting broker-dealers for correspondent clearing. Recent quarterly performance (AtlasClear consolidated) shows revenue growth of 51-113% year-over-year and net income growth of 49-169% year-over-year, with revenue of approximately $4-5M per quarter, validating both the growth trajectory and the strategic relevance of Wilson-Davis within the AtlasClear platform.

Name

Wilson-Davis & Co.

Legal name

Wilson-Davis & Co., Inc.

Website

https://wdco.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

11–50 employees

Short description

Wilson-Davis & Co. is a FINRA-registered, self-clearing broker-dealer (est. 1968, Salt Lake City) serving individual investors and introducing broker-dealers with securities brokerage, correspondent clearing, certificate processing, retirement accounts, and ATM sales-agent services under parent AtlasClear Holdings (NASDAQ: CLRV).

Ownership category

akta.pro rank

Product category

Securities Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF)

akta.pro secondary industries

Securities & Custody Operations (Safekeeping, Corporate Actions, Settlement Support) (FSABALAG), Private Client Custody & Brokerage (Execution, Reporting, Safekeeping) (FSAAABAN)

Keywords

• Securities brokerage services
• Correspondent clearing services
• Self-clearing broker-dealer
• Certificate processing services
• Retirement account investing

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Commission-based Trading: Transaction-based commissions negotiated with brokers in addition to account and transaction fees. Covers equity investing on NYSE, NASDAQ, AMEX, OTC, Pink sheets; margin accounts; alternative investments including non-trading Public REITS, Limited Partnerships, 1031 Exchanges; and mutual funds (open end, closed end, and ETFs).
2. Clearing Services Revenue: Revenue from providing clearing services to introducing broker-dealers. The firm onboarded multiple broker-dealers to its clearing platform, including Dawson James Securities as the first major introducing broker, and continues to expand its correspondent clearing network.
3. Account Fees: Annual fees including $75 IRA account fee, $100 closing fee, $25 late payment fee, $50 inactivity fee. Additional charges for wire transfers ($45 domestic, $100 international), delivery services, certificate processing, and stock review fees.
4. Sales Agent Services (ATM Programs): Wilson-Davis acts as additional sales agent for At-The-Market equity offering programs, earning commissions on share sales. Served as sales agent for YY Group's $20 million ATM program and Hyperscale Data's preferred stock offering.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Wilson-Davis & Co. is a self-clearing broker-dealer offering full-service securities trading across NYSE, NASDAQ, AMEX, OTC, and Pink Sheet markets, plus retirement accounts, margin accounts, mutual funds, and alternative investments to individual investors. The firm also provides correspondent clearing, custody, and settlement services to introducing broker-dealers, in-house certificate processing (Physical, DWAC, ACAT, DTC, DRS), and acts as a sales agent for at-the-market equity offering programs. Online account access and real-time investment tracking are delivered through its WealthStation platform.

Product overview

Wilson-Davis & Co. is a full-service securities broker-dealer firm that has been in operation since 1968. The company operates as a self-clearing firm, providing integrated financial services through its core brokerage platform and WealthStation online application. Core offerings include securities trading across multiple exchanges (NYSE, NASDAQ, AMEX, OTC, Pink), certificate processing, retirement accounts, margin accounts, and alternative investments. The company also serves as a sales agent for third-party at-the-market equity offerings, acting as a distribution partner for companies seeking to raise capital through stock sales.

Differentiator

Problem solved

Functional benefit

Products and services

• WealthStation Free, secure personal financial application providing real-time account viewing, investment tracking as orders are filled, and consolidated document access for Wilson-Davis & Co. clients.
• Securities Brokerage Services Full-service securities brokerage offering equity investing across NYSE, NASDAQ, AMEX, OTC, and Pink Sheets, plus retirement accounts (Traditional IRAs, Roth IRAs, 401K, Rollover IRAs, inherited IRAs, Educational IRAs, SEPs), margin accounts, and alternative investments including non-trading Public REITs, Limited Partnerships, and 1031 Exchanges.
• Certificate Processing Services Self-clearing certificate processing supporting Physical Certificates, DWAC, ACAT, DTC Deposit, and DRS methods for handling listed and Pink Sheet stocks, with in-house decision-making enabling prompt service.
• Mutual Funds Services Distribution and processing of open-end, closed-end mutual funds, and ETFs through Wilson-Davis & Co.'s platform.
• ATM Equity Offering Sales Agent Services Wilson-Davis & Co. acts as a sales agent for at-the-market equity offering programs, enabling issuing companies to sell Class A ordinary shares or preferred stock on exchanges and earning commissions on shares sold.
• Correspondent Clearing Services Correspondent clearing, custody, and capital markets infrastructure provided to introducing broker-dealers, including transaction processing, settlement, and back-office services with modern infrastructure supporting multi-client capacity and shorter onboarding timelines.

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Fifth Correspondent Broker-DealercoreChannel Partner/ Reseller/ Distributor · 30 April 2026AtlasClear Holdings announced execution of its fifth correspondent broker-dealer agreement through Wilson-Davis & Co., reflecting growing demand for the company's integrated clearing, custody, and capital markets platform. The milestone follows steady advancement of correspondent relationships over recent quarters.
• Dawson James SecuritiescoreChannel Partner/ Reseller/ Distributor · 24 April 2026AtlasClear signed LOI to acquire Dawson James Securities (wholly-owned subsidiary of Ark Financial Services). Upon closing, AtlasClear plans to bring Dawson James's clearing activity in-house through Wilson-Davis subsidiary. Dawson James was the first major introducing broker on the Wilson-Davis clearing platform.
• Third and Fourth Introducing Broker-DealerscoreChannel Partner/ Reseller/ Distributor · 6 April 2026A third introducing broker-dealer began onboarding with Wilson-Davis clearing platform while simultaneously executing a clearing agreement with a fourth introducing broker-dealer. Infrastructure improvements from Dawson James Securities integration have shortened onboarding timelines and expanded multi-client capacity.
• YY Group Holding LimitedminorGTM or Marketing Partner · 6 March 2026Wilson-Davis served as additional sales agent alongside Spartan Capital Securities for YY Group's $20 million At-The-Market equity offering program on Nasdaq Capital Market. Wilson-Davis earned commissions on shares sold under this arrangement.
• Hyperscale Data, Inc.minorGTM or Marketing Partner · 13 February 2026Wilson-Davis acted as sales agent for Hyperscale Data's $35.4 million At-The-Market equity offering of 13% Series D Cumulative Redeemable Perpetual Preferred Stock on NYSE American. The company raised $24.7 million in gross proceeds before terminating the program.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• B. Riley Financial: Larger diversified financial services firm offering broker-dealer, investment banking, and principal investing across small-cap and mid-market deals. Overlaps with Wilson-Davis in small-cap capital markets but at materially greater scale.
• Wedbush Securities: Mid-size broker-dealer with correspondent clearing and prime brokerage offerings. Provides comparable correspondent clearing infrastructure at greater scale than Wilson-Davis.

Direct peers

• Dawson James Securities: Small-cap investment bank and broker-dealer; first major introducing broker onboarded to Wilson-Davis's clearing platform and pending AtlasClear acquisition target. Operates in identical microcap/small-cap advisory and placement space with comparable size and customer profile.
• Spartan Capital Securities: Small-cap focused broker-dealer and ATM sales agent; comparable to Wilson-Davis as a direct competitor in the microcap/small-cap primary capital markets space. Spartan has jointly executed ATM programs with Wilson-Davis (e.g., YY Group), underscoring close product overlap.
• Alliance Global Partners (ThinkEquity): Small/mid-cap investment bank and broker-dealer active in ATM, follow-on, and IPO transactions. Directly comparable to Wilson-Davis in the small-cap equity capital markets segment and customer base.
• Aegis Capital Corp. Small-cap and microcap focused broker-dealer providing investment banking, equities, and trading services. Highly comparable to Wilson-Davis in target issuer profile, transaction types, and operational scale.
• WestPark Capital: Small-cap broker-dealer and investment bank focused on capital raises for emerging growth and microcap companies. Comparable in scale, customer profile, and product mix to Wilson-Davis.
• National Securities Corporation: Small/mid-cap broker-dealer providing investment banking, sales, and trading. Operates in the same niche capital markets segment as Wilson-Davis with overlapping issuer and trading services.

Emerging players

• EF Hutton: Recently relaunched small/mid-cap investment bank and broker-dealer. Comparable early-stage growth profile and small-cap capital markets focus to Wilson-Davis, though currently more capital-markets oriented.
• Apex Fintech Solutions: Leading fintech-focused clearing and custody platform serving broker-dealers, fintechs, and registered investment advisors. A potential disruptor and partial competitor in the correspondent clearing market where Wilson-Davis competes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wilson-Davis & Co.