Dunham & Associates Investment Counsel, Inc.

What Dunham & Associates Investment Counsel, Inc. does

Dunham & Associates Investment Counsel, Inc. is a privately-held Registered Investment Advisor and Broker/Dealer founded in 1985 by Jeffrey A. Dunham, headquartered in San Diego, California. The firm operates as a Turnkey Asset Management Platform (TAMP) serving independent financial advisors, providing institutional-quality investment management, trust administration, securities-based lending, and practice-support tools. With 51–100 employees and $8.25 billion in assets under management and administration as of June 17, 2026, Dunham has grown approximately 29% from $6.4 billion one year prior.

The firm's core platform combines 15 mutual funds (Dunham Funds) managed by institutional sub-advisers under a fulcrum-fee structure with proprietary modules including DunhamDC (a tactical overlay powered by the Dykmans Curve algorithm), the Insured Deposit Marketplace (IDM) offering up to $60 million FDIC insurance, Dunham Easy Access Loans (DEAL) for securities-based lending up to $10 million, the Dunham Retirement Income Program (DRIP), and Donor-Advised Funds. Trust services are delivered through affiliated Dunham Trust Company (Nevada, established 1999) and Dunham Private Trust (Wyoming, launched 2023). Sub-advisory relationships span Boston Partners, Pier Capital, GMO, PGIM Quantitative Solutions, PGIM Real Estate, and BlackRock, while operational partners include Customers Bank (lending), Reich & Tang (FDIC sweep), and UI Charitable (DAF administration).

Revenue is generated through asset-based advisory fees tied to AUM/AUA, broker/dealer distribution fees on mutual fund sales, trust administration fees, lending facilitation economics, and performance-based fulcrum fees where sub-adviser compensation is aligned with benchmark outperformance. Distribution is exclusively B2B via direct sales relationships with independent financial advisors managed by Regional Directors who develop territory growth. The firm has historically combined organic AUM accumulation with targeted acquisitions in trust services (Adagio Trust 2009, Cache Bank & Trust trust division 2015, Provident Trust Group 2015, Guardianship Services of Nevada 2019, Professional Estate Administrators 2020) and asset management (Kelmoore Strategy Funds 2008). In April 2026, the firm completed a comprehensive brand refresh across the family of companies to unify its positioning.

Name

Dunham & Associates Investment Counsel, Inc.

Legal name

Dunham & Associates Investment Counsel, Inc.

Website

https://dunham.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

51–100 employees

Short description

Dunham & Associates is a privately-held RIA and Broker/Dealer founded in 1985, operating as a TAMP that provides independent financial advisors with institutional-quality investment management, trust services, lending, and tactical overlays, managing $8.25B AUM/AUA as of June 2026.

Ownership category

akta.pro rank

Product category

Investment Management & Trust Services (TAMP)

NAICS

Portfolio Management and Investment Advice (523940), Trust, Fiduciary, and Custody Activities (523991), Open-End Investment Funds (525910)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Digital Wealth Platforms for Advisors (TAMP/Advisor Tech) (FSAGAEAH)

akta.pro secondary industries

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA), Retirement & Distribution Planning RIAs (401(k)/IRA/Pension Rollovers) (FSAAACAE), Directed Trust & Trust Advisory Services (FSAAANAK)

Keywords

• Turnkey asset management
• Investment advisory services
• Trust administration
• Mutual fund management
• Securities-based lending

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory Services: Registered Investment Advisor (RIA) services providing investment management to clients. Revenue generated through advisory fees, typically asset-based.
2. Broker/Dealer Services: Securities distribution through FINRA-registered broker/dealer. Revenue includes distribution fees from mutual funds and transaction-based compensation.
3. Trust Services: Trust administration services through Dunham Trust Company (Nevada) and Dunham Private Trust (Wyoming). Provides full-service trust administration for estate planning, wealth transfer, and asset protection.
4. Mutual Fund Management: Oversees 15 Dunham Funds across multiple asset classes including bonds, US value, US growth, international equity, and alternatives. Sub-advisers operate under fulcrum fee structures with performance-based compensation.
5. Performance-Based Fees (Fulcrum Fees): Unique fee structure where sub-advisers' compensation is tied to investment performance relative to benchmarks. Created in 1985 with the belief that fees should align with performance outcomes.
6. Retirement Income Program (DRIP): Structured retirement planning program with systematic withdrawal management and cash-reserve strategy. Includes planning tools and portfolio management.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Dunham operates a Turnkey Asset Management Platform (TAMP) that gives independent financial advisors access to institutional-quality investment management across 15 mutual fund asset classes, supported by a proprietary tactical overlay (DunhamDC), securities-based lending (DEAL), FDIC-insured cash management (IDM), a retirement income program (DRIP), and donor-advised fund capabilities. Through its affiliated Dunham Trust Company (Nevada) and Dunham Private Trust (Wyoming), the firm also delivers full-service trust administration for asset protection, estate planning, and wealth transfer. Sub-advisers are compensated via fulcrum (performance-based) fees tied to benchmark outperformance.

Product overview

Dunham offers a unified platform-plus-modules architecture combining investment management, trust services, and lending solutions for independent financial advisors and their clients. The core platform includes the Asset Allocation Program (AAP) providing access to 15 institutional-quality mutual funds across bonds, US equities, and alternatives, managed by sub-advisers on a fulcrum-fee basis. Key modules include DunhamDC (proprietary tactical overlay using the Dykmans Curve algorithm for adaptive equity allocation), the Insured Deposit Marketplace (IDM) for FDIC-insured cash management up to $60 million, DEAL (securities-based lending up to $10 million), DRIP (retirement income planning with systematic withdrawals), and Donor-Advised Funds for charitable giving. Trust services are delivered through affiliated Dunham Trust Company with Wyoming Private Trust options. The ecosystem integrates third-party partners including Reich & Tang (FDIC insurance), Customers Bank (lending), and UI Charitable (donor-advised fund administration).

Differentiator

Problem solved

Functional benefit

Brands

• DunhamDC: Proprietary tactical investment overlay that applies a disciplined process to buy fear and sell greed, using the Dykmans Curve algorithm to automatically adjust portfolio equity exposure based on market conditions
• DEAL (Dunham Easy Access Loans)
• Dunham Donor-Advised Fund
• DRIP (Dunham Retirement Income Program)
• IDM (Insured Deposit Marketplace)
• Dunham Funds

Products and services

• Dunham Funds Family of 15 mutual funds across asset classes including bonds (Corporate/Government, Floating Rate, High-Yield, International Opportunity), US equities (Large Cap Value, Small Cap Value, Focused Large Cap Growth, Small Cap Growth, Emerging Markets, International Stock), and alternatives (Dynamic Macro, Long/Short Credit, Monthly Distribution, Real Estate Stock, U.S. Enhanced Market). Managed by institutional sub-advisers with fulcrum fee compensation. For independent financial advisors and their clients.
• Asset Allocation Program (AAP) Turn-key asset management platform providing independent financial advisors access to institutional investment management. Offers performance-based fee options, diversified investment strategies across 15 asset classes, and access to 13 institutional-caliber managers. AAP accounts can serve as collateral for the DEAL line of credit.
• DunhamDC Tactical Overlay Proprietary tactical investment overlay using the 'Dykmans Curve' algorithm to automatically adjust portfolio equity allocation based on market sentiment—buying when panic is present and trimming back when greed is prevalent. Designed to mitigate sequence-of-returns risk for retirees. Multiple model variants (DC 80, 60, 40, 20) with varying equity exposure ranges. For advisors managing retiree and conservative-allocation portfolios.
• Insured Deposit Marketplace (IDM) Cash management account offering up to $60 million in FDIC insurance by allocating deposits across a network of FDIC-insured banks through third-party partner Reich & Tang. Provides competitive yields, daily liquidity, and FDIC coverage beyond standard $250,000 limits. For advisor clients seeking protected cash sweep.
• Dunham Easy Access Loans (DEAL) Securities-based line of credit allowing clients to borrow up to $10 million (up to 65% loan-to-value) using eligible AAP account assets as collateral. Approval decisions in 48 hours and funding in 72 hours. For advisor clients seeking liquidity without selling securities.
• Dunham Donor-Advised Fund Charitable giving vehicle allowing contributions of cash, securities, real estate, privately held stock, collectibles, and cryptocurrency. Investments managed across 15 asset classes by 13 institutional-caliber managers. Grants directed to charities of choice through online portal. Powered by UI Charitable. For advisor clients seeking tax-advantaged philanthropy.
• Dunham Retirement Income Program (DRIP) Structured retirement income planning program using a disciplined cash-reserve strategy and systematic withdrawal framework. Features the DRIP Planning Tool, DRIP Calculator, and DRIP Portfolios. Powered by DunhamDC for adaptive market response. Cash reserves eligible for up to $60 million FDIC insurance through IDM. For advisors serving retiree and pre-retiree clients.
• Trust Services (Dunham Trust Company & Dunham Private Trust) Full-service trust administration through affiliated Nevada-based Dunham Trust Company and Wyoming-based Dunham Private Trust. Includes personalized trust administration, estate planning, asset protection, and tax-efficient strategies. Works with financial advisors to design tailored trust solutions. Recognized as Most Advisor-Friendly Trust Company by Trust Advisor (2012).
• BlackRock FedFund Money market fund option offered through Dunham's platform with AAA-mf rating from Moody's and AAAm rating from S&P. Provides stable NAV of $1.00, daily liquidity, and weighted average maturity of 39 days. Distributed by Dunham; underwritten by BlackRock Investments, LLC. For advisors and clients seeking high-quality cash sweep.

Quantifiable outcome

• AUM/AUA grew from $6.4 billion to $8.25 billion (29% increase)
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core.

• Reich & TangcoreTechnology or IntegrationThird-party partner providing FDIC insurance across a network of banks for the Insured Deposit Marketplace (IDM), enabling up to $60 million in FDIC coverage for client deposits.
• UI CharitablecoreStrategic or Co-development PartnerUI Charitable is a registered 501(c)(3) nonprofit that manages the charitable aspects of the Dunham Donor-Advised Fund. Powers the DAF platform with administrative services.
• Boston Partners Global InvestorscoreTechnology or IntegrationSub-adviser for Dunham Small Cap Value Fund, providing institutional investment management expertise for small cap value strategies.
• Pier Capital, LLCcoreTechnology or IntegrationSub-adviser for Dunham Small Cap Growth Fund, specializing in small cap growth stock investments.
• Grantham, Mayo, Van Otterloo & Co. LLC (GMO)coreTechnology or IntegrationSub-adviser for Dunham Monthly Distribution Fund since April 2021, providing institutional-quality alternative investment management.
• PGIM Quantitative Solutions LLCcoreTechnology or IntegrationSub-adviser for Dunham U.S. Enhanced Market Fund. A registered investment adviser and wholly-owned subsidiary of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc.
• PGIM, Inc.coreTechnology or IntegrationSub-adviser for Dunham Real Estate Stock Fund through PGIM Real Estate business unit. A publicly traded company (NYSE: PRU) providing institutional real estate investment management.
• BlackRockcoreTechnology or IntegrationProvider of the BlackRock FedFund money market fund option available to clients for cash management.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• AssetMark: AssetMark is a leading TAMP serving independent financial advisors with a multi-manager platform, practice management tools, and asset-based pricing — the closest direct analog to Dunham's AAP plus fund lineup distribution model.
• Orion (Brinker Capital): Orion's wealth-management platform (which absorbed Brinker Capital) offers TAMP-style advisor solutions including Custom Portfolios, multi-manager fund structures, and trust-lens tools aimed at independent RIAs — directly comparable to Dunham's integrated investment, trust, and advisor-enablement stack.

Broad incumbents

• Envestnet: Envestnet provides a broad advisor technology and TAMP platform (PMC, Tamarac, MoneyGuide) used by large institutions and independent advisors; its scale and breadth make it a broad-incumbent peer to Dunham's narrower advisor-platform offering.
• SEI Investments: SEI's Wealth Platform serves independent advisors and family offices with managed-account programs, model marketplaces, and trust-administration services — a broader, institutional incumbent operating in adjacent advisor-platform and trust services.
• Schwab Advisor Services: Schwab's advisor services unit combines custody, a TAMP-like managed-account platform, and proprietary money funds used by independent RIAs — a dominant incumbent whose bundled offering competes with Dunham on platform stickiness.
• Fidelity Institutional: Fidelity Institutional provides custody, brokerage, and a managed-account platform for RIAs and breakaway brokers. Its scale and proprietary fund offerings place it as a broad incumbent competing for the same independent advisor clients Dunham serves.
• LPL Financial: LPL is the largest independent broker-dealer and RIA custodian in the U.S., offering advisors an integrated platform of investments, technology, and practice management — overlapping with Dunham's advisor-enablement and mutual-fund distribution model.
• Cetera Financial Group: Cetera is an independent broker-dealer and RIA platform that provides independent advisors with managed-account solutions, model portfolios, and practice support — a directly comparable advisor-services incumbent in the same independent channel.

Regional players

• Focus Financial Partners: Focus is an RIA aggregator that acquires independent wealth-management firms and provides centralized investment, trust, and operational infrastructure — a structural threat to Dunham's independent-advisor distribution channel as more practices roll up.

Emerging players

• Mercer Advisors: Mercer Advisors is a national RIA offering wealth management, estate planning, and trust services with a multi-advisor model — comparable to the integrated investment + trust + retirement-income offering Dunham is building, though distributed through its own W-2 advisor base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

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 Dunham & Associates Investment Counsel, Inc.