What Davenport & Company does

Davenport & Company LLC is an independent, employee-owned financial services firm founded in 1863 in Richmond, Virginia, operating today through 21 branch offices across Virginia and North Carolina. The firm provides a multi-vertical platform spanning wealth management (brokerage services, managed money, financial planning, equity research), capital markets (fixed income trading and distribution, corporate finance advisory), public finance (municipal underwriting), and insurance products distribution, with donor-advised fund services through the Davenport Donor Advised Program. Its investment management arm, Davenport Asset Management (founded 1984 as a wholly-owned subsidiary), runs six proprietary mutual funds and separately managed accounts totaling over $13 billion in assets under management, including the ETFAdvisor and FundAdvisor wrap-fee programs.

The firm's technology stack is built on Pershing LLC, which serves as its clearing and custodial firm. Advisors work from the NetX360 workstation for practice management, financial planning, market data, and research; clients access accounts through NetXInvestor (Davenport Online) and a mobile app supporting iOS, Android, and Apple Watch with self-service trading, mobile check deposit, and 24/7 account access. Distribution is hybrid: a high-touch advisor network across 21 branches plus self-serve digital platforms. Content marketing is delivered via in-house-produced market commentary, quarterly letters, and research notes, supported by an in-house marketing team that provides advisors with personalized websites and social media content.

Davenport generates revenue from five primary streams: advisory fees (subscription/recurring) on wrap programs and managed accounts; brokerage commissions on transactions; 12b-1 fees and trails from distributed mutual funds; cash sweep revenue on uninvested balances swept into money market funds and FDIC-insured bank deposit products; and commissions on insurance products including life, health, long-term care, fixed annuity, and disability. Ownership is 100% employee-held, with advisors comprising 70% of the board and 70% of equity ownership, aligning governance with client-facing professionals. Mutual fund distribution is conducted through a partnership with Ultimus Fund Distributors LLC.

Name

Davenport & Company

Legal name

Davenport & Company LLC

Website

https://investdavenport.com

Company type

Private

Founded year

1863

Operating status

Operating

Headcount range

251–500 employees

Short description

Davenport & Company LLC is an independent, employee-owned financial services firm founded in 1863 in Richmond, Virginia, operating 21 branches across Virginia and North Carolina to deliver wealth management, brokerage, capital markets, public finance, and asset management services to individual and institutional clients.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Insurance Agencies and Brokerages (52421)

SIC

Investment Advice (6282), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Fee-Based Advisory (FSAEAAAM)

akta.pro secondary industry

Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF)

Keywords

• Wealth management services
• Investment advisory
• Brokerage services
• Asset management
• Public finance

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices23 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Advisory Fees: Investment advisory services through managed money accounts and wrap fee programs such as ETFAdvisor and FundAdvisor
2. Brokerage Commissions: Brokerage services generating commissions from securities transactions
3. 12b-1 Fees and Trails: Trails and 12b-1 fees from mutual fund companies for maintaining customer accounts and providing administrative services
4. Cash Sweep Product Revenue: Revenue from uninvested cash balances moved into money market funds and FDIC-insured bank deposit products
5. Insurance Products: Commissions from sale of insurance products including life, health, long-term care, fixed annuity, and disability insurance

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Davenport & Company is an independent, 100% employee-owned financial services firm founded in 1863 that provides personalized wealth management, brokerage, investment advisory, asset management, capital markets, and public finance services to individual and institutional clients across Virginia and North Carolina. The firm operates through 21 branch offices staffed by financial advisors, complemented by client-facing technology including the Davenport Online web portal and a mobile application. Its Davenport Asset Management subsidiary runs proprietary mutual funds and wrap-fee programs (ETFAdvisor and FundAdvisor) with over $13 billion in assets under management.

Product overview

Davenport & Company is an independent, employee-owned financial advisory and brokerage firm founded in 1863, offering a comprehensive suite of investment management products and services. The firm's core offerings include proprietary mutual funds (Insider Buying Fund, Core Leaders, Equity Opportunities, Value & Income, Small Cap Focus, and Balanced Fund) with over $13 billion in assets under management through its Davenport Asset Management subsidiary. The company provides advisory services through ETFAdvisor and FundAdvisor model programs, separate account management, fixed income strategies, and capital markets services. Client-facing technology includes Davenport Online (web portal) and the Davenport Mobile App for account access and management. The firm operates through multiple office locations across the Mid-Atlantic and Southeast regions.

Differentiator

Problem solved

Functional benefit

Brands

• Davenport Asset Management: Boutique money manager founded in 1984 offering mutual funds (DAVPX, DEOPX, DVIPX, DSCPX, DBALX, DBUYX), separate accounts, fixed income strategies, and ETFAdvisor/FundAdvisor programs. Over $13 billion in assets under management.
• Davenport Online
• Davenport Mobile App
• Davenport Shares
• Davenport Donor Advised Program (DDAP)

Products and services

• Davenport Online Secure, resilient client web portal providing 24/7 account access, quote and news access, research tools for thousands of stocks and mutual funds, statements, trade confirmations, and tax documents for individual and institutional clients.
• Davenport Mobile App Mobile application providing anytime-anywhere account access, watchlist functionality, market data, quote information, and mobile check deposit capabilities for clients across iOS, Android, and Apple Watch.
• Davenport Insider Buying Fund (DBUYX) Proprietary mutual fund based on academic research documenting that corporate insider purchases predict statistically significant abnormal returns, targeting investors seeking exposure to insider-buying signals.
• Davenport Core Leaders Fund (DAVPX) Actively managed equity mutual fund focused on large-cap quality companies for investors seeking core large-cap equity exposure.
• Davenport Equity Opportunities Fund (DEOPX) Equity mutual fund seeking capital appreciation through ownership in growing businesses for investors pursuing long-term growth.
• Davenport Value & Income Fund (DVIPX) Mutual fund combining value investing with a dividend income mandate, started in 2010, designed for investors seeking both value-style equity exposure and growing dividend income.
• Davenport Small Cap Focus Fund (DSCPX) Mutual fund focused on small-cap companies with high quality metrics, profitability, and attractive valuations relative to benchmarks such as the Russell 2000 and S&P 600.
• Davenport Balanced Fund (DBALX) Balanced mutual fund combining equity and fixed income investments for diversified returns, distributed through Ultimus Fund Distributors LLC.
• ETFAdvisor Investment advisory wrap program using Exchange-Traded Funds for client portfolios, including the Active-Passive Growth Model and Diversified Fixed Income Model, providing advisory and brokerage services for a single wrapped fee as a percentage of AUM.
• FundAdvisor Investment advisory wrap program utilizing mutual funds for client portfolio construction, providing clients diversified exposure through fund-of-funds style advisory management.
• Davenport Fixed Income Strategies Fixed income investment management services including separate account strategies for clients seeking customized fixed income portfolio management.
• Separate Account Management Customized separate account portfolios including Core Leaders Portfolio, Equity Opportunities Portfolio, and Value & Income Portfolio for clients seeking individualized portfolio management.
• Davenport Donor Advised Program (DDAP) Wealth management program helping clients manage charitable giving through donor-advised funds, integrating philanthropy with broader wealth planning.
• Capital Markets Capital markets services including Fixed Income trading and distribution and Corporate Finance advisory for institutional and corporate clients.
• Public Finance Municipal finance advisory and underwriting services for government and institutional clients issuing municipal debt.
• Brokerage Services Brokerage services for individual and institutional clients providing trade execution, custody, and securities transaction support via the firm's relationship with Pershing LLC as clearing and custodial firm.
• Managed Money Managed money accounts providing discretionary investment management for clients who delegate portfolio decisions to Davenport advisors and portfolio managers.
• Equity Research In-house equity research providing market commentary, quarterly letters, and investment research for individual and institutional clients.
• Financial Services Financial services including life, health, long-term care, fixed annuity, and disability insurance products offered to clients alongside wealth management services.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Pershing LLCcoreTechnology or IntegrationDavenport has a relationship with Pershing LLC as its clearing and custodial firm. Pershing provides order routing through Davenport's exclusive arrangement, executes trades, and provides custody services. Pershing may receive remuneration from executing venues through maker-taker pricing.
• Ultimus Fund Distributors LLCcoreChannel Partner/ Reseller/ DistributorDistributor of Davenport Mutual Funds, responsible for distributing the funds to investors through various channels.
• Mutual Fund CompaniesminorChannel Partner/ Reseller/ DistributorDavenport receives payments from mutual fund companies whose products it distributes, including commissions, trails, sales loads, and 12b-1 fees.
• Insurance CompaniesminorChannel Partner/ Reseller/ DistributorDavenport receives payments from insurance companies for products distributed, including commissions and shareholder servicing fees.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Oppenheimer & Co. Privately held regional broker-dealer offering wealth management, capital markets, and equity research with similar advisor-led culture. Comparable in scope, ownership type, and full-service platform emphasis.
• Robert W. Baird: Privately held, employee-owned regional broker-dealer/wealth manager with a similar advisor-led structure, equity research franchise, fixed income/capital markets capabilities, and asset management products. Direct comparable given matching ownership model and full-service capital markets + wealth stack.
• Janney Montgomery Scott: Privately held, employee-owned regional broker-dealer headquartered in Philadelphia with Mid-Atlantic footprint and analogous advisor-led wealth management plus fixed income/capital markets services. Highly comparable on ownership structure, regional concentration, and service breadth.
• Wiley Bros.-Aintree Capital (Stephens): Privately held, employee-owned regional broker-dealer with private wealth, capital markets, and public finance businesses anchored in the Mid-South/Southeast. Closest peer for Davenport's private ownership, capital markets-led differentiated strategy, and regional concentration.
• Hilltop Securities (Hilltop Holdings): Mid-sized broker-dealer combining wealth management with public finance, fixed income, and capital markets businesses, with comparable regional US footprint. Most direct comparator for Davenport's public finance + wealth + fixed income service mix.

Broad incumbents

• Stifel Financial: Public regional broker-dealer with wealth management, institutional brokerage, capital markets, and public finance businesses, historically comparable in advisor model and Mid-Atlantic/Southeast footprint. Larger scale than Davenport but matching service composition and growth-by-acquisition strategy.
• Cetera Financial Group: Independent broker-dealer serving thousands of financial advisors with wealth, insurance, and advisory platforms. Comparable in advisor-channel structure and diversified revenue model blending commissions, advisory fees, and insurance distribution.
• LPL Financial: Largest independent broker-dealer supporting thousands of independent RIAs and advisors with custody, technology, and clearing services. Relevant as the dominant infrastructure peer in the independent channel and a key competitor for breakaway advisors.
• Raymond James Financial: Large independent broker-dealer and wealth manager with a hybrid employee/advisor model and similar diversified service offering spanning wealth, capital markets, and asset management. Compared to Davenport because of structural overlap in advisor-led independent BD/RIA business, though materially larger and national in footprint.
• Edward Jones: Canadian-owned partnership providing wealth management through a national advisor network, with comparable employee-partner structure and emphasis on long-term client relationships. Closest large-scale analog for Davenport's advisor-led, branch-distributed model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/investdavenport
• Facebookfacebook.com/investdavenport

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

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 Davenport & Company