Davenport & Company LLC is a large advisory firm based in Richmond. It manages $11.72 billion of regulatory assets for 15,899 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 47 other states.
Davenport & Company provides financial planning services, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, publication of newsletters, and educational seminars and workshops. It prepares financial plans for more than 250 clients. On top of advisory services, the firm also engages as corporate finance.
The assets under management (AUM) of Davenport & Company LLC is $11.72 billion. The firm's AUM has grown by 554% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.
The advisory firm has several streams of revenue. Clients pay Davenport & Company LLC for their services and products based on a percentage of assets under management, hourly charges, fixed fees, commissions, and performance-based fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.
The firm provides services to individuals, insurance companies, investment companies, charitable organizations, high net worth individuals, pooled investment vehicles, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Davenport & Company is high net worth individuals with 1,834 clients and $4.48 billion of assets under management. Among the 7 most similar advisory firms, Davenport & Company has the 3rd lowest percentage of high net worth individuals out of all clients.
The amount of regulatory assets under management is $11.52 billion for 11,877 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.
Davenport & Company also advises several private funds. Namely, three hedge funds. The minimum investment commitment required of non-related persons ranges from $10,000 to $500,000.
The company employs 441 people that are either part- or full-time employees. 43 percent of the employees work as investment advisers or researchers. 288 employees are registered as investment adviser representatives with the state securities authorities.
There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.
The principal office where Davenport & Company LLC performs its advisory services is located at One James Center, Richmond, VA 23219 The mailing address of the firm is P.O. Box 85678, Richmond, VA 23285 5678. An additional office of the firm is in Greensboro, NC. It doesn’t run an office outside of the United States.
You can reach the main office by calling the phone number 804-780-2000 or by fax 804-549-4339. The normal business hours are 8:45 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at investdavenport.com/howren.