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Dana Investment Advisors Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Dana Investment Advisors is a fee-only advisor in Waukesha, Wisconsin. The firm advises both individual and institutional clients. Its relatively small team manages billions in assets.

Dana Investment Advisors Background

Dana was founded in 1980. It became registered with the SEC in 1985. The firm is principally owned by Mark R. Mirsberger and Jerome (Joe) Veranth. It has been 100% owned by employees since its inception. Ownership is spread throughout senior management and portfolio management staff. 

Dana Investment Advisors Client Types and Minimum Account Sizes

Dana has mostly individual clients, the majority of whom are of high net worth. Institutional clients include qualified pension and profit-sharing plans, Taft Hartley plans, unions, financial institutions such as banks and credit unions, insurance companies, public sector entities such as cities and counties, health care facilities, corporations, charitable foundations and other charitable organizations. 

The targeted minimum account size at Dana is $1 million. 

Services Offered by Dana Investment Advisors 

Dana’s services include the following:

  • Investment supervisory services
  • Wrap fee programs
  • Managed accounts

The firm does not provide financial planning services like budgeting, retirement planning or tax planning.

Dana Investment Advisors Investment Philosophy

Equity and fixed-income investments are part of the strategy at Dana. A small percentage of assets are invested in mutual funds, which sets this firm apart from many investment management firms that use mutual funds extensively. The rest is held in cash or cash equivalents. 

For equity-based strategies, the firm considers the relative risk versus return of each security selected. When selecting individual securities, advisors use quantitative and fundamental analysis. For fixed-income strategies, client goals and time horizons help advisors identify the best asset allocation. ESG-related strategies use the approaches listed above and also incorporate additional screening tools and metrics. 

Fees Under Dana Investment Advisors 

Fees for asset management are based on a percentage of assets under management according to the following fee schedule:

Assets in Equity Accounts  Annual Fee
First $10 million 0.75%
Next $15 million 0.65%
Over $25 million 0.50%


Assets in Balanced Accounts  Annual Fee
First $10 million 0.65%
Next $15 million 0.55%
Over $25 million 0.45%


Assets in Fixed-Income Accounts  Annual Fee
First $10 million 0.35%
Next $15 million 0.25%
Over $25 million 0.20%


Assets in Wealth Management Accounts  Annual Fee
First $1 million 1.00%
Next $4 million 0.80%
Over $5 million 0.65%

Dana also earns performance fees if a client’s investment performance outpaces a mutually agreed-upon benchmark.

Learn more about advisors' typical costs here.

What to Watch Out For

This is a relatively small firm and is independent of major financial institutions. This has plusses - more attention, no biases to investments or service providers -- but it does mean you may have fewer resources. If you want an advisor with connections to major financial companies, this might not be the choice for you.

According to the firm's latest SEC filing, there are no disclosures on the record for Dana in the past 10 years.

Opening an Account With Dana Investment Advisors 

To open an account with Dana, fill out the form on this page or call the office at (262) 782-3631.

All information was accurate as of the writing of this article. 

Tips for Investment

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How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research