Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email
Loading
Tap on the profile icon to edit
your financial details.

Davenport & Company Review

Your Details Done
by Updated

Davenport & Company LLC

Based in Richmond, Virginia, Davenport & Company is an independent advisory firm serving thousands of individual and institutional clients. The financial advisor is compensated through a fee-based fee structure, and it has more than $16 billion in assets under management (AUM). 

For several years, the firm has been listed as Virginia Business magazine’s “Best Places to Work in Virginia.” The firm has also been recognized as one of the “Best Employers in North Carolina” by Business North Carolina magazine. 

Davenport & Company Background 

The private, employee-owned firm was established in 1863 by Issac Davenport Jr. and Charles E. Wortham. Davenport has several offices scattered throughout Virginia, and it offers advisory services in its North Carolina, Maryland and Georgia locations. Davenport also utilizes the strategies of its subsidiary, Davenport Asset Management. 

The firm is a registered investment advisor (RIA), and it additionally holds membership with the Financial Industry Regulatory Authority (FINRA), New York Stock Exchange and Securities Investor Protection Corporation (SIPC).

In 2021, Barron's wrote a piece about Davenport, focusing on the Small Cap Focus fund the firm offers.

Davenport & Company Client Types and Minimum Account Sizes

Davenport’s client base consists of individuals and high-net-worth individuals, pooled investment vehicles, banks, investment companies, pension and profit sharing plans, trusts, estates, nonprofit organizations and corporations.

The firm’s minimum account size requirements vary based on account type, but the minimum initial account values typically range from $25,000 to $1 million. 

Services Offered by Davenport & Company 

Davenport offers the following services:

  • Portfolio management
  • Financial planning
  • Pension consulting
  • Selection of other advisors, including private fund managers
  • Publication of periodicals and newsletters
  • Educational seminars/workshops

Davenport & Company Investment Philosophy

Davenport says on its website that it strives to strengthen client relationships by serving them in a trustworthy manner. The firm’s key investment strategies include long- and short-term purchases, trading, short sales, margin transactions and option writing. The firm also utilizes an investment policy committee to make investment decisions and oversee Davenport Asset Management’s strategies. 

Advisors also employ technical, cyclical, charting and fundamental analysis when evaluating securities. 

The Small Cap Focus fund is one of the stars at Davenport. It focuses on investing in small companies where the CEO is devoted to the firm, possibly the founder -- as opposed to a bigger company where the leader may only be there for the paycheck, and could cash out at anytime. 

Fees Under Davenport & Company LLC 

Davenport's management fees vary based on account type and cost option. The firm receives asset-based compensation, but it also earns commissions from certain accounts. Davenport requires clients to pay wrap fees that cover investment advice, custody of assets and brokerage execution services. For wrap fee and/or commission accounts, the firm charges fees quarterly. Advisors also charge fees and/or commissions in advance or in arrears based on AUM and securities transactions. 

Fees for the firm’s portfolio management range from 0.75% to 1.50%. Fees and commissions for other asset management and retirement plan accounts generally range from 0.20% to 2.50%, depending on the amount of assets. Davenport’s also charges performance-based fees for private funds.  

What to Watch Out For 

Davenport has four disclosures listed on its Form ADV. All were regulatory action-related disclosures. The most recent one allegedly occurred in 2017 when the firm paid a $115,000 fine for allegedly failing to comply with several FINRA and SEC rules. 

Also, keep in mind that firm professionals receive additional compensation for recommending investment products from mutual fund companies, money market funds and insurance companies. This could incentivize advisors to recommend such products over other products that may be more suitable to a client’s needs. However, the firm says it puts client interests above its own.  

Opening an Account With Davenport & Company 

Davenport offers prospective clients three key options for getting in touch. You can ask questions or set up an appointment through the firm’s informational email, or you can fill out Davenport’s contact form on its website. You can also call or visit any of the firm’s locations. You can reach its main customer service line at 1-800-846-6666.

Tips for Investing 

  • Asset allocation is important when it comes to investing. Incorporating a diverse mix of assets in your portfolio can ultimately increase your chances of investment returns. Our asset allocation calculator can help you.
  • If you’re looking for a financial advisor, SmartAsset’s financial advisor matching service can greatly simplify your search. All you’ll need to do is complete a short questionnaire about your financial situation, and the free tool will match you with up to three local advisors.

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

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.

Least
Most
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