D.A. Davidson, Crowell seal deal

Los Angeles-based Crowell to become regional hub.
AUG 07, 2013
Full-service brokerage and money management firm Crowell Weedon & Co. has completed its merger with D.A. Davidson & Co., the companies announced today. When the combination is operationally finished, which is expected within the next six months, Crowell will be folded into the Individual Investor Group, a division of D.A. Davidson, which will then have roughly 460 financial consultants, including the 145 advisers from Crowell. Davidson will benefit from Crowell's expertise in private wealth management, increased scale, and expansion into the Western U.S., according to chairman and CEO Bill Johnstone. Nearly all of Crowell's business is with private clients, while just 60% of Davidson business is with private clients, Mr. Johnstone said. “We'll bring some tools in management accounts which will be useful to Crowell, and they'll bring some research capabilities that will be useful to us,” he said. In terms of scale, Mr. Johnstone cited the conventional wisdom within the industry. “The regional-firm community sees scale as important because fixed costs, whether it's regulation or compliance, are increasing,” he said. “We want to cover those costs as effectively as possible.” Los Angeles-based Crowell, with its more than $9 billion in assets under management and administration, will act as a new regional hub for Davidson as it continues its western expansion. Andrew Crowell will continue to manage the Crowell Weedon division, another reason the Davidson brass felt comfortable with the merger. “One of the attractions is that they have a strong management, and we want to maintain that management,” Mr. Johnstone said. “I don't see a Davidson manager moving out to L.A.” The transaction marks D.A. Davidson's largest partnership in the firm's 78-year history.

Latest News

401(k) savings rate at new record high but balances are down slightly
401(k) savings rate at new record high but balances are down slightly

Quarterly analysis of retirement accounts highlights positive behavior.

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.