Firm Info
Firm Size
Services Offered
- Financial Planning
- Portfolio Management for Individuals & Small Businesses
- Portfolio Management Investment Company
- Portfolio Management of Pooled Investment Vehicles
- Portfolio Management for Businesses or Institutional Clients
- Pension Consulting Services
- Selection of Others Advisors
- Publication of Periodicals or Newsletters
- Educational Seminars & Workshops
Types of Clients
- Individuals (Not High Net Worth)
-
Individuals High Net Worth
*>=750k in Investable Assets or >=1.5m of Estimated Total Net Worth
- Investment Companies
- Pooled Investment Vehicles
- Pension & Profit Sharing Plans
- Charitable Organizations
- State & Municipal Govt Entities
- Insurance Companies
- Corporations or Other Businesses Not Listed Above
- Other
Available Fee Structures
- Percentage of Assets Under Management (AUM)
- Hourly
- Fixed Fees (Other than subscription)
- Commissions
- Performance-based Fees
- Other
Davenport & Company LLC Overview
Davenport & Company LLC is a fee-based, registered investment advisory firm that has been in business since 1977. Their headquarters are based in Richmond, VA, where they offer a variety of financial services to individuals and businesses. As a broker-dealer, insurance broker/agent and trust company, they are also able to serve as a municipal advisor and seller of additional financial products. The firm provides a range of services which includes financial planning, portfolio management for individuals and small businesses, investment company management, pooled investment vehicle management, portfolio management for businesses or institutional clients, and pension consulting services. They help clients select other advisors, publish periodicals and newsletters, and offer educational seminars and workshops to ensure their clients stay informed and educated on the latest trends and changes in the financial industry. With over 40 years of experience, Davenport & Company LLC is well-positioned to meet the investment needs of their clients. They are committed to providing exceptional customer service, personalized investment strategies, and unbiased advice to their clients. Their dedicated team of advisors work closely with clients to develop customized investment plans that fit their unique goals and financial situation.
Davenport & Company LLC prides itself on offering a wide range of financial services and solutions to meet the needs of their diverse clientele. The firm serves a variety of clients, including individuals, high net worth individuals, investment companies, pooled investment vehicles, pension or profit sharing plans, charitable organizations, state or municipal government entities, insurance companies, and other types of corporations not listed. In addition, the firm offers services to other types of clients, displaying the flexibility and ability to provide customized solutions to all clients. To determine the fees for their services, Davenport & Company LLC offers a variety of fee structures to choose from, depending on the specific needs of the client. For clients with assets under management (AUM), the firm may charge a percentage of AUM. Alternatively, they may charge on an hourly basis or provide fixed fees for specific services. The firm may also offer commissions or performance-based fees depending on the service provided. In addition to these options, other types of fees may be available to provide the most appropriate and tailored solution to each client's specific situation. Overall, Davenport & Company LLC aims to offer fair and transparent fees to their clients, providing the best possible value for the services provided.
Typical Clients, Fee Structures & Investment Minimum
According to the Part 2 Brochure note about investment minimums for DAVENPORT & COMPANY LLC, the investment minimums vary based on the program. The Wrap Fee or Commission Program has minimum initial amounts ranging from $25,000 to $1,000,000, except Portfolio Review which has no minimum but a $60,000 annual fee. The Blended Allocation Portfolios have a minimum of $500,000 or $5,000,000, depending on customization, while Core Equity, Core Balanced, Equity Opportunities, Value & Income Equity and Balanced, and Fixed Income programs have a minimum of $250,000 to $500,000. DavenportOne and ManagerSelect have a minimum of $500,000 and $150,000, respectively. The Flexible Managed Account Programs have varying minimums of $50,000 to $10,000, except for Flexible Managed Account III, which is no longer offered. Lastly, the Portfolio Management Account has a minimum of $100,000. Currently, the Blended Allocation Portfolios program is not offered to new clients.
How This Office Can Help New Kent County, VA Residents
Davenport & Company LLC provides a wide range of services to clients in New Kent County, VA. Their team of financial advisors work closely with individuals to develop financial plans that meet their specific needs and goals. They can assist with retirement planning, estate planning, wealth management, and much more. New Kent County, VA residents may face a variety of financial situations, including planning for their future, managing debt, and saving for emergencies. Davenport & Company LLC offers personalized solutions for each of these scenarios, providing clients with the tools and resources needed to achieve financial stability and peace of mind. They strive to ensure that clients have a clear understanding of their financial situation and available options, allowing them to make informed decisions about their future.
Services Offered by Davenport & Company LLC
Core Advisor Services
Financial Planning
Financial planning services encompass the process of devising strategies for your future financial well-being, including preparing for events such as retirement, funding your child's college education, or planning for the transfer of assets.
Portfolio Management for Individuals & Small Businesses
Portfolio management entails the careful selection and strategic management of investment combinations tailored to meet the needs of individuals and small businesses.
Market Timing Services
Market timing services involve the endeavor to generate short-term profits from investments by capitalizing on opportunities to buy at low prices and sell at high prices.
Other Services
Selection of Other Advisors
The firm provides support in selecting and engaging other advisors who possess specialized expertise to complement your financial needs.
Publication of Periodicals or Newsletters
The firm engages in the dissemination of diverse financial educational materials through the publication of periodicals.
Educational Seminars & Workshops
The firm organizes and conducts seminars or workshops aimed at enlightening investors on various financial concepts.
Fee Structures
Financial advisory fees usually are based on the services provided. Fee types charged by Davenport & Company LLC most likely consist of the following fee types: asset-based, hourly or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by the firm.
Available
Percentage of Assets Under Management (AUM)
This fee structure charges a percentage of the assets under management by the firm. Fee structures are often tiered based on the amount of assets managed, with higher AUM often charged a lower rate.
Between 0.50% and 2.00% of assets under management (annually), often lower for a robo advisor. Fees are typically charged quarterly by the firm and will show on your investment statement. View typical advisor costs here.
~96% of registered firms offer this fee structure.
If you have $1 million managed by a firm at a 1% management fee, you would be charged $10,000/year to manage your assets (or $2,500 per quarter). This would be automatically deducted from your investment portfolio.
Hourly
Similar to an attorney, a financial consultant might charge fees based on hourly rates. This fee structure can be advantageous when seeking specific or ad hoc advice.
Charges generally span from $150 to $400 per hour, depending on the extent of the services required.
~33% of registered firms offer this fee structure.
If you needed hourly consulting to sell a business or transfer your estate to your children but did not want your assets managed by a firm, you could consult a firm at an hourly rate to answer any questions you may have.
Fixed Fees (Other than subscription)
Fixed fees are a one-time, lump-sum payment rendered for a specific service, such as creating a financial plan without ongoing management or implementation. This option is beneficial if you solely require guidance for a particular objective rather than a long-term consultancy or asset management.
Fixed fees for creating a financial plan often range from $1,000 to $3,000.
~49% of registered firms offer this fee structure.
If you did not want a firm to manage your assets but needed to create a retirement plan, life transition plan such as divorce or loss of a spouse, estate transition plan, business financial plan, or any other financial planning, you could consult with an RIA firm to help you with the creation of that plan.
Commissions
Occasionally, advisors are compensated through commissions by selling certain financial products, such as mutual funds or life insurance policies, or as a broker-dealer by facilitating the buying and selling of securities. Advisors who receive commissions may be incentivized to make specific suggestions to clients in order to secure a commission. Advisors who operate on a fee-only basis do not earn commissions, whereas fee-based advisors may do so.
Often 3% - 6% of the value of the security.
Only ~3% of registered firms say they offer this fee structure, but other advisors may receive “soft dollars”. Many mutual funds charge 12b-1 fees to cover the promoting and selling of the fund’s shares. While your advisor does not charge these fees, they may receive a kickback for recommending the investment.
An advisor selling their client on a life insurance policy and receiving a commission on the sale of that policy, or recommending a specific investment and receiving a kickback for that recommendation.
Performance-based Fees
Advisors typically obtain performance-based fees if a portfolio surpasses a predefined benchmark. This fee is determined through various methods, but is most commonly assessed as a percentage of investment gains. Performance-based fees may incentivize advisors to undertake riskier decisions in pursuit of generating higher returns.
“Two and Twenty” is common among hedge funds with a 2% management fee and a 20% incentive fee above the “hurdle rate,” or performance threshold the fund is compared against.
32% of registered firms offer this fee structure.
A hedge fund earns a 15% return with a 20% performance fee in above the performance of the S&P 500, which grew 7% that same year.
20% of fund growth in excess of S&P 500’s 7% growth for that year = 15% hedge fund growth - 7% S&P 500 growth = 8% difference x 20% = 2% performance fee (in addition to the management fee).
Other
Firms occasionally offer unconventional fee structures when charging clients. For more detailed information about a firm’s specific fee structures, please refer to their Form ADV and Part 2 Brochure.
Unavailable
Subscription (Newsletter or Periodical)
Types of Clients
*The Securities & Exchange Commission defines someone as “high net worth” if they have $750,000 or more in investable assets or $1.5M of estimated total net worth.
This Office Location
Other Office Locations
Firm Headquarters
This firm has no other locations.
State Registrations
Davenport & Company LLC is registered to service clients in the following states:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
Disciplinary History
Davenport & Company LLC does not have any disclosures. Please visit it's Form ADV for more details.