Company Profile: Davenport & Company LLC

Background

Overview

Davenport & Company LLC is an employee-owned wealth management firm headquartered in Richmond, Virginia, with offices throughout the mid-Atlantic region. Established in 1863, the firm offers a comprehensive suite of financial services, including investment management, advisory, research, financial planning, insurance, and public and corporate finance. Davenport & Company is committed to building long-term relationships with clients by delivering value and serving them in a manner worthy of their trust.

Mission and Vision

The firm's mission is to provide personalized financial solutions that align with clients' goals, fostering enduring relationships built on trust and mutual respect. Its vision is to be a leading wealth management firm recognized for its integrity, expertise, and commitment to client success.

Primary Area of Focus

Davenport & Company specializes in wealth management and financial advisory services, catering to individual investors, institutions, and corporations. The firm emphasizes personalized service, offering tailored investment strategies and comprehensive financial planning to meet the unique needs of each client.

Industry Significance

With over 160 years of experience, Davenport & Company holds a significant position in the financial services industry, particularly in the mid-Atlantic region. Its longevity and employee-owned structure contribute to its reputation for stability and client-centric service.

Key Strategic Focus

Core Objectives

Client-Centric Approach: Prioritizing clients' needs to build long-term relationships based on trust and mutual respect.

Comprehensive Financial Services: Offering a wide range of services, including investment management, financial planning, and public finance.

Employee Ownership: Maintaining an employee-owned structure to ensure alignment of interests between the firm and its clients.

Specific Areas of Specialization

Investment Management: Providing tailored investment strategies to meet clients' financial objectives.

Financial Planning: Offering comprehensive financial planning services, including retirement planning, estate planning, and tax strategies.

Public and Corporate Finance: Assisting municipalities and corporations with financing solutions, including bond issuance and advisory services.

Key Technologies Utilized

Davenport & Company leverages advanced financial technologies to enhance investment analysis, portfolio management, and client reporting, ensuring efficient and effective service delivery.

Primary Markets Targeted

The firm primarily serves clients in the mid-Atlantic region, including individual investors, institutions, and corporations seeking comprehensive wealth management and financial advisory services.

Financials and Funding

Funding History

As an employee-owned firm, Davenport & Company has not pursued external funding rounds. Its financial stability is supported by its employee ownership structure, which aligns the interests of the firm with those of its clients.

Total Assets Under Management

Davenport Asset Management, a division of Davenport & Company, manages over $13 billion in assets, reflecting the firm's substantial presence in the wealth management sector.

Pipeline Development

As a wealth management firm, Davenport & Company does not have a product pipeline in the traditional sense. Instead, the firm focuses on developing and implementing personalized financial strategies for its clients, adapting to changing market conditions and client needs.

Technological Platform and Innovation

Proprietary Technologies

Davenport & Company utilizes proprietary financial technologies to enhance investment analysis, portfolio management, and client reporting, ensuring efficient and effective service delivery.

Significant Scientific Methods

The firm employs rigorous fundamental and qualitative analysis in its investment process, emphasizing superior business models and quality management teams. This approach is designed to achieve outperformance over complete market cycles with lower volatility.

Leadership Team

Executive Leadership

Coleman Wortham III: Chairman

I. Lee Chapman IV: President & CEO

John P. Ackerly IV, CFA: Director, Davenport Asset Management

E. Trigg Brown Jr.: Executive Vice President, Financial Advisor

Frederick “Fred” G. Fram, CFP®: Chief Administrative Officer

Maureen Gallihugh: Managing Director, Financial Advisor

William R. B. Hershey: Chief Financial Officer

Lucy W. Hooper: Director, Fixed Income

Jon McElhaney, CFA: Head of Wealth Management

Robert F. Mizell, CFA: Executive Vice President, Financial Advisor

Christopher G. Pearson, CFA: Portfolio Manager & Research Analyst

T. Winston Price: Managing Director, Financial Advisor

Bradley L. Watson: Managing Director, Financial Advisor

Leadership Changes

In 2020, after more than 70 years, former Chairman Henry L. Valentine II retired from Davenport & Company.

Competitor Profile

Market Insights and Dynamics

The wealth management industry is characterized by a diverse range of firms offering various financial services. Davenport & Company competes with both large national firms and regional players, each striving to provide personalized and comprehensive financial solutions.

Competitor Analysis

Key competitors include:

Wells Fargo Advisors: A national firm offering a broad spectrum of financial services, including investment management and financial planning.

BB&T Scott & Stringfellow: A regional firm providing wealth management and investment services in the mid-Atlantic region.

SunTrust Private Wealth Management: Offers comprehensive financial planning and investment management services.

Strategic Collaborations and Partnerships

Davenport & Company maintains strategic partnerships with various financial institutions and service providers to enhance its service offerings and provide clients with a comprehensive suite of financial solutions.

Operational Insights

Davenport & Company's employee-owned structure differentiates it from competitors, fostering a culture of ownership and alignment of interests between the firm and its clients. This structure contributes to the firm's stability and client-centric approach.

Strategic Opportunities and Future Directions

The firm continues to explore opportunities for expansion within the mid-Atlantic region and beyond, aiming to leverage its employee-owned model and comprehensive service offerings to attract new clients and enhance existing relationships.