First Dallas Securities Incorporated

First Dallas Securities, Inc. serves individual and high‑net‑worth clients as well as institutional clients (including trusts, estates, retirement plans and, unusually for firms of this size, banking or thrift institutions) through discretionary portfolio management and related advisory communications. The firm reports approximately $335.7 million in discretionary assets under management, nine advisors, and about 253 client relationships, and provides ongoing monitoring and account reviews for client accounts.

The firm’s investment approach emphasizes domestic equity securities—including small‑to‑mid cap and focused/concentrated strategies—and combines fundamental and technical analysis to make allocation and security‑selection decisions. Investment adviser representatives manage client accounts on a discretionary basis, use research provided by an affiliated research function, and may operate independently in trade timing across client accounts.

First Dallas Securities is dual‑registered as a broker‑dealer and an SEC‑registered investment adviser and, unlike most peers, provides advisory services on a commission‑based model rather than charging a percentage‑of‑AUM fee; it also discloses affiliations with Hodges Capital Management and ownership ties to Hodges Capital Holdings and routinely invests advisory assets in Hodges mutual funds for which affiliated entities receive 12b‑1 payments. The brochure discloses a 2017 FINRA sanction related to improperly charging ticket charges, and the firm notes the related conflicts of interest inherent in its commission and affiliate arrangements and the procedures it uses to monitor those conflicts.