Компания Jeffrey Dunham нарастила активы на $1,85 млрд и готовит новые сделки по слияниям

SAN DIEGO – Jeffrey Dunham is on a roll that is getting attention. The Dunham & Associates CEO led his firm to add $1.85 billion in total assets in the past year, purely through organic efforts, and has his sights set on the launch of a new retirement investment strategy. The investment advisory firm Dunham started in the high-net-worth zip codes of Coronado, Del Mar and Rancho Sana Fe back in the 1980s., today has roughly 100 employees across 14 different states and approximately $8.4 billion in total client assets in all 50 states. Dunham’s growth recently garnered the firm three finalist honors at the 2026 InvestmentNews Excellence Awards: Asset Manager of the Year, Compliance Team of the Year, and Wholesaler of the Year for Regional Director Rob Pancrazi. Better Retirement Strategy Dunham’s latest project is solving a problem in retirement investment strategies through a more sustainable pathway to financial security post-retirement. With clients looking to spend more money further into their retirement, Dunham predicts that modest early returns from investments in a retiree’s life will likely not generate enough long-term financial growth for an extended lifespan. If there is high inflation in early retirement years, purchasing power is eroded rapidly, forcing retirees to make larger withdrawals from their portfolios. These increased withdrawals leave less capital to grow over their remaining retirement years, even when inflation moderates. This threat to retirement financial planning is called “sequence risk.” Retirements portfolios are advised to earn a 6% net return at the Federal Reserve’s 2% inflation target to provide long-term portfolio sustainability and potentially fund up to 40 years of withdrawals, according to a report by Dunham, but current retirement strategies are not designed to deliver that. The “retirement real return rule” was developed by Salvatore M. Capizzi, executive vice president of Dunham & Associates, as a framework for Dunham to counter sequence risk and provide lasting wealth for their clients. “Sustainable retirement planning is less about hitting any specific nominal return and more about maintaining a real return spread of roughly 4 to 5 percentage points above inflation across the full retirement horizon,” Capizzi described in the Dunham report. Tried and True Methods While new retirement investment strategies are emerging, other longstanding Dunham investment methods continue to provide for clients. Dunham developed an algorithm that guides their investment decisions. This algorithm boils down to: “buy when others are fearful, sell when others are greedy[JC1.1],” according to the firm. “We can’t invest emotionally; we have to invest mathematically. It’s disciplined,” Dunham said. This philosophy has been particularly lucrative for Dunham’s clients in the past couple of years. For example, as the stock market dropped after President Donald Trump announced a swath of tariffs in early 2025, Dunham and his team loaded up on stocks. After the courts began to challenge the President’s tariffs and investors regained confidence, the stock market recovered. Then, Dunham said, he “sold, sold, sold.” “When people got optimistic, we were happy to sell them at the optimistic price,” he added. In 1999, Dunham expanded into trust services as he explored new ways to make his clients’ money. He wanted his client’s earnings to be taxed to a trust in a low-tax state. Dunham Trust Company became licensed and part of the Dunham family after opening an office in Reno, Nevada and has since expanded into Wyoming under Dunham Private Trust. Dunham can structure the affairs of clients from high tax states in Nevada and Wyoming trusts, so that when they have earnings, interest, dividends, or capital gains, they don’t have to pay their local state income tax. The two states also have no estate or inheritance tax. “In Nevada, a trust can go on for 365 years, and in Wyoming it may go on for a thousand. And even though the first generation, the second, the third may die, the trust didn’t die; it just got a new set of beneficiaries,” Dunham said. With this model, any interest that impacts a Nevada or Wyoming trust will procure zero state income or inheritance tax for centuries, prolonging the wealth of a client’s family. “It isn’t about what you make, it’s about what you keep,” Dunham said, After a year of organic growth, Dunham is looking at a series of mergers and acquisitions planned for the next year. Dunham is specially looking to acquire trust companies in other markets that have an installed base of clients who can benefit from Dunham’s tax expertise. “We have an amazing team of people working together to make that happen,” said Dunham. “It’s just fun for me to be a part of it.” Dunham FOUNDED: 1985 PRESIDENT & CEO: Jeffrey A. Dunham HEADQUARTERS: San Diego, CA BUSINESS: Investment and Wealth Management EMPLOYEES: 99 REVENUE: $8.4 billion in assets (AUI) CONTACT: [email protected] SOCIAL IMPACT: Dunham has contributed over $500,000 to charities in San Diego including Junior Achievement, Kids Turn, Sharp Hospital, Scripps Hospital, and the San Diego Fire-Rescue Foundation