{
  "crd_number": 281813,
  "slug": "backer-san-francisco-ca-281813",
  "primary_business_name": "BACKER",
  "legal_name": "PRINCIPLY, INC.",
  "dbas": [],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2015-10-16",
  "years_registered": 10,
  "period": "2026-10-01",
  "filing_date": "2026-03-31",
  "carried_forward": false,
  "raum_total": 62882199.0,
  "raum_discretionary": 0.0,
  "raum_non_discretionary": 62882199.0,
  "raum_band": "25m_100m",
  "raum_band_label": "$25 million to $100 million",
  "total_employees": 15,
  "advisory_employees": 1,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 62882199.0,
      "count": 14482
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed"
  ],
  "advisory_activities": [
    "other"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VI",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://backer.com",
    "https://facebook.com/backer529",
    "https://instagram.com/backerteam",
    "https://linkedin.com/company/backer529",
    "https://pinterest.com/backer529",
    "https://x.com/backer529"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/281813",
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/backer-san-francisco-ca-281813",
  "display_name": "Backer",
  "summary": "Backer is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2015, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.",
  "citation": "AdvisorCensus. Backer (CRD 281813): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Backer compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Backer reports these compensation arrangements: fixed fees (other than subscription fees)."
    },
    {
      "q": "Where is Backer located?",
      "a": "Backer's principal office is in San Francisco, CA, according to its Form ADV."
    },
    {
      "q": "Is Backer registered with the SEC or a state?",
      "a": "Backer is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 281813."
    },
    {
      "q": "How much does Backer manage?",
      "a": "Backer reports $62,882,199 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (0% discretionary)."
    },
    {
      "q": "How have Backer's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Backer: Regulatory assets under management: $19,336,062 in the October 2021 data and $62,882,199 in the October 2026 data, up 225%. Total employees: 11 in October 2021 and 15 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Backer serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (14,482)."
    },
    {
      "q": "Does Backer report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/281813"
    },
    {
      "q": "What changed in Backer's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $47,538,155 to $62,882,199 (+32%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 19336062.0,
      "total_employees": 11,
      "filing_date": "2021-05-24"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 26064267.0,
      "total_employees": 15,
      "filing_date": "2022-09-27"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 32136211.0,
      "total_employees": 15,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 38598587.0,
      "total_employees": 20,
      "filing_date": "2024-02-02"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 47538155.0,
      "total_employees": 20,
      "filing_date": "2025-04-02"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 62882199.0,
      "total_employees": 15,
      "filing_date": "2026-03-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $47,538,155 to $62,882,199 (+32%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/backer-san-francisco-ca-281813.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 14482,
      "fewer_than_5": false,
      "raum": 62882199.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/281813",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}