# Backer

> 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.

- CRD: 281813
- Filed as: BACKER
- Legal name: Principly, Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/281813
- AdvisorCensus page: https://advisorcensus.com/firm/backer-san-francisco-ca-281813

## Quick answers

**How is Backer compensated?**
On its Form ADV (Item 5.E, October 2026), Backer reports these compensation arrangements: fixed fees (other than subscription fees).

**Where is Backer located?**
Backer's principal office is in San Francisco, CA, according to its Form ADV.

**Is Backer registered with the SEC or a state?**
Backer is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 281813.

**How much does Backer manage?**
Backer reports $62,882,199 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (0% discretionary).

**How have Backer's assets and staff changed since 2021?**
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.

**What types of clients does Backer serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (14,482).

**Does Backer report any disciplinary disclosures?**
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

**What changed in Backer's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $47,538,155 to $62,882,199 (+32%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Fixed fees (other than subscription fees)

### Regulatory assets under management (Item 5.F)
- Total: $62,882,199
- Discretionary: $0
- Non-discretionary: $62,882,199

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 14,482 | $62,882,199 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Other

### Firm details
- Registered since: 2015 (10 years)
- Employees: 15 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: 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
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- backer.com
- Facebook @backer529
- Instagram @backerteam
- LinkedIn @backer529
- Pinterest @backer529
- X @backer529

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $19,336,062 | 11 | May 24, 2021 |
| October 2022 | $26,064,267 | 15 | September 27, 2022 |
| October 2023 | $32,136,211 | 15 | March 31, 2023 |
| October 2024 | $38,598,587 | 20 | February 2, 2024 |
| October 2025 | $47,538,155 | 20 | April 2, 2025 |
| October 2026 | $62,882,199 | 15 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $47,538,155 to $62,882,199 (+32%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Backer (CRD 281813): Form ADV filing data as of October 2026.