AdvisorCensus / Financial advisors / California / San Francisco / Frec
Frec is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2023, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated September 25, 2026.
Quick answers
From the filingHow is Frec compensated?
On its Form ADV (Item 5.E, October 2026), Frec reports these compensation arrangements: a percentage of assets under its management.
Where is Frec located?
Frec's principal office is in San Francisco, CA, according to its Form ADV.
Is Frec registered with the SEC or a state?
Frec is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 325982.
How much does Frec manage?
Frec reports $567,226,248 in regulatory assets under management in its Form ADV filing dated September 25, 2026 (100% discretionary).
How have Frec's assets and staff changed since 2023?
In the Form ADV data for Frec: Regulatory assets under management: $0 in the October 2023 data and $567,226,248 in the October 2026 data. Total employees: 3 in October 2023 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Frec serve?
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (1,702); high net worth individuals (87); corporations or other businesses not listed above (41).
Does Frec 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/325982
What changed in Frec's recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $119,214,747 to $567,226,248 (+376%). Registered or notice-filed in AR, DC, HI, IA, ID, IN, MD, MI, MO, MT, NH, OH, SC, WI.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AThe brochure lists different fees for different services or strategies. See the firm's brochure (dated August 20, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$567,226,248 as of October 2026, filing dated September 25, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
Registration and firm details
Items 1, 2, 5- Legal name
- Frec Advisers LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2023 (3 years)
- Employees
- Total: 7. Performing investment advisory functions: 1.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
36 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $567,226,248 | 7 | September 25, 2026 |
| October 2025 | $119,214,747 | 4 | July 9, 2025 |
| October 2024 | $8,406,120 | 3 | September 6, 2024 |
| October 2023 | $0 | 3 | September 14, 2023 |
Regulatory assets under management: $0 in the October 2023 data and $567,226,248 in the October 2026 data.
Total employees: 3 in October 2023 and 7 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Regulatory assets under management went from $119,214,747 to $567,226,248 (+376%).
- Registered or notice-filed in AR, DC, HI, IA, ID, IN, MD, MI, MO, MT, NH, OH, SC, WI.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Frec (CRD 325982): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/frec-san-francisco-ca-325982