{
  "crd_number": 325982,
  "slug": "frec-san-francisco-ca-325982",
  "primary_business_name": "FREC",
  "legal_name": "FREC ADVISERS LLC",
  "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": "2023-04-27",
  "years_registered": 3,
  "period": "2026-10-01",
  "filing_date": "2026-09-25",
  "carried_forward": false,
  "raum_total": 567226248.0,
  "raum_discretionary": 567226248.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 7,
  "advisory_employees": 1,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": null,
      "count": null,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 254783102.0,
      "count": 1702
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 0.0,
      "count": null
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 288529263.0,
      "count": 87
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": null
    },
    "corporations_other_businesses": {
      "raum": 23913883.0,
      "count": 41
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": null
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "MA",
    "MD",
    "MI",
    "MN",
    "MO",
    "MT",
    "NC",
    "NE",
    "NH",
    "NJ",
    "NV",
    "NY",
    "OH",
    "OR",
    "PA",
    "SC",
    "TN",
    "TX",
    "UT",
    "VA",
    "WA",
    "WI"
  ],
  "websites": [
    "https://facebook.com/frecfinance",
    "https://frec.com",
    "https://instagram.com/frecfinance",
    "https://linkedin.com/company/frecfinance",
    "https://reddit.com/user/Frecfinance",
    "https://tiktok.com/@frecfinance",
    "https://twitter.com/frecfinance",
    "https://youtube.com/@FrecFinance"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/325982",
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/frec-san-francisco-ca-325982",
  "display_name": "Frec",
  "summary": "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.",
  "citation": "AdvisorCensus. Frec (CRD 325982): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Frec compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Frec reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "Where is Frec located?",
      "a": "Frec's principal office is in San Francisco, CA, according to its Form ADV."
    },
    {
      "q": "Is Frec registered with the SEC or a state?",
      "a": "Frec is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 325982."
    },
    {
      "q": "How much does Frec manage?",
      "a": "Frec reports $567,226,248 in regulatory assets under management in its Form ADV filing dated September 25, 2026 (100% discretionary)."
    },
    {
      "q": "How have Frec's assets and staff changed since 2023?",
      "a": "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."
    },
    {
      "q": "What types of clients does Frec serve?",
      "a": "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)."
    },
    {
      "q": "Does Frec 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/325982"
    },
    {
      "q": "What changed in Frec's recent Form ADV filings?",
      "a": "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."
    }
  ],
  "filing_history": [
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 0.0,
      "total_employees": 3,
      "filing_date": "2023-09-14"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 8406120.0,
      "total_employees": 3,
      "filing_date": "2024-09-06"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 119214747.0,
      "total_employees": 4,
      "filing_date": "2025-07-09"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 567226248.0,
      "total_employees": 7,
      "filing_date": "2026-09-25"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "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."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/frec-san-francisco-ca-325982.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 1702,
      "fewer_than_5": false,
      "raum": 254783102.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 87,
      "fewer_than_5": false,
      "raum": 288529263.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": null,
      "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": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 41,
      "fewer_than_5": false,
      "raum": 23913883.0
    }
  ],
  "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/325982",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}