# 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.

- CRD: 325982
- Filed as: FREC
- Legal name: Frec Advisers LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: September 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/325982
- AdvisorCensus page: https://advisorcensus.com/firm/frec-san-francisco-ca-325982

## Quick answers

**How 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

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $567,226,248
- Discretionary: $567,226,248
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 1,702 | $254,783,102 |
| High net worth individuals | 87 | $288,529,263 |
| Banking or thrift institutions | Fewer than 5 | $0 |
| Investment companies | Not reported | $0 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | Not reported | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $0 |
| Charitable organizations | Fewer than 5 | Not reported |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $0 |
| Other investment advisers | Fewer than 5 | $0 |
| Insurance companies | Fewer than 5 | $0 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $0 |
| Corporations or other businesses not listed above | 41 | $23,913,883 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2023 (3 years)
- Employees: 7 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: 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
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- frec.com
- reddit.com/user/Frecfinance
- Facebook @frecfinance
- Instagram @frecfinance
- LinkedIn @frecfinance
- TikTok @frecfinance
- X @frecfinance
- YouTube @FrecFinance

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $0 | 3 | September 14, 2023 |
| October 2024 | $8,406,120 | 3 | September 6, 2024 |
| October 2025 | $119,214,747 | 4 | July 9, 2025 |
| October 2026 | $567,226,248 | 7 | September 25, 2026 |

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.

## 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Frec (CRD 325982): Form ADV filing data as of October 2026.