DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Frec

Independent wealth managerSan Francisco, CaliforniaCRD 325982SEC 801-127783website IAPD

Legal name Frec Advisers LLC

Latest filing Aug 20, 2026

First filing on the tape Mar 29, 2023 · 30 filings

SEC status approved since Apr 27, 2023

RAUM

$567M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

96%

$543M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$70.9M

derived; firm RAUM over IAPD count

Employees

1 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

30 filings and snapshots on the tape

RAUM$567M as of Aug 20, 2026

Mar 29, 2024$8.4M then

HNW client RAUM$289M as of Aug 20, 2026

Mar 29, 2024$1.4M then

State-registered IARs (5.B.3)6 as of Aug 20, 2026

Mar 29, 20241 then

Employees (5.A)7 as of Aug 20, 2026

Mar 29, 20243 then

Private funds: no history

RAUM +376% over the last fiscal yearIARs 4 to 6

Practice profile

derived from the filing of Aug 20, 2026; every figure names its basis

Archetypes, each a printed rule

HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent

RAUM per advisor: $70.9MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 224derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $3.3MderivedHNW RAUM over HNW clients
Average account: $309,960derivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 0.9derivedItem 5.A over advisors
Advisors per office: 8.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +376%derivedbetween the last two annual amendments
Advisor growth, one year: +50%derivedItem 5.B.3 between annual amendments
Client growth, one year: +122%derived
Compensation: percentage of assetsreportedItem 5.E
Advisory activities: portfolio management for individuals, portfolio management for businesses and institutionsreportedItem 5.G
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

buys or sells securities as principal to or from clients (8.A.2)
has discretionary authority over which securities are bought or sold (8.C.1)
marketing includes testimonials (5.L.1.c)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$289M51%
Individuals$255M45%
Corporations and businesses$23.9M4.2%

Individual clients: 1,702reported
HNW clients: 87reported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 1,830reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUMreported
Class basis: private_client_share=0.96 fund_share=0.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=4.0derived

Advisors registered through the firm

8 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Ashley Elizabeth Rodabaugh	San Francisco, Ca	Apr 28, 2023	10 y	1
Dimitri Dilhan Rodrigo	San Francisco, Ca	May 22, 2024	11 y	0
Joshua Paul Patchik	Oakland, Ca	Oct 25, 2024	11 y	1
John Spencer Morton	San Francisco, Ca	Nov 6, 2024	10 y	0
Matthew Mark Robbins	San Francisco, Ca	Feb 4, 2026	10 y	0
Hayley Frances Worth Curtis	San Francisco, Ca	Feb 10, 2026	12 y	2
Nolan Pecci	San Francisco, Ca	Aug 4, 2026	13 y	1
Wahidah Aziz	Oakland, Ca	Aug 4, 2026	10 y	1

Advisor movement

0 left, 3 joined in 12 months

net +3 in 12 months0 left in 90 days2 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months

Left, latest

none on the tape

Joined, latest

Nolan Pecci from Sei Investments Management Corp
Aug 4, 2026 · RIA to RIA
Wahidah Aziz from Brio Financial Group
Aug 4, 2026 · RIA to RIA
Hayley Frances Worth Curtis from Morgan Stanley
Feb 10, 2026 · Wirehouse to independent RIA
Joshua Paul Patchik from M1 Advisory
Oct 25, 2024 · Other
Ashley Elizabeth Rodabaugh from M1 Advisory
Apr 28, 2023 · Other

Every departure Every arrival

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Elizabeth Ashley Rodabaugh · President & Ccocontrol
since 03/2023 · owns less than 5%
Mohammad Al Adham · Shareholder(Common Stock)control
since 08/2021 · owns 75% or more of Frec Markets, Inc.

Entity owners

Frec Markets, Inc. · Sole Member
direct · owns 75% or more
Greylock 16 Gp LLC · General Partner
indirect · owns F of Greylock 16 Limitedpartnership
Greylock 16 Limitedpartnership · Shareholder (Series A-1 Preferred)
indirect · owns 75% or more of Frec Markets, Inc.

Related persons

Schedule D 7.A

Frec Securities LLC
broker-dealern

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
San Francisco, Ca · principal	8	4	0
Oakland, Ca	2	1	0

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

3 against comparable advisers; where to look, not conclusions

account count surgeChange between filings · filing Apr 29, 2026
accounts (Item 5.F.2.f) moved from 820.0 to 1,830.0 (+123.0%) between the annual amendments of 2025-04-25 and 2026-04-29; the peer median change was +6.0% (1256 comparable advisers, 98.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,256) · 98% percentile
client count surgeChange between filings · filing Apr 29, 2026
individual and HNW clients (Item 5.D) moved from 806.0 to 1,789.0 (+122.0%) between the annual amendments of 2025-04-25 and 2026-04-29; the peer median change was +5.0% (1216 comparable advisers, 99.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,216) · 99% percentile
RAUM up 50 %Change between filings · filing Apr 29, 2026
RAUM (Item 5.F) moved from $119,214,747 to $567,226,248 (+376.0%) between the annual amendments of 2025-04-25 and 2026-04-29; the peer median change was +16.0% (1386 comparable advisers, 100.0th percentile of changes)
peers: independent wealth managers, $500M to $1B (1,386) · 100% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 820 to 1,830
Jan 23, 2026 to Mar 30, 2026
BD registered reps · 3 to 4
Jan 23, 2026 to Mar 30, 2026
Charity clients · 1.0 to unset
Jan 23, 2026 to Mar 30, 2026
Corporate clients · 13 to 41
Jan 23, 2026 to Mar 30, 2026
HNW clients · 22 to 87
Jan 23, 2026 to Mar 30, 2026
Individual clients · 784 to 1,702
Jan 23, 2026 to Mar 30, 2026
Employees · 4 to 7
Jan 23, 2026 to Mar 30, 2026
State-registered IARs · 4 to 6
Jan 23, 2026 to Mar 30, 2026
Discretionary RAUM · $119M to $567M
Jan 23, 2026 to Mar 30, 2026
HNW RAUM · $43.3M to $289M
Jan 23, 2026 to Mar 30, 2026
Individual RAUM · $73.8M to $255M
Jan 23, 2026 to Mar 30, 2026
RAUM · $119M to $567M
Jan 23, 2026 to Mar 30, 2026
Financial planning clients · unset to
May 16, 2025 to Jul 9, 2025
Accounts · 93 to 820
Oct 7, 2024 to Feb 5, 2025
BD registered reps · 2 to 3
Oct 7, 2024 to Feb 5, 2025
Charity clients · unset to 1.0
Oct 7, 2024 to Feb 5, 2025
Corporate clients · 2 to 13
Oct 7, 2024 to Feb 5, 2025
HNW clients · 2 to 22
Oct 7, 2024 to Feb 5, 2025
Individual clients · 89 to 784
Oct 7, 2024 to Feb 5, 2025
Employees · 3 to 4
Oct 7, 2024 to Feb 5, 2025
State-registered IARs · 1 to 4
Oct 7, 2024 to Feb 5, 2025
Discretionary RAUM · $8.4M to $119M
Oct 7, 2024 to Feb 5, 2025
HNW RAUM · $1.4M to $43.3M
Oct 7, 2024 to Feb 5, 2025
Individual RAUM · $6.9M to $73.8M
Oct 7, 2024 to Feb 5, 2025
RAUM · $8.4M to $119M
Oct 7, 2024 to Feb 5, 2025
Accounts · 0 to 93
Nov 17, 2023 to Mar 29, 2024
Corporate clients · unset to 2.0
Nov 17, 2023 to Mar 29, 2024
HNW clients · unset to 2.0
Nov 17, 2023 to Mar 29, 2024
Individual clients · unset to 89.0
Nov 17, 2023 to Mar 29, 2024
Discretionary RAUM · $0 to $8.4M
Nov 17, 2023 to Mar 29, 2024
HNW RAUM · $0 to $1.4M
Nov 17, 2023 to Mar 29, 2024
Individual RAUM · $0 to $6.9M
Nov 17, 2023 to Mar 29, 2024
RAUM · $0 to $8.4M
Nov 17, 2023 to Mar 29, 2024

Signals

2 dated events

Frec reported RAUM $567.2M, up 376% from $119.2M (2026-01-23 to 2026-03-30)
Mar 30, 2026 · RAUM change · derived
Frec filed its initial SEC registration (Form ADV)
Mar 29, 2023 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/frecfinancereportedpublic record, Form ADV, Sep 17, 2026
Website: frec.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 855-900-3732reportedpublic record, Form ADV, Aug 20, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Independent wealth managerderiveda rule over Items 5.D and 7.A
RAUM per advisor: $70.9Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026