Description of the Firm
BC Advisors, LLC (the “Firm”) is a federally registered investment adviser that
provides services to its clients (each, a “Client” and together “Clients”) in the form of
investment advisory services, as further described below. The Firm is a Pennsylvania
limited liability company which has been in business since February 2005. The
Firm’s principal owner is Theodore A. Beringer.
Types of Services Offered
The investment advisory services (the “Services”) consist of the ongoing and
continuous review of each Client’s investment assets and consolidated performance
reporting. The Firm compiles information on, reports on, values and analyzes Client
assets. The Firm does not hold itself out as specializing in a particular type of advisory
service.
The Services are tailored to the individual needs of each Client, primarily through the
analysis performed for each Client and each security recommended. The Firm
reviews the investment objectives as well as the potential tax implications of an
investment when choosing what security to recommend and how long each Client
should hold such security. Holding periods for an investment will vary depending on
the type of product, its sales commission, and its purpose in the overall portfolio
structure for each Client. Securities which are considered include long term
purchases which are generally held for at least one year, short term purchases which
are generally sold within one year, trading securities which are generally sold within
thirty (30) days of purchase and short sales.
The Firm may recommend the use of certain third party money managers to direct
the investment of Client assets. In such cases, the Client appoints the third party
manager to invest the Client assets in accordance with the recommendations of the
Firm’s asset allocation plan. The Client appoints the third party manager(s) with
authority to manage the accounts through a separate agreement with the third party
manager. The Firm will perform on‐going due diligence and monitoring of the third
party managers to ensure they manage the account(s) in accordance with the asset
allocation plan.
Clients may terminate their relationship with the Firm at any time by giving the Firm
thirty (30) days written notice. The Firm will provide a Client with all written work
completed as of the date of termination.
Client Tailored Services and Client Imposed
Restrictions
Each Client portfolio is unique, based on the investment objectives, time horizon,
income needs, tax implications, and risk profile of each Client. Clients may impose
restrictions on investing by communicating to the Firm restrictions on securities,
asset classes, managers, custodians or any other personal restriction the Client would
like to impose on its portfolio.
Wrap Fee Programs
The Firm participates in a wrap fee program, in which the Firm receives a portion of
the wrap fee for Firm’s services. There are certain differences between how wrap fee
accounts are managed and how other accounts are managed. Specifically, the account
minimum and fees are negotiated with managers and custodians in advance, often
resulting in reduced fees and minimums.
In the wrap program, the Client hires the wrap program sponsor and the fee payable
to the sponsor includes the fees payable to the sponsor, the custodian, the Firm, and
all brokerage and trading costs. The same or similar investment advisory services
may be available from other investment advisers for a lower fee. The advisory fee
(which includes transaction costs) may be more or less costly than paying for the
services separately, depending upon the investment advisory fees charged, the
number of transactions for the account, the type of investments selected for each
Client’s account, the level of brokerage and other fees that would be payable if the
Client obtained the services available under the program individually.
Depending on the investment selected and the services to be provide, the fee schedule
may be as set forth above, or it may be negotiated.
Assets Under Management
As of December 31, 2023, the Firm had $4,215,060,873 in non‐discretionary assets
under management.
Miscellaneous
The Firm maintains a business continuity plan in the event of a disruption in business.
Among other things, the plan details how Clients may access their accounts in the
event of an emergency. A copy of the plan is available for review upon request.
As reflected in the Firm’s privacy policy, the Firm prohibits the public disclosure of
any Client related nonpublic, personally identifiable information, except as permitted
by law. Such Client related information is maintained in a safe and secure manner.
Questions regarding the Firm’s privacy policy should be directed to the Firm at 856‐
793‐5000.