Brewer Investment Group
| Company type | Private |
|---|---|
| Industry | Wealth management |
| Founded | 2000 |
| Founder | Steve Brewer |
| Headquarters | Chicago , United States |
Area served | United States |
Key people | Steve Brewer (Founder and CEO), Bob Whalen (President, Brewer Financial Services), Adam Erickson (Managing Principal and COO), Richard Chew (Managing Director, Brewer Insurance Group), Jay Norris (Senior Market Strategist, Brewer Futures Group) |
| Products | Wealth management, brokerage, investment advisory, futures and forex trading, insurance brokerage |
Brewer Investment Group is a wealth management organization established in 2000, with its headquarters located in Chicago, Illinois. The enterprise comprises five distinct subsidiaries: Brewer Financial Services; Brewer Investment Advisors (RIA); Advisor Resource; Brewer Futures Group; and Brewer Insurance Group.
On October 28, 2010, the Securities and Exchange Commission initiated a civil lawsuit against Brewer Financial Services, LLC (BFS), Brewer Investment Advisors, LLC (BIA), Brewer Investment Group, LLC (BIG), along with managing principals Steven Brewer and Adam Erickson. The SEC accused them of participating in a deceptive promissory note offering. From June 2009 through September 2010, these parties secured roughly $5.6 million from 74 investors by issuing promissory notes linked to an Isle of Man entity. Investors were informed that the capital would be used to settle debts owed by the issuer’s parent company as collateral for their notes; however, the majority of the funds were redirected to BIG and its affiliated companies.
The complaint additionally claims that the defendants provided false information regarding the allocation of funds and omitted disclosure of BIG’s unstable financial status, which included significant operational losses, missed interest payments as of July 1, 2010, and failure to meet payroll obligations by August 2010. Despite these issues, note sales continued without proper disclosure for at least an additional three months. These offerings were never registered with the SEC.
Divisions/Subsidiaries
Brewer Financial Services, LLC This is Brewer’s main subsidiary, functioning as a comprehensive broker-dealer specializing in wealth management, operating twenty-seven offices across the country.
Brewer Investment Advisors, LLC An RIA that delivers advisory and asset management services in close collaboration with Brewer Financial Services.
Advisor Resource, LLC Dedicated to conducting research and managing international wholesaling of third-party investment products targeted at broker-dealers, RIAs, and trust departments.
Brewer Futures Group, LLC An Introducing Broker that provides futures and forex trading services along with managed programs, market analysis, and educational materials.
Brewer Insurance Group, LLC Serves as the insurance brokerage arm within the Brewer organization.
Executives
Steve Brewer: Founder and Chief Executive Officer of Brewer Investment Group since its inception in 2000.
Bob Whalen: President of Brewer Financial Services; he joined the company in 2008 following a tenure at Ameriprise Financial Services.
Adam Erickson: Managing Principal and Chief Operating Officer of Brewer Investment Group.
Richard Chew: Managing Director of Brewer Insurance Group since March 2009.
Jay Norris: Senior Market Strategist at Brewer Futures Group.