# ETICO PARTNERS, LLC X-17A-5 (2025-03-26) — Broker-dealer annual report

- Company: ETICO PARTNERS, LLC
- Form: X-17A-5
- Filed: 2025-03-26
- Period: 2024-12-31
- Accession: 0001180051-25-000003
- CIK: 1180051
- File #: 8-65500
- Type: Broker-dealer
- Material weakness: No
- Auditor: Tuttle & Bond, PLLC
- Auditor location: Giddings, TX
- Contact: Scott Weisman
- Phone: 518 348 0060
- Email: sweisman@eticocapital.com
- Website: eticocapital.com
- Signed by: Scott Weisman (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/1180051/000118005125000003/epllcpublic.pdf

---

{0}------------------------------------------------

STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2024

{1}------------------------------------------------

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

> ANNUAL REPORTS FORM X-17A-5 PART III

> > FACING PAGE

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

## SEC FILE NUMBER 8-65500

MM/DD/YY

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/24 MM/DD/YY

A. REGISTRANT IDENTIFICATION

# NAME OF FIRM: ETICO PARTNERS, LLC

TYPE OF REGISTRANT (check all applicable boxes):

□ Broker-dealer □ Check here if respondent is also an OTC derivatives dealer

AND ENDING 12/31/24

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

# 19 RAILROAD PL, STE 202

|                                                                                                   | (No. and Street)                                           |                                            |                           |  |  |
|---------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|---------------------------|--|--|
| SARATOGA SPRINGS                                                                                  | NY                                                         |                                            | 12866                     |  |  |
| (City)                                                                                            | (State)                                                    |                                            | (Zip Code)                |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                      |                                                            |                                            |                           |  |  |
| SCOTT WEISMAN                                                                                     | 518-348-0060                                               |                                            | sweisman@eticocapital.com |  |  |
| (Name)                                                                                            | (Area Code - Telephone Number)                             | (Email Address)                            |                           |  |  |
|                                                                                                   | B. ACCOUNTANT IDENTIFICATION                               |                                            |                           |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *<br>Tuttle & Bond, PLLC |                                                            |                                            |                           |  |  |
|                                                                                                   | (Name - if individual, state last, first, and middle name) |                                            |                           |  |  |
| 3488 South U.S. Hwy 77                                                                            | Giddings                                                   | TX                                         | 78942                     |  |  |
| (Address)                                                                                         | (City)                                                     | (State)                                    | (Zip Code)                |  |  |
| 03/19/2019                                                                                        |                                                            | 6543                                       |                           |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                  |                                                            | (PCAOB Registration Number, if applicable) |                           |  |  |
| FOR OFFICIAL USE ONLY                                                                             |                                                            |                                            |                           |  |  |
|                                                                                                   |                                                            |                                            |                           |  |  |
|                                                                                                   |                                                            |                                            |                           |  |  |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

{2}------------------------------------------------

### OATH OR AFFIRMATION

|, Scott Weisman

\_ , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Etico Partners LLC

December 31

as on on and correct. I further swear (or affirm) that neither the company nor any nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

Mohammad Rahman Commission# 01RA0032973 Notary Public State of New York My Commission Expiration: 01/17/2029

Signature: Title: CEO

Notary Public

## This filing\*\* contains (check all applicable boxes):

- = (a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- O (d) Statement of cash flows.
- □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- □ (f) Statement of changes in liabilities subordinated to claims of creditors.
- □ (g) Notes to consolidated financial statements.
- □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- □ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- | Exhibit A to 17 CFR 240.18a-4, as applicable.
- □ (l)Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
□ <<< < < f
- □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
□ < <p> lnformation control requirements for customers under 17 CFR 24
- □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- |
- □ (r)Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, or 17 CFR 240.18a-7, or 17 CFR 240.
- □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- = (t) Independent public accountant's report based on an examination of the statement of financial condition.
- [ (u) Independent public accountant's report based on an examination of the financial confinition.
 CER 240 17-5, 17 CER 240 189 7, er 17 CER 200 17, 10, 17 12 cmancial r CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- | CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, 1
as anniicable as applicable.
- コ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).

□ (z) Other:

\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as 1 applicable.

{3}------------------------------------------------

## DECEMBER 31, 2024

## TABLE OF CONTENTS

| Report of Independent Registered Public Accounting Firm |  |
|---------------------------------------------------------|--|
| Statement of Financial Condition                        |  |
| Notes to the Financial Statements                       |  |

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![](_page_4_Picture_0.jpeg)

### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Member of Etico Partners, LLC

### Opinion on The Financial Statements

We have audited the accompanying statement of financial condition of Etico Partners, LLC (the "Company") as of December 31, 2024, and the related statements of operations, member's and cash flows for the related notes (collectively referred to as "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

### Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal reporting. Accordingly, we express no such opinion.

Tuttle & Bond, PLLC

Giddings, Texas March 25, 2025

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## STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2024

## ASSETS

| Cash                        | ಕಾ | 172,755    |
|-----------------------------|----|------------|
| Deposits with clearing firm |    | 100,000    |
| Due from sponsors           |    | 2,894      |
| Due from affiliates         |    | 6,765      |
| Prepaid assets              |    | 10,781     |
| Other assets                |    | 196        |
| Total assets                |    | \$ 293,391 |
|                             |    |            |

## LIABILITIES AND MEMBER'S EQUITY

Liabilities:

| Due to clearing firm                  | ಕಿ | 198,066    |
|---------------------------------------|----|------------|
| Commissions payable                   |    | 31,793     |
| Accounts payable and accrued expenses |    | 617        |
| Total liabilities                     |    | 230,476    |
|                                       |    |            |
| Member's equity                       |    | 62,915     |
|                                       |    |            |
| Total liabilities and member's equity |    | \$ 293.391 |

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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

## DECEMBER 31, 2024

## 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Etico Partners, LLC (the Company) is a broker-dealer registered with the Securities and Exchange Commission (the SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). The Company's ownership is structured with two parent entities: Etico Financial, LLC (f/k/a Quaestus Holdings, LLC) and Quartz Partners, LLC, a registered investment advisory firm. Etico Financial, LLC holds a controlling interest of 95% of the company, while Quartz Partners, LLC possesses the remaining 5% ownership. Quartz Partners is wholly owned by Etico Financial, LLC.

The Company functions as a general securities broker-dealer, engaged in the execution of transactions and managing client asset custody predominantly through RBC Capital Markets, LLC (RBC), which acts as the Company's clearing firm. The Company operates as a fully disclosed introducing broker-dealer. Accordingly, the Company had no items reportable as customer's fully paid securities: (1) not in the Company's possession or control as the audit date (for which instructions to reduce to possession or control had been issued as of the audit date) but for which the required action was not taken by the Company within the time frames specified under Rule 15c3-3 or (2) for which instructions to reduce to possession or control has not been issued as of the audit date, excluding items arising from "temporary lags which result from normal business operations" as permitted under Rule 15c3-3.

The Company is exempt from SEC rule 15c3-3 pursuant to the exemptive provisions under sub-paragraph (k)(2)(ii).

## 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

## Basis of presentation

The accompanying financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (GAAP) as determined by the Financial Statements Accounting Board.

## Use of estimates

The preparation of financial statements in conformity with US GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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{10}------------------------------------------------

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

## DECEMBER 31, 2024

## 3. RELATED PARTY TRANSACTIONS

Pursuant to a cost sharing agreement with Quartz Partners, LLC, the Company is allocated expenses for rent, executive compensation, and general operating expenses paid for by Quartz Partners. Included in the expenses on the accompanying Statement of Operations is \$29,803 charged by Quartz Partners, LLC for the year ending December 31, 2024. \$11,467 which was treated as a capital contribution.

Certain registered representatives are dually registered with Quartz Partners, LLC and the Company. In the event a registered representative's monthly commission production does not cover production expenses charged to the representative by the Company, the Company will reduce advisory fees payable from Quartz Partners, LLC to cover the charges. On December 31, 2024, the receivable balance from Quartz Partners, LLC related to registered representative production charges was \$832 included in the due from affiliate account in the Statement of Financial Condition. The Company also issued \$5,000 to Quartz Partners, LLC to temporarily fund ongoing operations, the balance is also included in the due from affiliate account in the Statement of Financial Condition.

Etico Financial, LLC made additional capital contributions of \$30,000 of cash.

## 4. NET CAPITAL REQUIREMENTS

The Company is subject to the uniform net capital requirements of Rule 15c3-1 (the Rule) of the Securities and Exchange Act, as amended, which requires the Company to maintain, at all times, sufficient liquid assets to meet regulatory requirements and cover indebtedness. In accordance with the Rule, the Company is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregate indebtedness.

At December 31, 2024, the Company had net capital, as defined, of \$42,279 which exceeded the required minimum net capital of \$15,365 by \$26,914. There was \$230,476 of Aggregate indebtedness as of December 31, 2024. The Company's percentage of aggregate indebtedness to net capital was 545.13%.

## 5. REPORTABLE SEGMENTS

The Company is engaged in a single line of business as a securities broker-dealer, engaged in agency transactions. The Company has identified its Chairman and Chief Executive Officer as its chief operating decision maker ("CODM"). The CODM predominately uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 8), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends.

{11}------------------------------------------------

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

## DECEMBER 31, 2024

## 5. REPORTABLE SEGMENTS (continued)

The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure profit and loss of the segment as the same as those described in Footnote 2, summary of significant accounting policies.

## 6. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through March 25, 2025, the date on which the financial statements were issued.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.