# EDGAR Filing Document

**Accession Number:** 0000033179
**File Stem:** 0000033179-23-000004
**Filing Date:** 2023-3
**Character Count:** 47722
**Document Hash:** 9e7b6c434b1ff85bcf823fd13dc967bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000033179-23-000004.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0000033179-23-000004

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQUITABLE ADVISORS, LLC
- **CENTRAL INDEX KEY:** 0000033179
- **IRS NUMBER:** 134071393
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-17883
- **FILM NUMBER:** 23692809

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 704-341-6678

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **STREET 2:** 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AXA ADVISORS, LLC
- **DATE OF NAME CHANGE:** 20020130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AXA ADVISORS LLC                                        /BD
- **DATE OF NAME CHANGE:** 20020130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQ FINANCIAL CONSULTANTS INC                            /BD
- **DATE OF NAME CHANGE:** 19990928

### Attached PDF Documents

**Attachment 1:** `Advisors2022BSonlyFinal2.pdf`

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Statement of Financial Condition
December 31, 2022

This annual report is deemed CONFIDENTIAL in accordance with
Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC

(A wholly owned subsidiary of Equitable Holdings, Inc.)

Index

December 31, 2022

| Report of Independent Registered Public Accounting Firm | 1 |
| --- | --- |
| Financial Statements |  |
| Statement of Financial Condition | 2 |
| Notes to Financial Statements | 3 |

This annual report is deemed CONFIDENTIAL in accordance with

Rule 17a-5e(3) under the Securities Exchange Act of 1934.

pwc

# Report of Independent Registered Public Accounting Firm

To the Board of Directors and Member of Equitable Advisors, LLC

# Opinion on the Financial Statement - Statement of Financial Condition

We have audited the accompanying statement of financial condition of Equitable Advisors, LLC (the "Company") as of December 31, 2022, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

# Basis for Opinion

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement 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 this financial statement 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 is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

February 28, 2023

We have served as the Company's auditor since 1999.

PricewaterhouseCoopers LLP, 214 North Tryon Street, Suite 4200, Charlotte, NC 28202 T: (704) 344 7500, F: (704) 344 4100, www.pwc.com/us

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Statement of Financial Condition
December 31, 2022

Assets

| Cash and cash equivalents | $107,283,169 |
| --- | --- |
| Receivable from affiliates | 1,041,274 |
| Receivable from sponsors and broker-dealers | 24,571,581 |
| Deferred tax assets | 2,488,924 |
| Prepaids and other assets, net | 2,143,596 |
| Total assets | $137,528,544 |

Liabilities and Member's Capital

| Liabilities |  |
| --- | --- |
| Payable to affiliates | $18,709,286 |
| Payable for commissions and fees | 29,669,449 |
| Current tax liabilities | 4,521,531 |
| Other liabilities | 2,557,833 |
| Total Liabilities | 55,458,099 |
| Member's Capital | 82,070,445 |
| Total liabilities and member's capital | $137,528,544 |

The accompanying notes are an integral part of this financial statement.

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

1) Organization

Equitable Advisors, LLC (the Company), a Delaware limited liability company, is a wholly owned subsidiary of Equitable Distribution Holding Corporation (Holding) which is a wholly owned subsidiary of Equitable Financial Services, LLC (EFS). EFS is a direct, wholly-owned subsidiary of Equitable Holdings, Inc. (EQH).

The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA). The Company is also a registered investment advisor under the Investment Advisors Act of 1940. Its principal businesses are the distribution of shares of investment products, primarily mutual funds offered by affiliates and third parties, as well as the sale of brokerage products and variable life insurance and annuity contracts issued by Equitable Financial Life Insurance Company (Equitable) and Equitable Financial Life Insurance Company of America (EFLOA), wholly owned subsidiaries of EFS. The Company focuses on the development and management of retail customers and currently offers a variety of asset management accounts with related services, as well as money management products such as asset allocation programs and advisory accounts. Retail distribution of products and services is accomplished by financial professionals (FP's) contracted with Equitable Network, LLC, an affiliate, and the Company.

LPL Financial LLC (LPL), an independent brokerage firm, provides clearing and certain back-office brokerage services to the Company on a fully disclosed basis. The agreement between LPL and the Company is in effect through April 1, 2024 (the LPL Agreement). The LPL Agreement will renew automatically for an additional twenty-four month term unless terminated under certain conditions.

2) Significant Accounting Policies

Basis of Presentation

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the 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 these estimates. The accompanying financial statements reflect all adjustments necessary in the opinion of management for a fair presentation of the financial position of the Company and its result of operations and cash flows for the period presented.

The Company estimates that the carrying value of receivables and payables approximates fair value, due to their short term nature.

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

## Revenue Recognition

The following table sets forth the disaggregation of the Company's revenue by major source for the year ended December 31, 2022:

| Revenues |  |
| --- | --- |
| Commissions, concessions and fees: |  |
| Variable life and annuity commissions | $466,180,350 |
| Investment advisory fees | 417,231,448 |
| Trade execution fees | 43,963,997 |
| Trail commissions | 42,535,075 |
| Retirement and Financial planning revenue | 7,505,373 |
| Other | 15,790,955 |
| Total commissions, concessions and fees | 993,207,198 |
| Investment products and distribution fees | 183,065,194 |
| Advisory reallowance fees | 60,482,392 |
| Marketing support revenue | 5,600,446 |
| Other income | 2,189,410 |
| Total revenues | $1,244,544,640 |

## Commissions, concessions and fees revenue

The Company earns variable life and annuity commissions on insurance contracts with Equitable, EFLOA, and third party providers. Revenue is accrued and recognized at the time the contract is signed which is also the date the performance obligation is satisfied.

Investment Advisory fees are stated as a fixed percentage of the account’s assets under administration (AUA) which is the value of the assets invested at a point in time and are assessed in advance on both a monthly and quarterly basis. Revenue is recognized in the month it is earned. The advisory client benefits from each day of service and the services provided on any given day are substantially the same.

Trade execution fees are recorded on a trade date basis, which is when the Company satisfies its performance obligations. Trade execution and clearing services are bundled into a single distinct service, collectively referred to as trade execution. The Company earns the right to receive trade commission when the right to obtain or dispose of the economic benefits of the traded security have transferred to or from the brokerage account client. Securities transactions executed but not settled as of December 31, 2022 are reflected in the Statement of Financial Condition within Receivable from sponsors and broker-dealers, and were subsequently settled after December 31, 2022.

Trail commissions are fees earned by the Company for retaining a client in a particular investment. Trail commissions, which are calculated based on an annual percentage of assets invested, are accrued continuously over time and paid monthly or quarterly in arrears.

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

# Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

The company provides fee based and non-fee based financial planning services. Fee based plans are for advisory services provided to ERISA based retirements plans. Fees are paid by the plan trusts or plan sponsors and are based on an annually contracted percentage of the plans' AUA, which is the value of the assets in the plan at a point in time. Fees are paid monthly and quarterly, in arrears, and are recorded on a monthly basis as the performance obligations are met continuously over time. Non-fee based planning fees are for one time financial planning services such as estate planning. These fees are collected upfront and deferred from recognition until the final plan is delivered to the customer, which is when the performance obligation has been met. All non-fee based plans must be completed within one year or a new agreement must be established or refund made to the client. Deferred revenue for fee based and non-fee based financial planning services at December 31, 2022 was $1,121,125 and is included in Other Liabilities.

Other commission, concessions and fee revenue consists of revenue earned on client investments in the clearing firm's money market sweep product, which is earned, recorded and received on a monthly basis, and client referral fees earned from AllianceBernstein L.P. (AllianceBernstein), an affiliated entity, and other mutual fund sponsors.

# Investment Products and Distribution Fees

The company is providing distribution and shareholder support services in connection with Equitable Distributors, LLC's distribution of shares of investment products. Investment products and distribution fees include trailer fees earned pursuant to Rule 12b-1 under the Investments Company Act of 1940 (12b-1). The 12b-1 trailer fees are accrued monthly as earned, with cash being received in the subsequent month.

# Advisory Re-allowance Fees

Annual fee paid by LPL for the retention of client AUA within LPL advisory platform accounts. The fee is based on average AUA tiers, which are calculated bi-weekly, and rates established in the LPL agreement. The performance obligation is satisfied continuously over a period of time. These fees are paid quarterly and recorded at the end of each month.

# Marketing Support Income

The company earns marketing support revenue from various mutual fund and cash solicitor sponsors as compensation for the ongoing marketing and client support provided by Equitable registered representatives. The Company earns the right to receive support service fees each day as the policyholder/customer both receives and consumes the economic benefits of these shareholder services. These fees are generally based on an agreed upon percentage of AUA, which is the value of the assets invested with the sponsor at a point in time, paid on both monthly and quarterly basis, and are recorded monthly.

# Other Income

Other income consists primarily of interest earned on money market funds.

## Payable for commissions and fees

The company expenses all sales commissions when incurred. These costs are recorded within commissions, overrides and fees expenses.

## Cash and Cash Equivalents

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

The company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2022, the cash held at two banks exceeded the Federal Deposit Insurance Company (FDIC) insurance limits.

Cash equivalents at December 31, 2022 include investments in a money market fund of an affiliated registered investment advisor, AllianceBernstein, totaling $105,728,859. Interest income is accrued as earned.

Given the concentration of cash and cash equivalents, the Company may be exposed to certain counterparty risk.

## Prepaids and Other Assets, net

Prepaids and other assets include $1,155,500 of technology and analysis subscription cost chargebacks to FP's, reduced by an allowance for doubtful accounts of $373,300 (the allowance is maintained at a level that the Company estimates to be sufficient to absorb potential losses and is primarily based on the current aging and historical collectability of these receivables), prepaid regulatory fees of $170,112 and unpaid and accrued advisory fees for client accounts on an arrears billing cycle of $1,191,284.

## Income Taxes

The Company is included in the consolidated federal income tax return filed by EQH, and the consolidated state and local income tax returns filed by Holding. Federal income taxes are calculated as if the Company filed on a separate return basis, and the amount of current taxes or benefit calculated is either remitted to or received from Holding. The amounts of current and deferred income tax-related assets and liabilities are recognized as of the date of the financial statements utilizing currently enacted tax laws and rates. Deferred tax expenses or benefits are recognized in the financial statements for the changes in deferred tax liabilities or assets between years. Under the state tax sharing agreement with Holding, the Company computes its state tax liability as if the Company filed state tax returns on a separate-return basis; if the Company's tax attributes are utilized by Holding to reduce Holding's state tax liability, the Company will be reimbursed.

## Insurance Recoveries

Recoveries of legal settlements through the Company's fidelity bond policy are recorded in the period received or determined to be assured.

## Subsequent Events

Events and transactions subsequent to the balance sheet date have been evaluated by management, for purpose of recognition or disclosure in these financial statements, through February 28, 2023, the date that these financial statements were available to be issued.

## 3) Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance established a fair value hierarchy that requires an

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 - Unadjusted quoted prices for identical assets or liabilities in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

Financial Instruments Measured at Fair Value on a Recurring Basis

| December 31, 2022 | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Cash equivalents | $105,728,859 | $ - | $ - | $105,728,859 |

Cash equivalents classified as Level 1 include investments in a money market fund of an affiliated registered investment advisor, AllianceBernstein and is carried at its approximate fair value as reported by the registered money market fund.

## 4) Net Capital Requirements

The Company is subject to the SEC Uniform Net Capital Rule (the Rule), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined in the Rule, shall not exceed 15 to 1. As of December 31, 2022, the Company had net capital of $49,584,893 which exceeded required net capital of $3,697,210 by $45,887,683 and the Company's ratio of aggregate indebtedness to net capital was 1.12 to 1.

## 5) Transactions With Affiliates

On December 9, 2022 the Company's Board of Directors authorized a $85.0 million distribution to its parent, Holding. The amount was paid on December 28, 2022. Dividend payments and other equity withdrawals are subject to certain notification and other provisions of the rule.

During 2022, the Company earned concessions and fees of $5,301,943 for products offered by its affiliate, AllianceBernstein, $970,945 from Equitable Distributors, LLC (EDL) and $116,765 from Equitable Investment Management Group LLC (EIMG). Receivable from affiliates as of December 31, 2022 includes $893,427 due from AllianceBernstein, $83,563 due from Equitable Distributors, LLC.

Pursuant to the Agreement for Cooperative and Joint Use of Personnel, Property and Services, and the Distribution and Servicing Agreement, Equitable provides the Company with personnel to perform management, administrative,

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

clerical and sales services and makes available the use of certain property and facilities. During 2022, the Company incurred expenses of $62,255,067 for the cost of such personnel and services, including $1,976,957 of allocated costs for various share-based compensation plans sponsored by EQH.

At December 31, 2022, the Company had a payable to affiliates of $18,709,286 of which $6,635,378 was due to Equitable and its affiliates for shared expenses; and $11,654,603 is due to Equitable Network, LLC primarily for reimbursement of commission expenses paid on behalf of the Company.

During 2022, the Company earned $466,180,350 of commissions, concessions and fees and $183,065,194 of investment products and distribution fees from affiliates, which were simultaneously paid out to FPs or paid to the affiliates for services pursuant to the agreements described above.

## 6) Income Taxes

As a single member limited liability company, the Company is treated as a division of Holding for Federal and State income tax purposes, not as a separate taxable entity. Tax sharing arrangements between the Company and Holding provide that the amount the Company will either remit to or receive from Holding for its share of Federal and State income taxes is calculated as though the Company was filing separate Federal and State income tax returns. Under the Federal income tax sharing agreement, the Company is reimbursed for the use of its separate company losses or tax credits to the extent there is an aggregate reduction in the consolidated federal tax liability of EQH and it is reasonable to expect EQH's liability to be reduced. The Company is reimbursed for the use of such items under the State income tax sharing agreement in the years they actually reduce the consolidated state income tax liability of Holding.

A summary of the income tax provision in the Statement of Operations follows:

|  | Federal | State | Total |
| --- | --- | --- | --- |
| Income tax provision |  |  |  |
| Current expense | $22,048,857 | $9,801,393 | $31,850,250 |
| Deferred expense (benefit) | $333,716 | 50,837 | 384,553 |
|  | $22,382,573 | 9,852,230 | $32,234,803 |

The Company had the following deferred tax assets as of December 31, 2022.

| State net operating loss | $27,438 |
| --- | --- |
| Deferred compensation | 2,468,589 |
| State income tax | (104,990) |
| Other | 97,887 |
| Deferred Tax Assets | $2,488,924 |

At December 31, 2022, the Company had a total net deferred state tax asset of $781,883 and a net deferred federal income tax asset of $1,707,041.

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

Equitable Advisors, LLC
(A wholly owned subsidiary of Equitable Holdings, Inc.)
Notes to Financial Statements
December 31, 2022

The Company has determined that it is more likely than not that the federal, state and local deferred tax assets will be realized. As of December 31, 2022, the Company had total current taxes payable of $4,521,531 comprised of a federal income tax liability of $3,226,151 and a state income tax liability of $1,295,380.

The effective rate of 28% differs from the statutory tax rate of 21% primarily due to state income taxes of $7,674,873 net of federal benefit.

As of December 31, 2022, the Company had no liability for uncertain tax positions.

The 2014 through 2022 tax years are open to examination by the Internal Revenue Service and the 2016 through 2022 tax years are open to examination by state tax authorities.

7) Off-Balance Sheet Risk

In the normal course of business, the Company may enter into contracts that contain various representations and indemnities including a contract where it executes, as agent, transactions on behalf of customers through a clearing broker on a fully disclosed basis. If the agency transactions do not settle because of failure to perform by either the customer or the counterparty, the Company may be required to discharge the obligation of the nonperforming party and, as a result, may incur a loss if the market value of the underlying security is different from the contract amount of the transaction. The Company has the right to pursue collection or performance from the counterparties who do not perform under the contractual obligations. Although the right of the clearing broker to charge the Company applies to all trades executed through the clearing broker, the Company believes there is no estimable amount assignable to this right or rights under other contracts as any obligation would be based on the future nonperformance by the counterparties. At December 31, 2022, the Company has recorded no liabilities with regards to these rights.

The Company is subject to credit risk to the extent the sponsors and the clearing broker may be unable to repay the amounts owed.

8) Commitments And Contingencies

The Company is involved in various regulatory matters, legal actions and proceedings in connection with its business. Some of the actions and proceedings have been brought on behalf of various claimants and certain of those claimants seek damages of unspecified amounts. For certain specific matters, the Company estimates a liability which is included within Other liabilities on the Statement of Financial Condition. For certain other matters, management cannot make a reasonable estimate of loss. While the ultimate outcome of these matters cannot be predicted with certainty, in the opinion of management, the Company does not currently believe that potential losses are likely to have a material adverse effect on the Company's financial condition.

This annual report is deemed CONFIDENTIAL in accordance with Rule 17a-5e(3) under the Securities Exchange Act of 1934.

**Attachment 2:** `EQAdvexemption2.pdf`

EQUITABLE
ADVISORS

# Equitable Advisors, LLC's Exemption Report

Equitable Advisors, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following:

(1) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provision of 17 C.F.R. § 240.15c3-3 (k)(2):(ii).

(2) The Company met the identified exemption provision in 17 C.F.R. § 240.15c3-3(k) throughout the most recent fiscal year except as described below:

| Nature of Exception | Month | Number of Exceptions |
| --- | --- | --- |
| Checks forwarded subsequent to noon of the business day following receipt. | Jan | 3 |
|  | Feb | 3 |
|  | Mar | 2 |
|  | Apr | 2 |
|  | May | 2 |
|  | Jun | 0 |
|  | Jul | 0 |
|  | Aug | 0 |
|  | Sep | 2 |
|  | Oct | 0 |
|  | Nov | 0 |
|  | Dec | 0 |

Securities offered through Equitable Advisors, LLC (NY), member FINRA, SIPC. Investment advisory products and services offered through Equitable Advisors, LLC, an investment advisor registered with the SEC. Annuity and insurance products offered through Equitable Network, LLC and its insurance agency subsidiaries. Equitable Network, LLC does business in California as Equitable Network Insurance Agency of California, LLC and, in Utah, as Equitable Network Insurance Agency of Utah, LLC.

1290Avenue of the Americas, New York, NY 10104 Tel: (212) 314-4600

www.equitable.com

EQUITABLE
ADVISORS

(3) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year, except as described below.

| Nature of Exception | Month | Number of Exceptions |
| --- | --- | --- |
| Checks forwarded subsequent to noon of the business day following receipt. | Jan | 3 |
|  | Feb | 2 |
|  | Mar | 2 |
|  | Apr | 3 |
|  | May | 4 |
|  | Jun | 1 |
|  | Jul | 1 |
|  | Aug | 1 |
|  | Sep | 2 |
|  | Oct | 1 |
|  | Nov | 3 |
| Dec | 3 |  |

Equitable Advisors, LLC

I. Candace Scappator, affirm that, to my best knowledge and belief, this Exemption Report is true and correct.

By: Candace Scappator
Title: Controller, FINOP

Securities offered through Equitable Advisors, LLC (NY), member FINRA, SIPC. Investment advisory products and services offered through Equitable Advisors, LLC, an investment advisor registered with the SEC. Annuity and insurance products offered through Equitable Network, LLC and its insurance agency subsidiaries. Equitable Network, LLC does business in California as Equitable Network Insurance Agency of California, LLC and, in Utah, as Equitable Network Insurance Agency of Utah, LLC.

1290Avenue of the Americas, New York, NY 10104 Tel: (212) 314-4600

www.equitable.com

**Attachment 3:** `SIPCAUPPWC3.pdf`

pwc

# Report of Independent Accountants

To Management of Equitable Advisors, LLC

We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corporation ("SIPC") Series 600 Rules, which are enumerated below, on the accompanying General Assessment Reconciliation (Form SIPC-7) of Equitable Advisors, LLC (the "Company") for the year ended December 31, 2022. Management of Equitable Advisors, LLC is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7.

In an agreed-upon procedures engagement, we perform specific procedures that the Company has agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2022. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

The procedures we performed and the associated findings are as follows:

1. Compared the listed assessment payments on page 1, items 2B and 2G of Form SIPC-7 with the respective cash disbursement records entries, as follows:

a. The amount of $399,485 was compared to wire number 2154000207JO dated July 26, 2022 obtained from Candace Scappator, Equitable Advisors, LLC FinOp, noting no differences.

b. The amount of $376,045 was compared to wire number 4624600025JO dated January 25, 2023 obtained from Candace Scappator, Equitable Advisors, LLC FinOp, noting no differences.

2. Compared the Total Revenue amount reported on page 3 of the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2022 to the Total revenue amount of $1,244,544,639 reported on page 2, item 2a of Form SIPC-7 for the year ended December 31, 2022, noting a $1 difference.

3. Compared any adjustments reported on page 2, items 2b and 2c of Form SIPC-7 with the supporting schedules and working papers, as follows:

a. Compared the deduction reported on line 1, revenues from the distribution of shares of a registered open end investment company or unit investment trust, from the sale of variable annuities, from the business of insurance, from investment advisory services rendered to registered investment companies or insurance company separate accounts and from transactions in security futures products, of $717,534,676 the sum of accounts 43000160, 43000180, 43000420, 43000430, 43000440, 43000290, 43000340, and 43000110, on the December 31, 2022 Trial Balance obtained from Candace Scappator, Equitable Advisors, LLC Controller, FinOp, noting no differences.

PricewaterhouseCoopers LLP, 214 North Tryon Street, Suite 4200, Charlotte, NC 28202
T: (704) 344 7500, F: (704) 344 4100, www.pwc.com/us

pwc

b. Compared the deduction reported on line 3, commissions, floor brokerage and clearance paid to other SIPC members in connection with securities transactions of $8,232,674 to account 53993080 on the December 31, 2022 Trial Balance obtained from Candace Scappator, Equitable Advisors, LLC Controller, FinOp, noting no differences.
c. Compared the deduction reported on line 7, direct expenses of printing advertising and legal fees incurred in connection with other revenue related to the securities business (revenue defined by Section 16(9)(L) of the Act) of $1,757,055 to account 53993020 on the December 31, 2022 Trial Balance obtained from Candace Scappator, Equitable Advisors, LLC Controller, FinOp, noting no differences.

4. Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers obtained in procedure 3, as follows:

a. Recalculated the mathematical accuracy of the SIPC Net Operating Revenues on page 2, line 2d and the General Assessment @ .0015 on page 2, line 2e of $517,020,233 and $775,530, respectively, of the Form SIPC-7, noting no differences.
b. Recalculated the mathematical accuracy of the Total deductions on page 2 of $727,524,406, noting no differences.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to, and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and on its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2022. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of Management of Equitable Advisors, LLC and the Securities Investor Protection Corporation and is not intended to be, and should not be, used by anyone other than these specified parties.

PricewaterhouseCoopers LLP

February 28, 2023

**Attachment 4:** `X17A5PartII22AdvisorsV4.pdf`

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

OM8 APPROVAL
OMB Number: 3235-0123
Expires: Oct. 31, 2023
Estimated average burden
hours per response: 12

ANNUAL REPORTS
FORM X-17A-5
PART III

SEC FILE NUMBER
8-017883

# FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

FILING FOR THE PERIOD BEGINNING 01/01/2022 AND ENDING 12/31/2022
MM/DD/YY MM/DD/YY

## A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Equitable Advisors, LLC

TYPE OF REGISTRANT (check all applicable boxes):

☑ Broker-dealer
☐ Security-based swap dealer
☐ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
1290 Avenue of the Americas

(No. and Street)
New York NY 10104
(City) (State) (Zip Code)

PERSON TO CONTACT WITH REGARD TO THIS FILING
Candace L Scappator 704-341-6841 candace.scappator@equitable.com
(Name) (Area Code - Telephone Number) (Email Address)

## B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
PricewaterhouseCoopers LLP

(Name - if individual, state last, first, and middle name)
300 Madison Avenue New York NY 10017
(Address) (City) (State) (Zip Code)
10/20/2003 238

(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 be covered by the 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.

# OATH OR AFFIRMATION

I, Candace L Scappator, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Equitable Advisors, LLC, as of February 15th, 2023, is true and correct. I further swear (or affirm) that neither the company 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.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

## 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).
- ☑ (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.
- ☐ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- ☐ (l) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- ☑ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- ☐ (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.
- ☑ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- ☐ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- ☑ (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 report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- ☐ (v) Independent public accountant’s report based on an examination of certain statements in the compliance report under 17 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, as applicable.
- ☐ (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 applicable.

**Attachment 5:** `exemptionletter0.pdf`

pwc

# Report of Independent Registered Public Accounting Firm

To the Board of Directors of Equitable Advisors, LLC

We have reviewed Equitable Advisors, LLC's assertions, included in the accompanying Equitable Advisors, LLC's Exemption Report, in which:

(1) The Company identified 17 C.F.R. § 240.15c3-3(k)(2)(ii) as the provision under which the Company claimed an exemption from 17 C.F.R. § 240.15c3-3 (the "exemption provision").

(2) The Company stated that it met the identified exemption provision throughout the year ended December 31, 2022 except as described in its exemption report with respect to:

| Nature of Exception | Month | Number of Exceptions |
| --- | --- | --- |
| Checks forwarded subsequent to noon of the business day following receipt | Jan | 3 |
|  | Feb | 3 |
|  | Mar | 2 |
|  | Apr | 2 |
|  | May | 2 |
|  | Jun | 0 |
|  | Jul | 0 |
|  | Aug | 0 |
|  | Sep | 2 |
|  | Oct | 0 |
|  | Nov | 0 |
|  | Dec | 0 |

(3) The Company stated that it is also filing its Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, (other than funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the year ended December 31, 2022 except as described in its exemption report with respect to:

PricewaterhouseCoopers LLP, 214 North Tryon Street, Suite 4200, Charlotte, NC 28202
T: (704) 344 7500, F: (704) 344 4100, www.pwc.com/us

pwc

| Nature of Exception | Month | Number of Exceptions |
| --- | --- | --- |
| Checks forwarded subsequent to noon of the business day following receipt | Jan | 3 |
|  | Feb | 2 |
|  | Mar | 2 |
|  | Apr | 3 |
|  | May | 4 |
|  | Jun | 1 |
|  | Jul | 1 |
|  | Aug | 1 |
|  | Sep | 2 |
|  | Oct | 1 |
|  | Nov | 3 |
|  | Dec | 3 |

The Company's management is responsible for the assertions and for compliance with the identified exemption provision and the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 throughout the year ended December 31, 2022.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provision and the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to management's assertions referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii) of 17 C.F.R. § 240.15c3-3 and the provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5.

PricewaterhouseCoopers LLP

February 28, 2023

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

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0000033179

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2022

**Report Period End Date:** 12-31-2022

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** EQUITABLE ADVISORS, LLC

**Business Address:** 1290 AVENUE OF THE AMERICAS, 9TH FLOOR, NEW YORK, NY, 10104

**Contact Person:** Candace Scappator

**Contact Phone:** 704-341-6841

### Independent Public Accountant Identification

**Accountant Name:** PriceWaterhouseCoopers LLP

**Accountant Address:** 300 Madison Avenue, New York, NY, 10017

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Candace Scappator**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **EQUITABLE ADVISORS, LLC**, as of **03-01-2023**, are true and correct.

**Signature:** Candace L Scappator

**Title:** Controller; Assistant VP

**Notarized:** Yes