Independent, fee-only, and narrow by design.

We are compensated solely by our clients. Fees are agreed in writing before any work begins, on one of two bases. A fixed fee for a defined engagement, payable on completion. An hourly rate, payable for the work done whether or not you proceed with a transaction.

We accept no commissions, referral fees, or revenue sharing from DST sponsors, qualified intermediaries, or real estate brokers. We have no product affiliations. We are fiduciaries, obliged to act in your interest rather than our own.

Why that matters in this market. Fees and structures vary widely across 1031 offerings, and much of it is sold on commission. An adviser paid by the sponsor has a reason to prefer one program over another that has nothing to do with your situation. Removing that incentive is the point.

The market has changed, but unevenly. DSTs earned a mixed reputation over their first two decades, and the criticism was fair: layered fees, thin disclosure, and sponsors of very uneven quality. Much of that has shifted. Large institutional real estate managers, the same firms running core funds for pensions and endowments, now sponsor 1031 programs and compete on fee levels and terms in a way the earlier market did not. But quality still varies materially between offerings and between the assets inside them, and the offerings are not publicly advertised. Telling the difference is most of the work.

What we do not do

• We do not sell DST interests or any other security.
• We are not a qualified intermediary and never take custody of exchange proceeds.
• We do not replace your advisers. We expect to work alongside existing tax, legal or financial advisers.
• We do not recommend a transaction unless we believe it is prudent for you.

About the firm

Patels and Company Capital is registered as an investment adviser with the California Department of Financial Protection and Innovation. The firm’s principal is a CFA charterholder whose full-time work is the management of institutional pension and trust assets, and who has been through this transaction as an owner.

The firm is operated on a limited basis outside that employment, which limits its capacity.