Guides › Financial Advisor Fees
Updated September 18, 2026. Quick answer: Mostly yes, with one carve-out. Cetera is registered with the SEC only as an investment adviser, so on your advisory account it owes you a fiduciary duty under the Investment Advisers Act of 1940. Its own Form CRS states: “When we provide you with a recommendation as your broker-dealer or act as your investment adviser we have to act in your best interest and not place our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests.” A limited number of Cetera’s financial professionals are separately licensed to sell brokerage products in a different capacity, where the weaker Regulation Best Interest standard, not a fiduciary duty, applies instead.
How it’s registered
From Form CRS (Client Relationship Summary) (July 2025): “Cetera Investment Advisers LLC (Cetera Investment Advisers) is an investment adviser registered with the Securities and Exchange Commission (SEC). Cetera Investment Advisers is a subsidiary of Cetera Financial Group, Inc. (Cetera Financial Group), which also owns other RIAs and broker-dealers.”
Cetera Investment Advisers LLC is registered with the SEC only as an investment adviser; there is no separate SEC broker-dealer registration under this CRD. Its current Form CRS is a combined document that also describes services offered by affiliated Cetera broker-dealer entities, which is why the commission language above appears in the same filing.
The standard of conduct, in its own words
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser we have to act in your best interest and not place our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests.”
On commissions: “In a brokerage account, you purchase and sell investments and pay us sales charges (commissions) for each transaction. Your Financial Professional receives a portion of the sales charge on each transaction.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your investment adviser (most clients) | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $11,875 a year, 2.38% on a $500,000 account) | Form CRS (Client Relationship Summary), July 2025 |
| As a dually licensed representative (limited) | Also FINRA-registered broker-dealer representative, separate capacity | Regulation Best Interest (not a fiduciary duty) | Yes | Form CRS (Client Relationship Summary), July 2025 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Cetera discloses a published fee that runs $11,875 a year on a $500,000 account; see the full dollar breakdown from Cetera’s own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
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Source: WiserAdvisor’s service descriptionSources
- Form CRS (Client Relationship Summary) (July 2025): https://reports.adviserinfo.sec.gov/crs/crs_105644.pdf
- SEC Investment Adviser Public Disclosure, Cetera Investment Advisers LLC (CRD #105644): https://adviserinfo.sec.gov/firm/summary/105644
- Cetera Investment Advisers LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/105644/PDF/105644.pdf
Methodology. This page was built September 18, 2026, quoting directly from Cetera’s own current Form CRS, with the source linked above; any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading the firm’s own Form CRS. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
What does it actually take to open an account? See Cetera’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Comparing Cetera against other options? See Cetera alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
How does this compare? See how 127 advisory firms are registered, from each firm’s own SEC record.