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Updated September 18, 2026. Quick answer: It depends which hat Commonwealth Financial Network is wearing. As your investment adviser, Commonwealth Financial Network owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Commonwealth Financial Network owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Commonwealth Financial Network’s 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 put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests.”
How it’s registered
From Form CRS (Client Relationship Summary) (July 29, 2022): “Commonwealth Equity Services, LLC, doing business as Commonwealth Financial Network (“Commonwealth,” “we,” “our,” or “us”), is registered with the Securities and Exchange Commission (“SEC”) as both an investment adviser and broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).”
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 put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests.”
On commissions: “Every time you buy or sell an investment, you will pay a transaction-based fee. A transaction-based fee is commonly known as a “commission.””
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your broker-dealer | SEC-registered broker-dealer | Regulation Best Interest (not a fiduciary duty) | Yes | Form CRS (Client Relationship Summary), July 29, 2022 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $11,250 a year, 2.25% on a $500,000 account) | Form CRS (Client Relationship Summary), July 29, 2022 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Commonwealth Financial Network discloses a published fee that runs $11,250 a year on a $500,000 account; see the full dollar breakdown from Commonwealth Financial Network’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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Just comparing fees? Keep reading the fee guide.Optional next step
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Source: WiserAdvisor’s service descriptionSources
- Form CRS (Client Relationship Summary) (July 29, 2022): https://files.brokercheck.finra.org/crs_8032.pdf
- SEC Investment Adviser Public Disclosure, Commonwealth Financial Network (CRD #8032): https://adviserinfo.sec.gov/firm/summary/8032
- Commonwealth Financial Network, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/8032/PDF/8032.pdf
Methodology. This page was built September 18, 2026, quoting directly from Commonwealth Financial Network’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 Commonwealth Financial Network’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Commonwealth Financial Network review, including its fiduciary status and what it costs to leave.
Comparing Commonwealth Financial Network against other options? See Commonwealth Financial Network alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.