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Updated September 18, 2026. Quick answer: It depends which hat MassMutual is wearing. As your investment adviser, MassMutual owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, MassMutual owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. MassMutual’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) (October 29, 2025): “MML Investors Services, LLC (MMLIS, we, us, or our) is registered with the Securities and Exchange Commission as both a broker-dealer and an investment adviser.”
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: “When you buy or sell individual securities, such as stocks, bonds, or exchange traded funds (ETFs), you will pay us a commission at the time of the transaction.”
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), October 29, 2025 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $10,350 a year, 2.07% on a $500,000 account, the sum of the firm’s published maximum fee components) | Form CRS (Client Relationship Summary), October 29, 2025 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. MassMutual discloses a published fee that runs up to $10,350 a year on a $500,000 account (the sum of the firm’s published maximum fee components); see the full dollar breakdown from MassMutual’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.
Compare your next step
Just comparing fees? Keep reading the fee guide.Optional next step
Explore an adviser match
Compare the services and the full fee before deciding whether to hire anyone.
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Expect questions about your situation, your name, email and phone, and phone verification by text. A match is not guaranteed.
The form is run by Kapitalwise, our advisor-matching partner. Kapitalwise sends your details to advisers who pay for the introduction, so expect calls and texts. Clear Money Guide is paid when you submit the form, whether or not you ever hire anyone. This is free to you and there is no obligation to hire anyone.
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How our partner relationships workCompare an adviser match before you decide
Ask about the full fee, what it covers and how the adviser is paid. A match is an introduction, not a recommendation from Clear Money Guide.
- Free matching service
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The matching service is run by WiserAdvisor, an independent advisor-matching company. It opens on their site, asks for your ZIP code and a few questions, and matches you with 2 to 3 vetted advisors. It is free to you. WiserAdvisor states the service is built for portfolios of $250,000 and above. By submitting, you consent to emails, phone calls and text messages from WiserAdvisor and up to three advisors, so expect to be contacted. Advisers pay for the introduction. Clear Money Guide is paid when you complete the form, whether or not you ever hire anyone. There is no obligation to hire anyone.
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Source: WiserAdvisor’s service descriptionSources
- Form CRS (Client Relationship Summary) (October 29, 2025): https://files.brokercheck.finra.org/crs_10409.pdf
- SEC Investment Adviser Public Disclosure, MML Investors Services, LLC (CRD #10409): https://adviserinfo.sec.gov/firm/summary/10409
- MML Investors Services, LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/10409/PDF/10409.pdf
Methodology. This page was built September 18, 2026, quoting directly from MassMutual’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 MassMutual’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full MassMutual review, including its fiduciary status and what it costs to leave.
Comparing MassMutual against other options? See MassMutual alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
Already with MassMutual and weighing a move? How to leave MassMutual covers what it costs to transfer out.