Guides › Financial Advisor Fees
Updated September 18, 2026. Quick answer: Yes, on every account. Cambridge Investment Research’s advisory service is run by Cambridge Investment Research Advisors, Inc., which is registered with the SEC as an investment adviser and is not a broker-dealer, so the Investment Advisers Act of 1940 requires it to act as your fiduciary there. A separate firm in the same corporate family, Cambridge Investment Research, Inc. (CRD 39543), is an active FINRA member broker-dealer that the Advisers Act fiduciary standard does not cover. Its own Form CRS states: “When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
How it’s registered
From Form CRS (Client Relationship Summary) (June 2020): “Cambridge Investment Research Advisors, Inc. (“CIRA”) is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser.”
Cambridge Investment Research Advisors, Inc. is registered with the SEC only as an investment adviser and its own current Form CRS discloses no commissions for its advisory services. A separately registered affiliate, Cambridge Investment Research, Inc., is the broker-dealer in the family and files its own, different Form CRS.
The standard of conduct, in its own words
“When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
On commissions: “You will pay a fee for our services based upon the type of service you receive. This can include asset-based fees, fixed fees, hourly fees, set-up fees and program fees.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $11,250 a year, 2.25% on a $500,000 account, the published maximum, which the firm says is negotiable) | Form CRS (Client Relationship Summary), June 2020 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Cambridge Investment Research discloses a published fee that runs up to $11,250 a year on a $500,000 account (the published maximum, which the firm says is negotiable); see the full dollar breakdown from Cambridge Investment Research’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.
- No fee to request a match
- No obligation to hire
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) (June 2020): https://files.brokercheck.finra.org/crs_134139.pdf
- SEC Investment Adviser Public Disclosure, Cambridge Investment Research Advisors, Inc. (CRD #134139): https://adviserinfo.sec.gov/firm/summary/134139
- Cambridge Investment Research Advisors, Inc., SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/134139/PDF/134139.pdf
Methodology. This page was built September 18, 2026, quoting directly from Cambridge Investment Research’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 Cambridge Investment Research’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Cambridge Investment Research review, including its fiduciary status and what it costs to leave.
Comparing Cambridge Investment Research against other options? See Cambridge Investment Research alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
Already with Cambridge Investment Research and weighing a move? How to leave Cambridge Investment Research covers what it costs to transfer out.