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Updated September 23, 2026. Quick answer: It depends which hat Northern Trust Wealth Management is wearing. As your investment adviser, Northern Trust Wealth Management owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Northern Trust Wealth Management owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Northern Trust Wealth Management’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.”
How it’s registered
From Northern Trust Securities, Inc. Form CRS (UNVERIFIED (no effective/filing date is printed anywhere in the 4-page document; internal PDF metadata is not cited as a substitute)): “Northern Trust Securities, Inc. (“NTSI”) is registered with the U.S. Securities and Exchange Commission (“SEC”) as a broker-dealer and an investment adviser.”
Northern Trust Investments, Incorporated (the affiliate most often cited for Northern Trust) manages institutional funds and is not the entity examined here. This page, like the already-live fee page, describes Northern Trust Securities, Inc. (CRD 7927), the affiliate that actually publishes a breakpoint fee schedule and a Form CRS for individual managed-account clients. Its Form CRS is a single combined document; the standard-of-conduct sentence below covers both the broker-dealer and investment-adviser capacities in one sentence rather than two separately worded standards.
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.”
On commissions: “Our financial professionals are paid a base salary as well as incentive compensation. The incentive compensation is discretionary and is based on a number of factors including client satisfaction, professional conduct and the income generated by the brokerage commissions or advisory assets that their clients bring into our firm.”
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 | Northern Trust Securities, Inc. Form CRS, UNVERIFIED (no effective/filing date is printed anywhere in the 4-page document; internal PDF metadata is not cited as a substitute) |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $6,250 a year, 1.25% on a $500,000 account) | Northern Trust Securities, Inc. Form CRS, UNVERIFIED (no effective/filing date is printed anywhere in the 4-page document; internal PDF metadata is not cited as a substitute) |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Northern Trust Wealth Management discloses a published fee that runs $6,250 a year on a $500,000 account; see the full dollar breakdown from Northern Trust Wealth Management’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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- Northern Trust Securities, Inc. Form CRS (UNVERIFIED (no effective/filing date is printed anywhere in the 4-page document; internal PDF metadata is not cited as a substitute)): https://reports.adviserinfo.sec.gov/crs/crs_7927.pdf
- SEC Investment Adviser Public Disclosure, Northern Trust Securities, Inc. (CRD #7927): https://adviserinfo.sec.gov/firm/summary/7927
- Northern Trust Securities, Inc., SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/7927/PDF/7927.pdf
Methodology. This page was built September 23, 2026, quoting directly from Northern Trust Wealth Management’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 take to open an account? See Northern Trust Wealth Management’s minimum investment, straight from its own Form ADV Part 2A brochure.
Weighing whether to move ahead? Read the full Northern Trust Wealth Management review, including its fiduciary status and what it costs to leave.
Comparing Northern Trust Wealth Management against other options? See Northern Trust Wealth Management 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.