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Updated September 23, 2026. Quick answer: It depends which hat Principal Securities is wearing. As your investment adviser, Principal Securities owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Principal Securities owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Principal Securities’ own Form CRS states: “When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we must act in your best interest and not put our interests ahead of yours.”
How it’s registered
From Principal Securities, Inc. Form CRS (March 30, 2026): “Principal Securities, Inc. is registered with the Securities and Exchange Commission (SEC) as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).”
Principal Securities, Inc.’s Form CRS is a single combined document covering both its broker-dealer and investment-adviser capacities; the standard-of-conduct sentence below covers both 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 must act in your best interest and not put our interests ahead of yours.”
On commissions: “The primary way our financial professionals make money is through the commissions and fees you pay Principal Securities.”
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 | Principal Securities, Inc. Form CRS, March 30, 2026 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $8,750 a year, 1.75% on a $500,000 account) | Principal Securities, Inc. Form CRS, March 30, 2026 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Principal Securities discloses a published fee that runs $8,750 a year on a $500,000 account; see the full dollar breakdown from Principal Securities’ 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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- Principal Securities, Inc. Form CRS (March 30, 2026): https://reports.adviserinfo.sec.gov/crs/crs_1137.pdf
- SEC Investment Adviser Public Disclosure, Principal Securities, Inc. (CRD #1137): https://adviserinfo.sec.gov/firm/summary/1137
- Principal Securities, Inc., SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/1137/PDF/1137.pdf
Methodology. This page was built September 23, 2026, quoting directly from Principal Securities’ 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 Principal Securities’s minimum investment, straight from its own Form ADV Part 2A brochure.
Weighing whether to move ahead? Read the full Principal Securities review, including its fiduciary status and what it costs to leave.
Comparing Principal Securities against other options? See Principal Securities alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
Already with Principal Securities and weighing a move? How to leave Principal Securities covers what it costs to transfer out.