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Updated September 24, 2026. Quick answer: It depends which hat Transamerica Financial Advisors is wearing. As your investment adviser, Transamerica Financial Advisors owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Transamerica Financial Advisors owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Transamerica Financial Advisors’ 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 Transamerica Financial Advisors, LLC Form CRS (Version 3/2026): “Transamerica Financial Advisors, LLC (“we or us”) is registered with the U.S. 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”), the Municipal Securities Rulemaking Board (“MSRB”) 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.”
On commissions: For brokerage accounts, we compensate our FPs with a portion of the commission that you pay to us or that we receive from the product issuer. For advisory accounts, our FPs receive a portion of the advisory fee we collect from you or from a third-party money manager. We may also provide bonuses to our FPs based on their sales activity and/or the amount of assets they manage.
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 | Transamerica Financial Advisors, LLC Form CRS, Version 3/2026 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $13,750 a year, 2.75% on a $500,000 account, the published maximum) | Transamerica Financial Advisors, LLC Form CRS, Version 3/2026 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Transamerica Financial Advisors discloses a published fee that runs up to $13,750 a year on a $500,000 account (the published maximum); see the full dollar breakdown from Transamerica Financial Advisors’ 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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Source: WiserAdvisor’s service descriptionSources
- Transamerica Financial Advisors, LLC Form CRS (Version 3/2026): https://reports.adviserinfo.sec.gov/crs/crs_16164.pdf
- SEC Investment Adviser Public Disclosure, Transamerica Financial Advisors, LLC (CRD #16164): https://adviserinfo.sec.gov/firm/summary/16164
- Transamerica Financial Advisors, LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/16164/PDF/16164.pdf
Methodology. This page was built September 24, 2026, quoting directly from Transamerica Financial Advisors’ 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.
Weighing whether to move ahead? Read the full Transamerica Financial Advisors review, including its fiduciary status and what it costs to leave.
Comparing Transamerica Financial Advisors against other options? See Transamerica Financial Advisors 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.
Already with Transamerica Financial Advisors and weighing a move? How to leave Transamerica Financial Advisors covers what it costs to transfer out.