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Updated September 28, 2026. Quick answer: It depends which hat First Citizens Investor Services is wearing. As your investment adviser, First Citizens Investor Services owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, First Citizens Investor Services owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. First Citizens Investor Services’ 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 interests ahead of yours.”
How it’s registered
From Form CRS, Customer Relationship Summary, First Citizens Investor Services (January 16, 2026): “First Citizens Investor Services, Inc. (“FCIS”) 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”).”
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 interests ahead of yours.”
On commissions: “Our representative has the ability to discount the commission or fees you pay on certain investments or advisory programs.”
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, Customer Relationship Summary, First Citizens Investor Services, January 16, 2026 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $5,725 a year, 1.15% on a $500,000 account) | Form CRS, Customer Relationship Summary, First Citizens Investor Services, January 16, 2026 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. First Citizens Investor Services discloses a published fee that runs $5,725 a year on a $500,000 account; see the full dollar breakdown from First Citizens Investor Services’ own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, see what it costs to leave First Citizens Investor Services, or read the general mechanics of switching financial advisors.
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Source: WiserAdvisor’s service descriptionSources
- Form CRS, Customer Relationship Summary, First Citizens Investor Services (January 16, 2026): https://reports.adviserinfo.sec.gov/crs/crs_44430.pdf
- SEC Investment Adviser Public Disclosure, First Citizens Investor Services (CRD #44430): https://adviserinfo.sec.gov/firm/summary/44430
- First Citizens Investor Services, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/44430/PDF/44430.pdf
Methodology. This page was built September 28, 2026, quoting directly from First Citizens Investor Services’ 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.