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Updated September 28, 2026. Quick answer: It depends which hat Mutual of Omaha Investor Services is wearing. As your investment adviser, Mutual of Omaha Investor Services owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Mutual of Omaha Investor Services owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Mutual of Omaha 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 interest ahead of yours.”
How it’s registered
From Form CRS, Customer Relationship Summary, Mutual of Omaha Investor Services (June 5, 2026): “Mutual of Omaha Investor Services, Inc. (“MOIS”) is registered with the Securities and Exchange Commission as both a broker-dealer and an investment adviser”
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: “Your financial professional receives a commission for transactions in brokerage or direct accounts (described in the “brokerage services” section above).”
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, Mutual of Omaha Investor Services, June 5, 2026 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $6,250 a year, 1.25% on a $500,000 account, the published maximum) | Form CRS, Customer Relationship Summary, Mutual of Omaha Investor Services, June 5, 2026 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Mutual of Omaha Investor Services discloses a published fee that runs up to $6,250 a year on a $500,000 account (the published maximum); see the full dollar breakdown from Mutual of Omaha 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 Mutual of Omaha 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, Mutual of Omaha Investor Services (June 5, 2026): https://reports.adviserinfo.sec.gov/crs/crs_611.pdf
- SEC Investment Adviser Public Disclosure, Mutual of Omaha Investor Services (CRD #611): https://adviserinfo.sec.gov/firm/summary/611
- Mutual of Omaha Investor Services, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/611/PDF/611.pdf
Methodology. This page was built September 28, 2026, quoting directly from Mutual of Omaha 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.