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Updated September 18, 2026. Quick answer: It depends which hat Ameriprise is wearing. As your investment adviser, Ameriprise owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Ameriprise owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Ameriprise’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 Form CRS (Client Relationship Summary) (August 2026 (footer print code 116125 G (8/26))): “By choosing us, you are working with a firm that is registered with the Securities and Exchange Commission (SEC) as both an investment adviser and a broker-dealer.”
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: “With brokerage services, your financial advisor receives a percentage of the brokerage commissions you pay and ongoing fees from certain investment products you may hold.”
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 (Client Relationship Summary), August 2026 (footer print code 116125 G (8/26)) |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $10,000 a year, 2.00% on a $500,000 account, the published maximum, which the firm says is negotiable) | Form CRS (Client Relationship Summary), August 2026 (footer print code 116125 G (8/26)) |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Ameriprise discloses a published fee that runs up to $10,000 a year on a $500,000 account (the published maximum, which the firm says is negotiable); see the full dollar breakdown from Ameriprise’s 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 Ameriprise, or read the general mechanics of switching financial advisors.
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Source: WiserAdvisor’s service descriptionSources
- Form CRS (Client Relationship Summary) (August 2026 (footer print code 116125 G (8/26))): https://www.ameriprise.com/binaries/content/assets/ampcom/legal/client-relationship-summary/crs.pdf
- SEC Investment Adviser Public Disclosure, Ameriprise Financial Services, LLC (CRD #6363): https://adviserinfo.sec.gov/firm/summary/6363
- Ameriprise Financial Services, LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/6363/PDF/6363.pdf
Methodology. This page was built September 18, 2026, quoting directly from Ameriprise’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 actually take to open an account? See Ameriprise’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Ameriprise review, including its fiduciary status and what it costs to leave.
Comparing Ameriprise against other options? See Ameriprise alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.