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Updated September 28, 2026. Quick answer: It depends which hat Hornor, Townsend & Kent is wearing. As your investment adviser, Hornor, Townsend & Kent owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Hornor, Townsend & Kent owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Hornor, Townsend & Kent’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 interests ahead of yours.”
How it’s registered
From Form CRS, Customer Relationship Summary, Hornor, Townsend & Kent (June 30, 2020): “Hornor, Townsend & Kent, LLC (“HTK” or “We” or “Us”) is registered with the U.S. Securities and Exchange Commission (“SEC”) as both a broker-dealer and 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 interests ahead of yours.”
On commissions: “HTK FPs receive a portion of the transaction-based fees generated by your investments, which may be asset-based and/or non-asset-based, and paid to the FP in an upfront commission (one-time payment) and/or on a recurring basis.”
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, Hornor, Townsend & Kent, June 30, 2020 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $8,750 a year, 1.75% on a $500,000 account, the published maximum, which the firm says is negotiable) | Form CRS, Customer Relationship Summary, Hornor, Townsend & Kent, June 30, 2020 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Hornor, Townsend & Kent discloses a published fee that runs up to $8,750 a year on a $500,000 account (the published maximum, which the firm says is negotiable); see the full dollar breakdown from Hornor, Townsend & Kent’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 Hornor, Townsend & Kent, or read the general mechanics of switching financial advisors.
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- Form CRS, Customer Relationship Summary, Hornor, Townsend & Kent (June 30, 2020): https://reports.adviserinfo.sec.gov/crs/crs_4031.pdf
- SEC Investment Adviser Public Disclosure, Hornor, Townsend & Kent (CRD #4031): https://adviserinfo.sec.gov/firm/summary/4031
- Hornor, Townsend & Kent, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/4031/PDF/4031.pdf
Methodology. This page was built September 28, 2026, quoting directly from Hornor, Townsend & Kent’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.