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Updated September 22, 2026. Quick answer: It depends which hat Janney Montgomery Scott is wearing. As your investment adviser, Janney Montgomery Scott owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Janney Montgomery Scott owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Janney Montgomery Scott’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 Janney Montgomery Scott LLC Client Relationship Summary (Form CRS) (Effective July 1, 2026): “Janney Montgomery Scott LLC is registered with the Securities and Exchange Commission (“SEC”) 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: “For brokerage services, the primary costs you will incur are transaction-based commissions for securities trades.”
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 | Janney Montgomery Scott LLC Client Relationship Summary (Form CRS), Effective July 1, 2026 |
| 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) | Janney Montgomery Scott LLC Client Relationship Summary (Form CRS), Effective July 1, 2026 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Janney Montgomery Scott 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 Janney Montgomery Scott’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 Janney Montgomery Scott, or read the general mechanics of switching financial advisors.
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- Janney Montgomery Scott LLC Client Relationship Summary (Form CRS) (Effective July 1, 2026): https://reports.adviserinfo.sec.gov/crs/crs_463.pdf
- SEC Investment Adviser Public Disclosure, Janney Montgomery Scott LLC (CRD #463): https://adviserinfo.sec.gov/firm/summary/463
- Janney Montgomery Scott LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/463/PDF/463.pdf
Methodology. This page was built September 22, 2026, quoting directly from Janney Montgomery Scott’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 Janney Montgomery Scott’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Janney Montgomery Scott review, including its fiduciary status and what it costs to leave.
Comparing Janney Montgomery Scott against other options? See Janney Montgomery Scott alternatives, including a flat-fee route and a robo/hybrid, plus a lower-fee full-service firm.