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Updated September 18, 2026. Quick answer: Mostly yes, with one carve-out. Kestra (Kestra Private Wealth Services / Kestra Advisory Services) is registered with the SEC only as an investment adviser, so on your advisory account it owes you a fiduciary duty under the Investment Advisers Act of 1940. Its own Form CRS states: “When Kestra AS and Kestra PWS act as your investment adviser, they are a fiduciary. When Kestra IS acts as your broker-dealer, it is required to act in your best interest and not put its interests ahead of yours.” A limited number of Kestra (Kestra Private Wealth Services / Kestra Advisory Services)’s financial professionals are separately licensed to sell brokerage products in a different capacity, where the weaker Regulation Best Interest standard, not a fiduciary duty, applies instead.
How it’s registered
From Form CRS (Client Relationship Summary) (As of December 15, 2022): “Kestra Advisory Services, LLC (“Kestra AS”) and Kestra Private Wealth Services, LLC (“Kestra PWS”) are investment advisers registered with the Securities and Exchange Commission (SEC) and provide investment advisory services. Kestra Investment Services, LLC (“Kestra IS”) is a broker-dealer registered with the SEC, is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC) and provides securities brokerage services.”
Kestra Advisory Services, LLC is registered with the SEC only as an investment adviser; there is no separate SEC broker-dealer registration under this CRD. Its current Form CRS is filed jointly with two affiliates, including broker-dealer Kestra Investment Services, LLC, which is why the commission language above describes that affiliate’s business rather than Kestra Advisory Services’ own advisory compensation.
The standard of conduct, in its own words
“When Kestra AS and Kestra PWS act as your investment adviser, they are a fiduciary. When Kestra IS acts as your broker-dealer, it is required to act in your best interest and not put its interests ahead of yours.”
On commissions: “For brokerage services, Kestra IS financial professionals earn commissions from the sale of securities. The more a financial professional sells, the more Kestra IS pays as a percentage of those sales.”
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your investment adviser (most clients) | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $12,500 a year, 2.50% on a $500,000 account, the published maximum, which the firm says is negotiable) | Form CRS (Client Relationship Summary), As of December 15, 2022 |
| As a dually licensed representative (limited) | Also FINRA-registered broker-dealer representative, separate capacity | Regulation Best Interest (not a fiduciary duty) | Yes | Form CRS (Client Relationship Summary), As of December 15, 2022 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Kestra (Kestra Private Wealth Services / Kestra Advisory Services) discloses a published fee that runs up to $12,500 a year on a $500,000 account (the published maximum, which the firm says is negotiable); see the full dollar breakdown from Kestra (Kestra Private Wealth Services / Kestra Advisory Services)’s own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
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- Form CRS (Client Relationship Summary) (As of December 15, 2022): https://files.brokercheck.finra.org/crs_283330.pdf
- SEC Investment Adviser Public Disclosure, Kestra Advisory Services, LLC (“Kestra AS”) (CRD #283330): https://adviserinfo.sec.gov/firm/summary/283330
- Kestra Advisory Services, LLC (“Kestra AS”), SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/283330/PDF/283330.pdf
Methodology. This page was built September 18, 2026, quoting directly from Kestra (Kestra Private Wealth Services / Kestra Advisory Services)’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 Kestra’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Kestra (Kestra Private Wealth Services / Kestra Advisory Services) review, including its fiduciary status and what it costs to leave.
Comparing Kestra (Kestra Private Wealth Services / Kestra Advisory Services) against other options? See Kestra (Kestra Private Wealth Services / Kestra Advisory Services) alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.