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Updated September 18, 2026. Quick answer: It depends which hat LPL Financial is wearing. As your investment adviser, LPL Financial owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, LPL Financial owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. LPL Financial’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. … Your Professional is legally required to act in your best interest and not put his or her interests ahead of your own.”
How it’s registered
From Form CRS (Client Relationship Summary) (Effective March 31, 2026): “LPL (referred to as “we” or “us”) is registered with the U.S. Securities and Exchange Commission as 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. … Your Professional is legally required to act in your best interest and not put his or her interests ahead of your own.”
On commissions: “For brokerage services, we charge a transaction-based fee (sometimes referred to as a commission) every time you buy or sell an investment.”
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), Effective March 31, 2026 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: up to $14,750 a year, 2.95% on a $500,000 account, the sum of the firm’s published maximum fee components) | Form CRS (Client Relationship Summary), Effective March 31, 2026 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. LPL Financial discloses a published fee that runs up to $14,750 a year on a $500,000 account (the sum of the firm’s published maximum fee components); see the full dollar breakdown from LPL Financial’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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Just comparing fees? Keep reading the fee guide.Optional next step
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Source: WiserAdvisor’s service descriptionSources
- Form CRS (Client Relationship Summary) (Effective March 31, 2026): https://files.brokercheck.finra.org/crs_6413.pdf
- SEC Investment Adviser Public Disclosure, LPL Financial LLC (CRD #6413): https://adviserinfo.sec.gov/firm/summary/6413
- LPL Financial LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/6413/PDF/6413.pdf
Methodology. This page was built September 18, 2026, quoting directly from LPL Financial’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 LPL Financial’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full LPL Financial review, including its fiduciary status and what it costs to leave.
Comparing LPL Financial against other options? See LPL Financial alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
How does this compare? See how 127 advisory firms are registered, from each firm’s own SEC record.
Already with LPL Financial and weighing a move? How to leave LPL Financial covers what it costs to transfer out.