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Updated September 18, 2026. Quick answer: It depends which hat Raymond James is wearing. As your investment adviser, Raymond James owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, Raymond James owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. Raymond James’ own Form CRS states: “When we provide you with a recommendation as a broker/dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
Is Raymond James a fiduciary?
It depends which role Raymond James is in. As your investment adviser it owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer it owes you Regulation Best Interest, an enforceable standard but not a fiduciary duty.
How it’s registered
From Form CRS (Client Relationship Summary) (September 22, 2025): “Raymond James & Associates, Inc. (“Raymond James,” “we,” “us”) is registered with the Securities and Exchange Commission (SEC) as both a broker/dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).”
The standard of conduct, in its own words
“When we provide you with a recommendation as a 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: “Commissions, markups and mark downs earned in brokerage accounts, which vary by product.”
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), September 22, 2025 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $13,750 a year, 2.75% on a $500,000 account) | Form CRS (Client Relationship Summary), September 22, 2025 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. Raymond James discloses a published fee that runs $13,750 a year on a $500,000 account; see the full dollar breakdown from Raymond James’ 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) (September 22, 2025): https://reports.adviserinfo.sec.gov/crs/crs_705.pdf
- SEC Investment Adviser Public Disclosure, Raymond James & Associates, Inc. (CRD #705): https://adviserinfo.sec.gov/firm/summary/705
- Raymond James & Associates, Inc., SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/705/PDF/705.pdf
Methodology. This page was built September 18, 2026, quoting directly from Raymond James’ 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 Raymond James’s minimum investment, quoted verbatim from its own Form ADV Part 2A / wrap-fee brochure.
Weighing whether to move ahead? Read the full Raymond James review, including its fiduciary status and what it costs to leave.
Comparing Raymond James against other options? See Raymond James alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
Already with Raymond James and weighing a move? How to leave Raymond James covers what it costs to transfer out.