Being registered only as a Registered Investment Advisor means that the firm's financial professionals are always required to follow the Fiduciary Standard. This is not the case when they are dually registered as a Broker-Dealer and an Investment Advisor. A dually registered financial professional may act in different capacities on different accounts (or at different times) for the same client. They may be a Registered Investment Advisor Representative on one and a Broker Dealer Agent on another.
| Firm | Always Follows Fiduciary Standard | Registered Investment Advisor | Registered Broker-Dealer |
|---|---|---|---|
| One Day In July | |||
| Edward Jones | |||
| Vanguard | |||
| Fisher Investments | |||
| Morgan Stanley | |||
| Merrill | |||
| Citigroup | |||
| Raymond James |
"Edward Jones" is a registered trademark of Edward Jones Investments, "Fisher Investments" is a registered trademark of Fisher Asset Management LLC, "Morgan Stanley" is a registered trademark of Morgan Stanley, "Vanguard" is a registered trademark of The Vanguard Group Inc, "Merrill," a wholly owned subsidiary of and a registered trademark of Bank of America Corporation, and "Citigroup" is a registered trademark of Citigroup Inc. "Raymond James®" is a registered trademark of Raymond James Financial, Inc.
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