Dually Registered

An advisor or firm that holds both a broker-dealer registration and an RIA registration, allowing them to earn both commissions and advisory fees. Dually registered advisors may act as a fiduciary in some client relationships and under a suitability or Reg BI standard in others, which can create confusion about which standard applies at any given time.

Often confused with:

Broker-Dealer, Registered Investment Adviser (RIA)