A dual registrant is a firm registered both as an investment adviser and as a broker-dealer; a person who holds both an adviser registration and a broker registration is called dually registered.
Many firms are both. The same person can act as an investment adviser representative on one account, charging an advisory fee and owing a fiduciary duty, and as a registered representative on another, earning commissions under Regulation Best Interest.
The SEC's advice to investors is to make sure you understand when your professional is acting as a broker and when as an adviser. The legal standard, the way you pay and the conflicts of interest all change with the role.
A dual registrant can describe both services in one Form CRS of up to four pages. A person with a current broker registration can earn commissions, so they are not fee-only, whatever they call themselves.
How to check
Search the person on FINRA BrokerCheck and on the SEC's Investment Adviser Public Disclosure site. If both show a current registration, they are dually registered. For a dual-registrant firm, check the disciplinary history on both its brokerage and advisory records.
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