No: New York Life is paid through sales charges, trails, commissions on variable annuities and life insurance, and sales of its own insurance products, as well as advisory fees. Its advisors offer brokerage through NYLIFE Securities LLC and advice through Eagle Strategies LLC, and Eagle’s brochure says they are also New York Life insurance agents. The Form CRS says that for advisory services, an advisor’s pay “depends in part on commissions the financial professional earns on the sale of our affiliates’ insurance products.” In Eagle’s main managed account programs the advisor fee can be up to 1.50% a year, plus a sponsor fee.
So New York Life isn’t a fee-only firm. Here’s how the pieces fit, from its own filings.
How New York Life is paid
New York Life Insurance Company owns both firms, and they share one Form CRS, dated July 31, 2026.
NYLIFE Securities (CRD 5167) is the broker-dealer. On mutual funds and 529 plans you pay “upfront sales charges on purchases, as well as trail fees.” It says: “We only offer variable life insurance and variable annuities issued by our affiliate.” Its advisors don’t recommend stocks, bonds or ETFs; you can only buy those on your own initiative. It doesn’t monitor your investments.
Eagle Strategies (CRD 110826) is the investment adviser. You pay an ongoing fee based on your assets, or a fixed or hourly fee for planning. Eagle’s brochure, dated July 31, 2026, says its advisors “are also insurance agents of New York Life” and its affiliated insurers, and registered representatives of NYLIFE Securities.
The insurance companies sell life insurance, annuities, disability insurance and long-term care insurance. Eagle’s brochure says advisors acting as insurance agents “may discuss your insurance needs with you” and recommend those products.
On its Form ADV Part 1, filed July 31, 2026, Eagle reports being paid by a percentage of assets, hourly charges and fixed fees. The sales charges and commissions sit with NYLIFE Securities and the insurers, which is why the Form CRS is the place to see them.
The CFP Board’s standards allow “fee-only” only when neither the advisor nor a related party receives sales-related compensation. Sales charges, trails and insurance commissions are sales-related pay, so New York Life doesn’t meet that test.
What else the filings disclose
Advisory pay is tied to insurance sales. For Eagle, the Form CRS says your advisor’s payout percentage “is based on overall sales of certain insurance and investment products offered by us and our affiliates over a 12-month period.” Advisors must meet production standards to qualify for certain benefits, and purchases of all products from New York Life companies count toward their eligibility for retirement, medical and life insurance benefits.
Brokerage pay. On variable life and annuities, NYLIFE advisors receive “a commission plus expense or training allowance directly from the insurer.” On mutual funds and 529 plans they receive a percentage of the upfront sales charge, plus a share of ongoing trails.
When insurance pays. Eagle’s brochure says New York Life agents receive “a substantial portion of their compensation at the time of the insurance transaction,” and that your advisor may benefit more from recommending an insurance product than an advisory or brokerage one.
Its own products. Both firms say they have an incentive to recommend products issued or managed by affiliates. Eagle offers a New York Life advisory variable annuity, with an Eagle advisory fee of 0% to 1% a year of the annuity’s value.
Fund and clearing payments. In Eagle wrap accounts, 12b-1 and other fund fees that NYLIFE Securities receives are credited back to your account. Revenue sharing is separate. The wrap brochure says many funds pay the clearing firm to be on its platform, and NYLIFE Securities receives 0.31% a year of client assets in those funds, sharing some with Eagle. No such payments are made on qualified accounts.
Disciplinary history. The Form CRS answers “Yes” for both firms. The details are on BrokerCheck.
What New York Life costs
Eagle’s managed accounts are wrap fee programs. Its wrap brochure, dated July 31, 2026, lists the maximum fee for each:
| Program | Advisor fee | Sponsor fee | Total client fee |
|---|---|---|---|
| Fund Advisory | Up to 1.50% | 0.27% to 0.57% | 1.77% to 2.07% |
| Separately Managed Account | Up to 1.50% | 0.37% to 0.82% | 1.87% to 2.32% |
| Representative Directed | Up to 1.50% | 0.15% | 1.65% |
| Unified Managed Account | Up to 1.50% | 0.27% to 0.77% | 1.77% to 2.27% |
| Prosper Portfolios (digital) | 0.50% to 1.25% | 0.30% | 0.80% to 1.55% |
The advisor fee is negotiable and Eagle keeps part of it. Some fees step down as your balance crosses asset tiers, and your own schedule is in the statement you sign before opening an account. Fund expenses are on top. Eagle doesn’t publish what a typical client pays.
At the advisor fee ceiling alone, before the sponsor fee:
- $500,000: up to $7,500 a year
- $1 million: up to $15,000 a year
In the Representative Directed programs, where the 1.65% maximum includes the sponsor fee, that’s up to $8,250 and $16,500.
Planning is separate. Eagle’s brochure says planning fees “generally range from $500 to $45,000 for each financial plan delivered,” and hourly advice generally costs $100 to $400 an hour. With an ongoing subscription, you agree the fees for the next five years at the start.
These are ceilings, so ask for your schedule in writing. For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets, or $5,000 on $500,000 and $10,000 on $1 million at that rate. Fee-only planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), a one-time plan has a median of $2,000, and hourly planners charge a median $300 an hour. Our guide to hourly financial planner costs goes further.
Who New York Life may suit
New York Life may suit someone whose main need is insurance, such as life insurance for a growing family or long-term care cover, and who wants it planned alongside savings by one advisor. Its advisors can put insurance, annuities, managed accounts and planning in one relationship. Someone who wants a short piece of advice can buy it by the hour.
Someone who wants advice from a firm paid only by them, or a second opinion on whether a policy or annuity fits, may want to compare a fee-only planner first. A fee-only planner earns nothing from the products they recommend. Our guides to insurance agent vs financial advisor and should you keep an annuity go further. Northwestern Mutual is a similar case.
How to check it yourself
- Read the Form CRS. NYLIFE Securities and Eagle share one, linked from Eagle’s SEC record. See what a Form CRS tells you.
- Ask which role your advisor is in for each recommendation: Eagle adviser, NYLIFE broker or New York Life agent.
- Ask what your advisor earns on any policy or annuity, and how it affects their advisory payout.
- Ask for your fee schedule in writing, including the sponsor fee and fund expenses.
- Look up your advisor on BrokerCheck.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor gives you the rest.
Compare similar firms
Other insurance companies we’ve checked against the fee-only definition: Northwestern Mutual, MassMutual, Prudential, Thrivent, State Farm, Primerica, Lincoln Financial, Equitable, Principal, Nationwide, Ameriprise. See all 50 firms.