No: Truist is paid through commissions, markups, sales charges and payments from product sponsors on its brokerage and insurance business, as well as advisory fees on its managed accounts. Its investment business runs through two companies: Truist Investment Services, a broker-dealer and licensed insurance agency, and Truist Advisory Services, an SEC-registered adviser. Its main advisory programs charge a negotiated fee of up to 2.25% a year.
The same advisors work for both companies, so Truist works like a dual registrant, not a fee-only firm. Here’s what its own filings say.
How Truist is paid
Truist Investment Services (CRD 17499) and Truist Advisory Services (CRD 283390) share one Form CRS, dated July 31, 2026. Both are “wholly owned, non-bank subsidiaries” of Truist Financial Corporation, the parent of Truist Bank.
Brokerage (Truist Investment Services). You pay per trade: “commissions, mark-ups, mark-downs, or sales charges.” The Form CRS adds that “we have a financial incentive to encourage you to trade often.” Some products also carry embedded sales charges and fees, “some of which may be paid to us.” The firm doesn’t monitor brokerage accounts, and says it doesn’t act as a fiduciary on them unless it specifically acknowledges it.
Insurance. Truist Investment Services is a licensed insurance agency, and annuities are offered through it. Under referral agreements with outside agencies, the Form CRS says the firm and its advisors “earn a percentage of commissionable premium” on life, long-term care and disability policies, and Truist Bank earns more under those agreements.
Advisory programs (Truist Advisory Services). You pay “an agreed-upon percentage of the assets held in your investment advisory account, in advance on a quarterly basis.” In wrap programs the fee covers advice, custody and most trading costs. The wrap brochure says Truist credits back any 12b-1 fees it receives on funds held in advisory accounts.
On its Form ADV Part 1, filed October 14, 2026, Truist Advisory Services reports being paid by a percentage of assets and by fixed fees. The commissions sit with Truist Investment Services, 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. Commissions, sales charges and insurance premiums are sales-related pay, so Truist doesn’t meet that test as a firm.
What else the filings disclose
Your cash. Uninvested cash in both brokerage and advisory accounts is swept into deposit accounts at program banks “including our affiliate Truist Bank,” which “uses such deposits in the ordinary operations of its banking business.”
Affiliates. The Form CRS names Truist Bank, Truist Securities and GFO Advisory Services and says “Truist benefits when products and services offered by these affiliates are chosen.” The wrap brochure says GFO’s private funds are used in some advisory accounts, but not retirement accounts.
Other payments. Truist Investment Services receives revenue from some money market funds, and payments from its clearing firm, National Financial Services, tied to margin interest, securities lending and some cash balances.
How advisors are paid. On brokerage accounts, advisors receive “a percentage of the fees, charges, trails, and certain other revenue.” On advisory accounts, they receive a share of your ongoing fee. Bonuses can be based on production, asset gathering and “referrals to affiliates.” Advisors in the phone-based Client Advisory Center are salaried, with incentives. The wrap brochure adds: “Because advisory fees are generally higher than commissions for comparable brokerage services,” advisors have a reason to recommend advisory accounts.
Disciplinary history. The Form CRS answers “Yes.” The details are on BrokerCheck and the SEC’s adviser record.
What Truist costs
Truist publishes a ceiling for its main advisory programs, not a schedule of typical rates. From the August 31, 2026 wrap brochure:
| Program | Maximum yearly fee | Minimum to open |
|---|---|---|
| AMC Advise, Allocation Plus, Fund Select Tactical, Pinnacle, Premier, Sentry | 2.25% (negotiable) | $10,000 to $100,000, by program |
| AMC Annuity (advisory fee on an annuity) | 1.50% up to $25 million | $50,000 |
| AMC Truist Invest (closed to new clients from August 1, 2026) | 0.85% | $5,000 |
Choosing an outside model provider or manager adds 0.35% to 0.75% in Fund Select Tactical and Pinnacle, and up to 0.75% in Premier. The fee is charged on everything in the account, including cash, and the funds you hold charge their own expenses on top. The brochure says the fee “is negotiable” and can vary with your account size, services and total relationship with Truist and its affiliates.
Financial planning is described as complimentary for clients in these programs. The brochure notes that the advisor who prepares a plan “will receive compensation” on the accounts and products you then open through Truist.
At the published ceiling, the program fee comes to:
- $500,000: up to $11,250 a year
- $1 million: up to $22,500 a year
That’s a maximum, not a quote, so ask for your rate 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), and a one-time plan has a median of $2,000. A flat-fee planner may not manage your investments for that price, while a Truist wrap fee covers management, trading and custody. Our guides to what an advisor costs on $500,000 and wrap fees vs à la carte fees go further.
Who Truist may suit
Truist may suit someone who banks with Truist and wants investments, insurance and an advisor in the same relationship and the same branch. Its account minimums start low, at $10,000 for one advisory program, and smaller investors can work with the phone-based Client Advisory Center or trade on their own through Truist Trade. Someone who rarely trades may find a brokerage account costs less than a yearly percentage.
Someone who wants advice from a firm paid only by them, or a price they can compare before meeting anyone, may want to talk to an independent fee-only advisor first. Our guide to independent advisor vs bank advisor covers the differences, and private banker vs fee-only advisor covers the bank’s wealth side. If you’ve been offered an annuity, see insurance agent vs financial advisor.
How to check it yourself
- Read the Form CRS. It’s four pages and covers both companies. It’s linked from the SEC record. See what a Form CRS tells you.
- Ask which company you’re dealing with for each account: Truist Investment Services as your broker, or Truist Advisory Services as your adviser.
- Ask for your fee in dollars, including any model or manager fee and the expense ratios of the funds you’d hold.
- Ask how your cash is handled and what the sweep pays compared with a money market fund.
- 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. For how other banks compare, see Is PNC fee-only? and Is U.S. Bank fee-only?.
Compare similar firms
Other banks we’ve checked against the fee-only definition: Bank of America, PNC, U.S. Bank, Citi. See all 50 firms.