No commissions, no ads, no advice. This Neuberger Berman Private Wealth profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is Neuberger Berman Private Wealth a fiduciary?

It depends on your account: Neuberger Berman Private Wealth is a fiduciary in its advisory programs, and follows the Regulation Best Interest standard as a broker. Publicly, it files with the SEC as Neuberger Berman Investment Advisers (CRD #124687). As of its latest Form ADV (filed September 24, 2026), the firm reported $398.6 billion in regulatory assets under management and 43,954 clients, counted by type in Item 5.D. Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management, fixed fees, and performance-based fees. All of it sits on the public record, and confirming it for yourself takes only a few minutes.

Neuberger Berman Private Wealth is a dual registrant, so the standard of care changes with the type of account you hold. In its advisory programs it acts as an investment adviser with a fiduciary duty. In brokerage accounts it acts as a broker-dealer under Regulation Best Interest (a best-interest obligation at the time of a recommendation, not a continuous fiduciary relationship). The practical move is to ask which type of account you have. Get started with Truthifi

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

Neuberger Berman Private Wealth at a glance

✅ Verified from public filings, last checked October 5, 2026. Neuberger Berman Private Wealth (SEC CRD #124687) is a fiduciary in its advisory programs, on a fee-based basis, with $398.6 billion in regulatory assets under management. Every figure below links to its primary source.

What	Neuberger Berman Private Wealth	Source
SEC CRD	#124687	IAPD
Registration	Investment adviser and broker-dealer (dual registrant)	IAPD
Registered since	January 23, 2003 (SEC)	IAPD
Fiduciary?	Yes in advisory programs, Reg BI in brokerage	SEC Reg BI
Fee model	Fee-based (commissions + advisory)	Form ADV Item 5.E
How it's paid	A percentage of assets under management, fixed fees, and performance-based fees	Form ADV Item 5.E
Regulatory Assets Under Management	$398.6 billion (Form ADV filed September 24, 2026)	IAPD
Clients and accounts	43,954 clients by type (Item 5.D); 43,516 of its accounts discretionary (Item 5.F)	IAPD
Employees	1,542 (646 in advisory roles)	IAPD
Ownership	Parent-owned	Form ADV Schedule A
Disclosures	Records carry disclosure items (common at this size). Review them directly	IAPD
HQ	New York, NY	IAPD

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Neuberger Berman Private Wealth fees: what you'll pay

Neuberger Berman Private Wealth fees depend on the account type: commissions in a brokerage account, an asset-based fee in an advisory program. In a brokerage account you generally pay commissions and product costs (mutual fund sales loads, markups, annuity commissions). In an advisory program you pay an asset-based advisory fee instead of per-trade commissions, plus the underlying fund expenses. Knowing which account you're in tells you what you're paying. According to its Form ADV (Item 5.E), the firm is paid through a percentage of assets under management, fixed fees, and performance-based fees.

Fee-based means cost can come from both an advisory fee and commissions, depending on the account.

Our view: if you're a private-wealth client here, ask in writing which program your account sits in and which of those three fee types applies to it. A firm that also charges performance-based fees to its fund and institutional clients may quote you a very different schedule, and the filing alone won't tell you which one is yours.

Who owns Neuberger Berman Private Wealth, and what conflicts does it disclose?

According to Schedule A of its Form ADV, Neuberger Berman Private Wealth is owned by Neuberger Berman Investment Advisers Holdings LLC. (Form ADV Schedule A)

Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.

Neuberger Berman Private Wealth SEC record: disclosures

To check Neuberger Berman Private Wealth's regulatory record, start with the firm's own filings. Like most large firms, Neuberger Berman Private Wealth's regulatory records may carry disclosure items, and at that scale the number of disclosures is not by itself a measure of wrongdoing or of the firm's quality. Disclosure counts tend to rise with headcount, so a raw tally says little on its own; the facts of each item matter more than the number. A firm with 1,542 employees will generally show more total items than a small one because more people are registered under it. Whatever Neuberger Berman Private Wealth disclosures exist live on the public record, including FINRA BrokerCheck. Read them there, in context, rather than secondhand.

On the record, the firm has been registered with the SEC since January 23, 2003, makes notice filings in 52 jurisdictions, and reports 1,542 employees, 646 of them in investment advisory roles. Over two decades of SEC registration under one CRD, with filings anyone can pull, answers the narrow question of whether this is a real, regulated adviser. Whether it's right for you is a separate question.

Reading Neuberger Berman Private Wealth reviews against the public record

Client reviews of a firm this size mostly come from one slice of its business, while its regulatory assets sit largely in funds and institutional mandates. Before you weigh Neuberger Berman Private Wealth reviews, check three things this profile takes from the public record. First, how the firm is paid: advisory accounts and brokerage accounts are paid differently, so the standard that applies depends on your account. Second, who owns it and what conflicts it discloses. Third, whether its Form ADV reports any disciplinary history. Read reviews alongside the record, not instead of it.

How to verify Neuberger Berman Private Wealth yourself

Three checks, each against a primary source:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/124687.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match Neuberger Berman Private Wealth (CRD #124687, legal name NEUBERGER BERMAN INVESTMENT ADVISERS LLC) so you're reading the right firm.

What Neuberger Berman Private Wealth does and who it serves

On its Form ADV, Neuberger Berman Private Wealth reports providing portfolio management for individuals and small businesses, portfolio management (investment companies), portfolio management (pooled vehicles), portfolio management for businesses and institutions, selection of other advisers, and educational seminars.

Its Form ADV (Item 5.D) breaks its clients down by type, 43,954 in all:

Client type	Clients	Assets managed
Individuals	24,100	$8.85 billion
High-net-worth individuals	15,676	$63.04 billion
Banking or thrift institutions	1	$93.5 million
Investment companies	72	$69.73 billion
Pooled investment vehicles	378	$142.34 billion
Pension and profit-sharing plans	710	$28.49 billion
Charities	991	$6 billion
State or municipal government entities	44	$27.81 billion
Other investment advisers	9	$3.88 billion
Insurance companies	62	$24.05 billion
Sovereign wealth funds	14	$9.44 billion
Corporations or other businesses	1,828	$14.23 billion
Other	69	$692.7 million

What the client mix shows. Read the table by assets rather than headcount and the picture shifts. Individuals and high-net-worth individuals make up 39,776 of the 43,954 clients, about 90%, yet hold $71.89 billion, roughly 18% of the $398.6 billion total. Pooled investment vehicles and investment companies, just 450 clients, account for $212.07 billion, about 53%. The average high-net-worth relationship works out to about $4.0 million, against roughly $367,000 for other individuals. For a private-wealth client, that means the headline $398.6 billion describes Neuberger Berman's fund and institutional business far more than the private-wealth desk you'd deal with.

Item 5.F counts accounts by discretion rather than clients by type: 43,516 discretionary (the firm can trade without seeking your approval first) and 438 non-discretionary, which together also total 43,954. That puts about 99% of accounts under discretionary management. Its main office is in New York, NY.

It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.

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The hard part isn't checking the firm. It's seeing your whole financial life.

Confirming Neuberger Berman Private Wealth is registered takes a few minutes. Your adviser there sees the accounts held at the firm, and often little beyond them. For a high-net-worth household, an old IRA, a spouse's portfolio and fees buried below a standard statement often sit outside that view. This is where Truthifi comes in.

How Truthifi can help

Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. If your Neuberger Berman account carries an asset-based fee while assets elsewhere carry commissions, the fee breakdown puts both side by side. You can share the accounts you choose with your advisor at Neuberger Berman Private Wealth.

Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Questions about your fees need Monitoring or Monitoring Plus+. Get started with Truthifi · See how Truthifi keeps your accounts secure

Ask AI about your Neuberger Berman Private Wealth accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my Neuberger Berman Private Wealth accounts and everything else, and how is it allocated?"
• "What am I actually paying in fees across all of these accounts?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Link up to 10 connections, per Truthifi's pricing page. Plans and limits are on the pricing page → truthifi.com.

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FAQ

Is Neuberger Berman Private Wealth a fiduciary? It depends on your account. In its advisory programs it acts as a fiduciary. In brokerage accounts it follows the SEC's Regulation Best Interest standard. Ask which type of account you have.

What are Neuberger Berman Private Wealth's fees? They depend on the account. Brokerage accounts generally pay commissions and product charges. Advisory programs charge an asset-based fee instead of per-trade commissions, plus underlying fund costs. See the Form CRS.

Who owns Neuberger Berman Private Wealth? Neuberger Berman Private Wealth is owned by Neuberger Berman Investment Advisers Holdings LLC, as listed in Schedule A of its Form ADV.

Does Neuberger Berman Private Wealth have complaints or disclosures? Its regulatory records may carry disclosure items, as is common at its size. A disclosure is not proof of wrongdoing. Read any directly on BrokerCheck and the firm's Form ADV.

Is Neuberger Berman Private Wealth legit? Neuberger Berman Private Wealth is registered with the SEC (CRD #124687) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.

Read next from the Truthifi blog

• What is a fiduciary?
• Fee-only financial advisor: costs and how to find one
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, Neuberger Berman Private Wealth's SEC and FINRA filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with Neuberger Berman Private Wealth. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.

One idea to take into your next review meeting: the Form ADV describes 43,954 relationships in aggregate, but only your own statements show which fee schedule, discretion setting and standard of care apply to the one that's yours.