“Fee-Only” means we do not accept commissions, referral fees, company kickbacks, or other incentives for the advice we provide. All of our compensation comes from our clients in a direct and fully-disclosed manner.
Clearly this is different than a commissioned-based salesperson. Maybe not so obvious is when someone is “fee-based” though. Fee-based typically means they charge fees AND collect commissions. Remember, Fee-Based is not Fee-Only.
Bottom Line: Since we have removed commissions, etc. from the equation, we have no incentive but to offer you our best advice.