What is a fee-only advisor?

A fee-only advisor is paid directly by you, through a flat fee, an hourly rate, or a percentage of the assets they manage, and earns no commissions from selling products. That structure removes a big conflict of interest, since they don't make more money by steering you into one investment over another. Fee-only advisors are typically fiduciaries who must act in your best interest. Many people find this the cleanest, most transparent way to pay for advice.