"Fee-Only" means two things:
- The advisor is compensated only by clients, not a third-party. He doesn’t accept commissions for selling products or collect fees disguised within an investment or insurance product.
- The advisor is a fiduciary, all the time. This means he promises, and is required by law, to work in your best interests. Many people are surprised to find that the vast majority of "advisors" are not held to a fiduciary standard and despite having the option to do so, choose to put their own interests ahead of yours.