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You are thinking of fee-only, which sounds very similar, but is vastly different from fee-based. Fee only is what you want. As it happens, Scott Adams appears
by mercutio2 9y ago
You are thinking of fee-only, which sounds very similar, but is vastly different from fee-based. Fee only is what you want.
As it happens, Scott Adams appears to have meant the exact opposite of how he’s been quoted! Scott specifically meant to warn people off financial advisers who charge a percentage of assets.
Fee-based as a label appears to exist purely to confuse unsophisticated consumers, by sounding so similar to the (good) fee-only label.
- shimon 9y agoGood point. The intention (in my post and presumably the ones I referenced) is that the financial advisor should be paid only a fixed fee by her client and not be biased like a commissioned salesperson.