“Don’t ask the barber whether you need a haircut, because the answer will be what’s best for the man with the scissors.”
A fee-only financial advisor sells only one thing -- the best, unbiased financial advice.
Banks and commission-based financial advisors and planners are in the business of selling products, not servicing. Professional fee-only financial advisors are compensated for the knowledge, experience and advice they provide - not for the products they sell you.
A fee-only advisor charges a fee based solely on an hourly or per project rate (like lawyers, accountants and consultants).
The advisor has no conflicts of interest. The advisor’s compensation does not depend upon selling you a product, but only on providing you with the best solutions possible. The advice you receive will be based on all the possibilities available, not just those that fit into the products the advisor is selling.