How your advisor is paid affects the incentives behind their recommendations — worth understanding clearly before choosing one.
Fee-only advisors
Paid directly by you (flat fee, hourly, or percentage of assets managed), with no commission from products sold — generally considered to have fewer conflicts of interest.
Commission-based advisors
Paid by the financial products they sell you, which can create an incentive to recommend products that pay them more, not necessarily what's best for you.
Ask directly: "How are you compensated?" — a fee-only advisor will answer this plainly and often holds a fiduciary duty to act in your interest.
This article is general information, not financial or legal advice. Rules, costs, and program details vary and change over time — confirm current specifics with a licensed financial advisor or elder law attorney before making a decision.