Because of the potential conflict, there are stipulations on clients with whom you may and may not engage in financial planning. These regulations can be cumbersome, but not impossible. Here are some basic definitions. Fee-only planning means solely the client compensates the advisor for services provided. Fees can be hourly, flat or fixed.
Fees can be a percentage of assets or income.
Performing services and receiving compensation in any of these manners still keeps you as a fee-only advisor. As a practitioner of public accounting for over 10 years, the best move I ever made was moving away from a fee only practice. To do that in 1994 required the practitioner to cease the practice of public accounting. Today, that is not true. This, for many, becomes a Catch 22, as the Commonwealth prerequisites for this exam include several criteria.