There are broadly three different types of advisors. Commission-only If you hire a commission-based financial advisor then you will have to pay a percentage of your budget as commission and the rest of the amount will be invested in the financial products and instruments. Fee-only Fee-only financial advisors charge a certain flat fee for their advice. The fee depends on the years of experience, expertise, and certifications that financial advisors hold. They do not get any kind of commissions out of the financial products recommended by them. Fee-based (Commissions and fees) These advisors charge a combination of both commissions and fees.