How to Find a Flat-Fee or Fee-Only Financial Advisor

Not financial advice. This page covers how to locate and vet advisors who operate on flat-fee, hourly, or fee-only compensation models.

The hardest part of hiring a flat-fee financial advisor isn't finding someone who calls themselves fee-only. It's finding one who actually is. Because "fee-only" has no legal protection as a term, it appears on the websites of advisors who receive commissions, revenue-sharing, and third-party incentives — all of which are disclosed in fine print but not flagged in their marketing.

Three membership organizations have solved this problem by requiring true fee-only status as a condition of membership, then verifying it. If you find an advisor through any of these directories, the compensation structure has been vetted. That's the starting point.

The three main directories

NAPFA — National Association of Personal Financial Advisors

NAPFA is the oldest and most rigorous fee-only membership organization. Founded in 1983, it maintains the strictest admission standards of the three directories.¹

What NAPFA requires from members:

• Compensation must be 100% fee-only — no commissions, no revenue-sharing, no third-party payments of any kind. Verified via a third-party ADV review.
• CFP® designation (required for NAPFA-Registered membership, the main category).
• Signed fiduciary oath.
• Submission of a sample comprehensive financial plan, reviewed by a peer reviewer.
• 60 continuing education credits every two years.

The peer-reviewed financial plan requirement distinguishes NAPFA from other directories — it's a quality check on the work product, not just the business structure.

How to search: napfa.org → Find an Advisor. Filter by location and specialty. Most listed advisors show their fee model (retainer, AUM, or hourly) and planning specialties directly on the profile.

Best for: Comprehensive annual planning relationships, complex situations (business owners, concentrated equity, multi-decade retirement planning), HNW households for whom advisor quality and fiduciary rigor matter above all.

XY Planning Network (XYPN)

XY Planning Network was founded in 2014 to serve clients who weren't being reached by traditional AUM-model advisors — specifically, Gen X and Gen Y clients who couldn't meet AUM minimums. The name is a bit dated; many XYPN advisors now serve clients across all ages and wealth levels.²

What XYPN requires from members:

• Fee-only compensation, following the CFP Board's definition — all compensation comes exclusively from clients in the form of fixed, flat, hourly, percentage, or performance-based fees.
• Fiduciary oath.
• BrokerCheck screening — no member is approved with a regulatory fine, arbitration, or settlement over $10,000.
• Members must accommodate clients at any asset level — no AUM minimum as a gatekeeping requirement.
• CFP® is required only to appear in the Find-An-Advisor listing (not for membership itself).

XYPN members receive a paid NAPFA membership as part of their dues, so most XYPN advisors in the Find-An-Advisor directory also appear in the NAPFA directory. The pools overlap significantly at the CFP level.

How to search: connect.xyplanningnetwork.com/find-an-advisor. Searchable by location, specialty, and financial life stage. Many XYPN advisors explicitly offer subscription-based or flat-fee retainer models designed for clients who want planning without AUM minimums.

Best for: Clients who want retainer-based or subscription-priced planning, younger HNW clients, and people whose primary need is financial planning rather than portfolio management.

Garrett Planning Network

Garrett Planning Network was founded by Sheryl Garrett in 2000 with a specific mission: make competent, objective financial advice accessible on an hourly, as-needed basis — without requiring ongoing relationships or asset minimums.³

What Garrett requires from members:

• Must offer financial planning and investment advice on an hourly, as-needed basis (members may also offer ongoing services, but hourly must be available).
• 100% fee-only — no commissions or third-party compensation.
• No asset or income minimums — clients cannot be screened out by wealth level.
• CFP® or CPA/PFS credential required (or must obtain one within five years of initial RIA registration).
• All members are fiduciaries.

The Garrett model is structurally different from NAPFA and XYPN. Garrett advisors are explicitly available for one-off engagements — a two-hour Roth conversion review, a pre-retirement income analysis, a one-time financial plan. You're not signing up for an ongoing relationship unless you choose to.

How to search: directory.garrettplanningnetwork.com. Filter by location and specialty. Most advisors list their hourly rate and what they're willing to work on without a long-term commitment.

Best for: DIY investors who want a one-time second opinion, clients facing a specific complex decision (retirement transition, inheritance, business sale), anyone who wants advice on an hourly basis without a retainer requirement.

How to vet an advisor you find in a directory

Directory membership confirms fee-only status. It doesn't evaluate fit, planning depth, or whether the advisor actually specializes in your situation. Here's how to go further:

Step 1: Look up their ADV

Every registered investment adviser files a Form ADV Part 2 with the SEC. It's a plain-English disclosure document that covers compensation, potential conflicts, services offered, and disciplinary history. Look it up at adviserinfo.sec.gov — search by the firm name, not the individual advisor name. Read the "Fees and Compensation" section carefully. If it mentions commissions, revenue-sharing, or third-party payments alongside client fees, the advisor is not actually fee-only regardless of directory membership.

Step 2: Match specialization to your situation

Most advisors on directory profiles list specializations. An advisor who focuses on tech employees and equity compensation may be less useful to a retiring business owner, even if both are fee-only. Look for at least one or two past client situations that mirror yours. A first conversation is usually free — use it to assess whether the advisor has seen your type of situation before.

Step 3: Clarify the engagement model

Even within the flat-fee world, advisors vary significantly in how they structure engagements:

• Annual retainer: Fixed fee ($3,000–$15,000/year) covering comprehensive planning, unlimited meetings, and ad hoc questions. Best for ongoing, multi-year planning relationships.
• Hourly: $300–$500/hr for defined project work. Best for one-time decisions or DIY investors who want targeted validation.
• Project fee: Fixed fee for a defined scope — comprehensive financial plan, retirement income analysis, divorce financial review. Typically $1,500–$8,000. See financial advisor cost breakdown for specifics.

Confirm which models a given advisor offers before the first call. Some NAPFA advisors operate AUM-only despite fee-only status — they're still fee-only, but their fee is percentage-based. If you want flat-fee or hourly, ask specifically whether those structures are available.

Questions to ask in the first meeting

The first meeting with a fee-only advisor is typically free. Use it to assess both fit and structure:

1. "Do you or your firm receive any compensation other than the fees I pay you directly?" The right answer is no. Any hedging means fee-based, not fee-only.
2. "What does a typical engagement look like for someone in my situation?" You want to hear specifics, not a product pitch.
3. "How do you charge, and what's included at that price?" Flat-fee retainers should specify what's covered — number of meetings, included reviews, tax planning, insurance audits.
4. "Have you worked with clients in my specific situation before?" Business owners, people with concentrated equity, DIY investors with $5M in Vanguard — these are different planning landscapes.
5. "What's your investment philosophy, and do you manage portfolios or just advise?" Some flat-fee advisors manage portfolios; others only advise. Know which you're getting.

Red flags

• Hesitation on the compensation question. A true fee-only advisor answers "do you receive commissions?" with a straight "no." Anything else is evasion.
• ADV mentions product commissions. The ADV doesn't lie. If it shows any non-client compensation source, the advisor is fee-based regardless of what their website says.
• Vague scope for retainer fees. If an advisor can't tell you what $8,000/year includes, the relationship will likely underdeliver.
• No CFP or CPA/PFS. Not a disqualifier on its own — competent planners exist without the CFP — but NAPFA and Garrett require it, and XYPN requires it for directory listing. If you're evaluating outside these directories, credential check matters more.
• Pressure to transfer assets before advice begins. An advisor who requires you to move your $3M to their custodian before any planning starts is operating an AUM model, not a flat-fee one. Flat-fee advice doesn't require custody.

A note on AUM advisors who call themselves flat-fee

"Flat-fee" is not a regulated term. Some AUM-model advisors have begun using it to describe their pricing tiers (a flat fee per asset bracket) while still charging a percentage. This is technically accurate but creates confusion with true flat-fee advisors who charge an annual dollar amount regardless of portfolio size.

True flat-fee pricing means the same dollar amount whether you have $1M or $10M. Use the AUM vs flat-fee calculator to see the compounding cost difference between these structures over 20+ years — for large portfolios, it's often $500,000–$2,000,000 in final balance.