A fee-only fiduciary / financial advisor cannot receive compensation from a brokerage firm, a mutual fund company, an insurance company, or from any other source than you. This means they represent you and your interests when giving you advice. This is different from a “fee based” planner that can charge a planning fee but also sell financial products.
Another word for a fee-only financial advisor would be a NO COMMISSION or Fee-Only Fiduciary advisor, as they can only receive compensation directly from you (like a CPA or attorney) versus being paid by commissions from products they sell.
Fee-only financial advisors have a fiduciary responsibility to always act in your best interest. See what noted Consumer Advocate, Clark Howard had to say about fee-only planners on his website: http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/fee-only-financial-planners-are-in-your-best-inter/nDKZ/