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Could you clarify for me what the term "Fee Based" means when applied to individuals in financial services occupations?Doing your own taxes -- and cutting your own hair -- to save money "seems" like a good idea to most people. Especially the general public. To a quality advisor, it is a foolish idea. I do not work with a client who insists on doing their own taxes (albeit, my clients do not have simple, straightforward tax returns -- but even their children -- we get a professional to do it, and the client or child never balks).
That said, I see fee based professionals, commissioned salespeople at insurance GA's, wirehouses, and RIA's, still calling themselves financial planners. I see them calling themselves financial advisors, financial consultants, and wealth management advisors. It's all terminology. Yes, compliance is straightening this out.
My point -- there are top professionals, top quality, integrity, excellent people -- in each category. Being a member of one category doesn't make you good, great, bad, dishonest, or honest.
Thanks.