Advice-only financial planners
A growing model where you pay a planner purely for advice — they never touch or manage your money. Who it fits and what it costs.
Most people think financial advice comes in two flavors: hand over your portfolio for 1% a year, or go it completely alone. A fast-growing third option sits between them — the advice-only planner. They give you a plan and recommendations, you implement it yourself at your own brokerage, and they never take custody of a dollar. For DIY-inclined people who still want a professional's eyes on their situation, it's often the best-value option in the whole industry.
What 'advice-only' actually means
An advice-only planner sells advice and nothing else. They don't manage assets, don't earn commissions, and don't hold your accounts. You keep everything at Fidelity, Schwab, Vanguard, or wherever you already are, and you press the buttons. Because they never take assets under management, they have no incentive to keep your money 'with them' or to steer you toward products — the only thing they sell is their time and judgment. This structurally removes most conflicts of interest that plague the AUM and commission models.
How you pay for it
- Hourly: often $200–$500/hour for targeted questions or a second opinion.
- Flat project fee: a one-time comprehensive plan, commonly in the low thousands.
- Annual retainer: a flat yearly fee for ongoing access and periodic reviews, independent of how much money you have.
- The common thread: the fee reflects the work and complexity, not the size of your portfolio — so a $2M DIY investor and a $200k one pay similar amounts for similar work.
Who it fits — and who it doesn't
| Good fit | Poor fit |
|---|---|
| You'll actually implement recommendations yourself | You know you won't press the buttons without someone doing it |
| You want unbiased advice with no product sales | You want full delegation of day-to-day management |
| Your portfolio is large enough that 1% AUM stings | You value having someone to call during every market drop |
| You want periodic check-ins, not constant management | You have zero interest in touching your own accounts |
Where to find advice-only planners
- 1Search advice-only directories
The Garrett Planning Network (hourly), the XY Planning Network (often monthly-retainer), and NAPFA all list fee-only planners, many of whom offer advice-only engagements.
- 2Ask the model question directly
Confirm they are advice-only or hourly and take no assets under management and no commissions — some 'fee-only' firms still want to manage your money for a percentage.
- 3Scope a single project first
Start with a one-time plan or a defined hourly session before committing to a retainer. It tests fit at a bounded cost.
The bottom line
Advice-only planning is the natural home for the capable DIYer who wants expertise without a permanent percentage skim. You get a fiduciary's plan and the freedom to implement it yourself, paying for judgment rather than for the privilege of parking assets. The one requirement is honesty about your own behavior: the model only works if you'll actually do the implementing. This is general education, not individualized financial advice — consult a qualified planner about your specific circumstances.
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