In the current Registered Investment Advisor world, there is a rising number of advisors who are Fee-Only, but there are still many in practice that are not.  Many reasons come to mind why most advisors are still choosing fee-based and commission-based compensation.  However, the main reason is to maximize advisor compensation.

A majority of the advisors that work for brokerage firms, such as Merrill Lynch, Edward Jones,  Goldman Sachs, and etc. have little control over the investment management services they provide for their clients.  These firms have service guidelines the advisors must abide by.  In addition to the service guidelines, they also have to follow the company’s fee schedules.  Advisors at the big brokerage firms usually are NOT Fee-Only.