What’s the difference between fee-only and fee-based?

Fee-only means you pay for services directly to the advisor. You might pay a management fee based on the amount of assets the advisor manages, or an hourly fee, or a retainer. Fee-based is a different thing entirely. It means the advisor is accepting commissions, or bonuses, or a flat fee paid by the investments they sell, as well as charging you a periodic fee for management. You may get a discount on trading fees or commissions charged, but this is not a fiduciary arrangement. Be very careful! this is sometimes designed to lull the consumer into trust by confusing terms.