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It’s extremely common, but it’s not fee only.

Fee only takes an up front fee, sometimes fixed, sometimes hourly.

https://www.investopedia.com/articles/investing/102014/feeon...

The article you're quoting directly contradicts your view, e.g.

>Generally, though, most agree, fee-only refers to payment from fixed, flat, hourly, or percentage-based fees.

That’s right! Did you know there’s a name for the subset that don’t?

No, you have that wrong. The opposite of "fee-only" is "commissioned-based" - where you don't have transparency into the cost of the advice (which is free at the point it's offered) because it's kicked-back to the advisor by the funds etc. that are being offered.

A fee based on AUM is an entirely standard way of paying a fee-only adviser.

ref. https://www.napfa.org/financial-planning/what-is-fee-only-ad...

For ongoing management. Yes. That’s NOT what people need most of the time.

Yes but that is the opposite of fee-only

Not true. There’s AUM fee only, and flat fee only.

The term fee-only universally applies to flat fee. Anything AUM based is not fee only.

Could you look at some of the links in this thread applicable to the issue, rather than simply repeating your (minority) opinion as though it's gospel?