What is the difference between a Fee-Only Financial Planner and a Fee-Based Financial Advisor?

We are fee-only financial planners. We receive a fixed fee directly from our clients in exchange for a financial plan or investment portfolio management. No commissions nor referral kick-backs play a part in our compensation. Whereas a fee based financial advisor may earn commissions from product sales or a percentage of assets under management in addition to fees, which may lead to conflicts of interest.