What 'fee-only' actually means
Fee-only means the advisor is paid only by the client — no commissions, no proprietary-product revenue, no trailing fees from product providers. It's a structural description of how the advisor is compensated, and it's the foundation for everything else. Wellspent only indexes advisors who are fee-only by this definition.
Verify before you interview
Before the first conversation, pull the advisor's ADV Part 2 filing and their CRD record on FINRA's IAPD. ADV Part 2 describes the business and compensation in plain language; CRD history shows disclosures. Most firms link both from their site; if they don't, that's itself a signal.
Specialty depth vs. marketing claim
A specialty on an advisor's website isn't the same as a specialty in their practice. Ask how many current clients match that specialty, what the advisor has written or taught in the area, and which collaborators (tax counsel, attorneys) they work with regularly. Ask for a specific recent question they modeled inside that specialty.
Understanding fee model fit
Flat-fee, hourly, retainer, and AUM-based fee-only each suit different households. Planning-heavy clients with modest investable assets are usually best served by flat or hourly. Investment-management-heavy clients with $2M+ often end up on AUM, where a lower effective rate at scale aligns with ongoing work. Price the engagement across both models when deciding.
The good first meeting
A good first meeting should feel diagnostic, not sales-driven. Expect the advisor to listen first, map your situation in plain language, and be specific about where they add value and where they don't. Walk out knowing (a) whether the fit is clear, (b) what it would cost, and (c) what the first 90 days would look like.