What is a Fee-Only Financial Advisor?
A fee-only financial adviser is paid only by fees from clients and receives no commissions or other payments from financial product providers. This removes the conflict created by product commission, though other conflicts can remain (for example, an asset-based fee rewards keeping more of your money under management).
The Fee-Only Difference
When an adviser's income depends solely on client fees rather than product commissions, there is no commission to steer them toward one product over another.
The legal standard is the same for every adviser
The Financial Advisers Act does not create a special "fiduciary" duty for fee-only advisers. Every representative of a MAS-regulated firm, however they are paid, must have a reasonable basis for a recommendation, having regard to your objectives, financial situation and needs (Financial Advisers Act s36), and firms are expected to meet MAS's Fair Dealing outcomes. A firm may choose to commit to a higher standard in its client agreement; if it does, get that in writing.
Fee-Only vs Fee-Based Financial Advisors: What's the Difference?
A fee-only adviser is paid only by client fees, while a fee-based financial advisor charges client fees and may also receive product commissions. A fixed fee financial advisor is usually fee-only, but ask to be sure:
Fee-Only Advisors
- • 100% compensated by client fees
- • Zero commissions from any source
- • No product-commission conflict
- • Same FAA conduct rules as any adviser
Fee-Based Advisors
- • Charge client fees (hourly or fixed fee)
- • May also receive product commissions
- • More transparent than commission-only
- • Potential for some conflicts
What to look for
Whether you're looking for a fee-only or fee-based adviser in Singapore, look for one who explains in writing how they are paid, and check that they represent a MAS-regulated firm (Financial Institutions Directory and Register of Representatives). An adviser who clearly discloses all income sources lets you judge the conflicts for yourself.
How does fee-only advice compare with commission-based advice?
With fee-only advice you pay a visible fee and there is no product commission; with commission-based advice there is usually no upfront fee because the adviser is paid from charges built into the product. For every payment model side by side, see how much a financial adviser costs in Singapore.
| Feature | Fee-Only | Commission-Based |
|---|---|---|
| How They're Paid | Client fees only | Product commissions |
| Conflicts of Interest | No product commission ✓ | Potential ⚠️ |
| Cost Transparency | High - clear fees ✓ | Lower - built into product costs; see the product summary |
| Product Range | Can include no-commission products ✓ | Usually products that pay commission |
| Upfront Cost | Visible & immediate | "Free" consultation ✓ |
| Total Cost (5 years) | Depends on fees and products | Depends on commission and product charges |
| Often Used For | Complex planning, larger portfolios | Simple needs, small portfolios |
Which firms in Singapore offer fee-only or fee-based advice?
Few Singapore firms are fee-only. These firms say publicly, on their own websites, that clients pay them directly or that a fee-based option is available. We quote each one and link the source; ask any firm how it will be paid before you sign. Being listed is not a recommendation.
| Firm | How it says it's paid | In its own words |
|---|---|---|
| Providend MAS register record | Fee-only. Paid only by clients; product commissions are rebated to the client. First meeting free. | "We are paid only by our clients, and all product commissions are rebated back to them." Source |
| Endowus MAS register record | Paid only by the client (digital platform with advisers). Charges clients an advice fee and passes fund managers' commissions (trailer fees) back to clients. | "We give any commissions we receive from fund managers back to our clients." Source |
| Financial Alliance MAS register record | Fee-based option (alongside commission-based advice). Licensed financial adviser firm that lists a fee-based financial planning service among its services. | "Fee-Based Financial Planning" Source |
Checked October 2026 on each firm's own website. Firms change how they charge — confirm before you meet. Know a firm we've missed? Tell us, with a link to where it says so.
Fee impact calculator
Costs compound like returns do. Enter your own numbers to compare an ongoing percentage charge, a flat yearly fee and a low-cost option over the same period. The figures below are examples to edit, not quotes.
| Option | Value at the end | Lost to costs vs. no costs |
|---|
Monthly compounding; costs deducted monthly; the flat fee is paid from the portfolio. Ignores tax, inflation and changes in returns. General information only, not advice on any product.
How much does a fee-only financial adviser charge in Singapore?
Fee-only firms charge in four ways: an hourly rate, a fixed project fee, an annual percentage of assets, or a monthly retainer. The ranges below are typical ranges quoted by firms, not regulated rates. A fixed project fee usually buys a written plan; our guide to financial planners in Singapore explains what a plan should cover. Ask each firm for its fee schedule, and for any product it recommends, the commission disclosed in the product summary.
Hourly Rate
$150-$500/hourPay only for the time you use. Typical sessions: 1-3 hours for simple questions, 5-10 hours for comprehensive financial planning.
Suits: One-time advice, specific questions, young professionals
Example: $250/hour × 6 hours = $1,500 for full financial plan
Fixed Project Fee
$1,500-$10,000One-time fee for specific deliverable like comprehensive financial plan, retirement analysis, or estate planning strategy.
Suits: Major life transitions, specific projects, one-time planning
Example: $5,000 for complete retirement planning package
Assets Under Management (AUM)
% of assets, annuallyAnnual percentage of your invested assets. Includes ongoing portfolio management, rebalancing, and financial planning.
Suits: Ongoing management, larger or complex portfolios
Example: 1% × $500,000 = $5,000/year
Retainer/Subscription
$200-$800/monthMonthly or quarterly fee for ongoing access to advisor. Includes regular reviews, unlimited questions, and continuous planning.
Suits: Ongoing support, regular check-ins, evolving situations
Example: $400/month = $4,800/year
Is fee-only advice cheaper than commission-based advice?
It depends on your portfolio size and the products used: fee-only costs less in the example below, but different assumptions can reverse the result. This is a hypothetical example using assumed rates to show how the costs add up. It is not a quote, and real costs vary widely by firm and product; run the same sums with the figures each firm gives you.
Scenario: $200,000 Investment Portfolio Over 5 Years
Fee-Only Advisor
- • Initial plan: $3,000 (one-time)
- • Annual AUM fee: 1% = $2,000/year
- • Investment products: Low-cost ETFs (0.1% ER)
- Total 5-year cost: $13,000
Commission-Based Advisor
- • Initial consultation: "Free"
- • Upfront charge: 3% = $6,000 (built into the product)
- • Trail commission: 0.5%/year = $1,000/year
- • Product costs: Unit trusts (1.5% ER)
- Total 5-year cost: $21,000+
Difference in this example: about $8,000 over 5 years
With different assumptions (a smaller portfolio, a higher AUM fee, or a lower-cost product), the result can reverse.
When does a fee-only adviser make sense?
Fee-only advice tends to fit people with larger portfolios or complex planning needs who want to see exactly what they pay; commission-based advice can fit simple, one-off product needs. If you mainly want low-cost portfolio management, also compare robo-advisers and financial advisers in Singapore.
✓ Fee-Only Can Suit You When:
- • You have $200,000+ in investable assets
- • You need comprehensive financial planning
- • You want complete transparency in costs
- • You have complex financial situations
- • You want access to all investment options
- • You want advice without product commission
- • You prefer ongoing relationship vs transaction
✗ Commission Might Work When:
- • You have limited assets ($50,000 or less)
- • You need simple insurance products only
- • You can't afford upfront fees
- • You have straightforward needs
- • You want one-time product purchase
- • You're comfortable with potential conflicts
- • You don't need ongoing advice
What should you ask a fee-only adviser?
For the full list, mapped to MAS's fair dealing outcomes, see questions to ask a financial adviser before you buy.
Ask how they are paid, exactly what the fee covers, and which MAS-regulated firm appointed them, and get the answers in writing. Our guide to choosing a financial adviser in Singapore has a fuller checklist.
1. How exactly are you compensated?
Ask: "Do you or your firm receive any compensation from product providers?" For a fee-only adviser the answer should be "No". Ask for it in writing.
2. What is your exact fee structure?
Get it in writing. Ask for examples: "What would I pay for a $300,000 portfolio?"
3. Which firm are you appointed by, and what is your representative number?
Check the firm on the MAS Financial Institutions Directory and the adviser on the MAS Register of Representatives. The Financial Advisers Act does not impose a general fiduciary duty on advisers, so if the firm promises to act in your best interest, ask where that commitment is written in the client agreement.
4. What services are included in your fee?
Clarify: Number of meetings, plan updates, investment management, tax planning, etc.
5. How do you select investment products?
Should be based on cost-effectiveness and suitability, not commission potential.
Related Financial Planning Guides
MAS Licensed Financial Advisors
How to check a firm and its representatives with MAS
CPF Optimization Strategies
How CPF top-ups, transfers and investment options work
Singapore Investment Guide
Start investing in Singapore with confidence
Financial Planning FAQs
Common questions about financial advisors answered
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