I recently published another article to Ezine Articles. It is a high-level description of the various ways a financial adviser can be compensated. The URL for the article is: http://ezinearticles.com/?The-Financial-Adviser-Spectrum-in-a-Nutshell&id=2092110.

In brief:

Broker or Registered Rep = compensated via commissions from the sale of financial products, i.e. securities, insurance policies, etc.

Fee-based financial planners/advisers = compensated through a combination of commissions and fees charged directly to customers

Fee-only financial planners/advisers = compensated entirely through the fees charged directly to customers

For more detailed information, check out the article.