Why “Fee Based” = “Fee and Commission”

There’s and interesting article in today’s WSJ about how brokers are calling themselves “Fee Based” advisors to make themselves sound like “Fee-Only” advisors.  Fee-Only advisors are almost always are fiduciaries in all aspects of their work, where Fee-Based advisors almost never are.  The article points out that Fee-Based advisors are really “Fee and Commission” and make money from selling products to clients and have all of the inherent conflicts of interests that entails.