One reliable way to find a true fee-only advisor is to search the NAPFA Find an Advisor directory and then confirm the advisor’s compensation in their firm’s Form ADV on the SEC’s Investment Adviser Public Disclosure (IAPD) website. NAPFA mandates strict fee-only compliance for its members, while Form ADV is the public regulatory filing in which every registered investment adviser discloses its fee structure and other key details. Anyone can call themselves a fee-only advisor, but only their compensation structure makes them fee-only.

Start with NAPFA

The National Association of Personal Financial Advisors (NAPFA) is a professional organization whose members provide financial planning on a fee-only basis. NAPFA defines a fee-only advisor as one who is compensated solely by the client. Neither the advisor nor any related party may receive compensation contingent on the purchase or sale of a financial product, and members cannot accept commissions, rebates, finder’s fees, or other compensation from third parties as a result of implementing their recommendations.

A NAPFA-Registered Financial Advisor must hold the CERTIFIED FINANCIAL PLANNER ™ (CFP ® ) certification and must submit a comprehensive financial plan for peer review when applying. Each member signs the NAPFA Fiduciary Oath, a commitment to act in the client’s best interest at all times, and NAPFA reviews their firm Form ADV to confirm that their firm’s disclosures match the fee-only standard.

NAPFA’s Fiduciary Standard organizes these commitments into five duties: Care, Loyalty, Competence, Compensation, and Engagement. The Duty of Compensation requires members to operate in a fee-only capacity and to avoid commissions, revenue-sharing arrangements, and other forms of conflicted compensation.

NAPFA retains exceptionally high standards on ongoing education. NAPFA-Registered Financial Advisors must complete 60 hours of continuing education during every two-year cycle, including an approved ethics course, with at least 30 of those hours coming from NAPFA or NAPFA-approved sources. That is twice the 30 hours CFP Board requires of CFP ® professionals in each two-year reporting period. Members who fall behind on their continuing education lose the right to call themselves NAPFA-Registered Financial Advisors.

Then Verify with Form ADV

Form ADV is the mandatory registration document that Registered Investment Advisers (RIAs) file with the SEC and/or state regulators. Search the firm’s name on adviserinfo.sec.gov and to open their Form ADV. Part 1A, Item 5. E lists every way the firm is compensated; a fee-only firm will not check the box for commissions. Part 2A, the narrative brochure, describes the firm’s fee schedule and any other compensation it receives. For an in-depth walkthrough of these filings, watch our video, Uncover the Truth About Your Investment Advisor – Form ADV.

How Zhang Financial Meets the Fiduciary Standard

Zhang Financial is a fee-only NAPFA-registered investment adviser. As disclosed in our Form ADV, we do not receive compensation from selling proprietary products, engaging in principal trading, third-party payments, revenue sharing, commissions, kickbacks, or soft dollars. Our Form ADV is publicly available here, and the completed NAPFA Financial Advisor Comparison questionnaire for Charles Zhang, CFP®, MBA, MSFS, ChFC®, Founder and President of Zhang Financial, is available on our website. Charles Zhang, Lynn Chen-Zhang, and Alex Zhang are all members of NAPFA. Zhang Financial was also ranked #7 on Forbes’ 2025 Top RIA Firms, the highest-ranked Michigan-based RIA on the list.

Released 10/1/25 based on a 12-month period ending 3/31/25. Rankings developed by SHOOK Research. Zhang Financial paid no fee to be considered for or included in the ranking. The firm pays Forbes a licensing fee to use the ranking and logo. See zhangfinancial.com/disclosure for full ranking criteria and methodology.

Checklist: Finding a True Fee-Only Advisor

● Search the NAPFA Find an Advisor directory by location or planning need.

● Look up their firm on adviserinfo.sec.gov and check Form ADV Part 1A, Item 5.E for any commission compensation.

● Read the Part 2A brochure for the fee schedule and look for any indication of compensation from third parties.

● When meeting with a potential advisor, ask how they are paid and what their fee structure is.

Frequently Asked Questions

Is every fiduciary advisor fee-only?
No. “Fiduciary” describes the standard of care an advisor owes, while “fee-only”
describes how the advisor is paid. A CFP ® professional owes a fiduciary duty on advisory
accounts and can still earn commissions through a separate brokerage registration.

Can an advisor be fee-only without being a NAPFA member?
Yes. NAPFA membership is voluntary, so some fee-only advisors choose not to join. In
that case, their firm’s Form ADV on IAPD is the best place to confirm how they are
compensated.

Where can I check a firm’s Form ADV?
Form ADV is a public record. You can search any registered investment adviser by firm name or CRD number at adviserinfo.sec.gov.

At Zhang Financial, we believe informed clients are better positioned to evaluate their financial options and the professionals who advise them. For additional educational content and financial planning insights, visit zhangfinancial.com