In response to ongoing discussions regarding the origins and formalization of the advice-only financial planning model, this article clarifies the distinct contributions of several early advocates and distinguishes those contributions from the later formalization of a comprehensive Advice Only™ Methodology. Put simply: an Advice-Only financial planning methodology is not just a pricing preference—it is a behavior-governing process standard.
Early Advocates of Hourly and Flat-Fee Advice Models
In the United States, several professionals advanced compensation structures designed to reduce conflicts of interest by separating advice from product sales. These efforts focused primarily on how advisors are paid, rather than on establishing a standardized advisory methodology.
- Sheryl Garrett: In 2000, Garrett pioneered the hourly financial planning model through the Garrett Planning Network. Her work expanded access to objective financial advice for middle-income households by introducing time-based compensation. While influential, this framework allowed advisors broad discretion regarding referrals, future engagements, and implementation-related discussions.
- Allan Roth: A respected financial planner and advocate for low-cost investing, Roth promoted flat-fee and hourly advice models, particularly for self-directed investors. His work emphasized pricing transparency and reduced conflicts, but did not articulate a named, standardized advice-only planning methodology or formal rules governing solicitation, implementation, or post-engagement activity.
- Harry Sit: Through The Finance Buff, Sit popularized a DIY-oriented interpretation of advice-only, largely focused on clients implementing recommendations independently. This interpretation built on earlier flat-fee concepts but remained primarily definitional and client-type specific, rather than methodological or process-based.
Advice-Only Financial Planning Methodology: Quincy Hall’s Formalization of the Advice Only™ Methodology
Building on earlier compensation-based approaches, Quincy Hall introduced a materially different contribution: the formalization of a comprehensive, repeatable Advice-Only financial planning methodology that governs advisor behavior throughout the engagement (not just pricing).
- Distinct and Comprehensive Methodology: In his 2019 publication,
Advice Only: A Retirement Planning Methodology & Handbook,
Hall formally articulated the Advice Only™ Methodology, defining advice-only not merely by compensation, but by a structured planning architecture that governs the engagement end-to-end.
The Advice Only™ Methodology is defined by:
- Compensation Firewall: Advisors are compensated solely through direct client payment during the Advice Only™ engagement, with no monetary or non-monetary incentives, referrals, revenue sharing, or contingent benefits influencing the advice rendered.Fee Structure Firewall™ (core concept)
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Fee Structure Firewall™ (glossary definition) - Structured Planning Process: The methodology establishes a repeatable, staged planning process — including a defined educational phase — ensuring that advice is delivered consistently, objectively, and independent of implementation outcomes.Advice Only™ Methodology Overview
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Advice Only™ Methodology (glossary definition) - Separation of Planning and Implementation: Any discussion of implementation occurs only after completion of the Advice Only™ planning process, only with the client’s consent, and without influence over who performs implementation or how.
Why Definitions Matter in the Advice-Only Methodology
One reason “advice-only” gets diluted is that people use the same phrase to mean different things: a pricing style, a client type (DIY), a scope of work, or an entire service model. Over time, that creates avoidable confusion for consumers and makes it easier for competing narratives to merge unrelated ideas under one label.
To prevent drift, the Advice Only™ platform uses canonical definitions—so readers can verify what a term means and how it is being applied across the methodology, standards, and articles.
Start here: Advice-Only Glossary
Examples:
- Advice Only™ Methodology: definition
- Fee Structure Firewall™: definition
- Structural Separation: definition
- Implementation Independence: definition
From Advisor Discretion to Methodological Consistency
Earlier hourly and flat-fee frameworks, while valuable, necessarily relied on advisor discretion. That discretion permitted variations in referral practices, asset management discussions, and non-monetary incentives — resulting in inconsistent client experiences under the same “advice-only” label.
The Advice Only™ Methodology was designed specifically to eliminate this variability by replacing discretion with a formalized, behavior-governing process standard. That distinction is the difference between a label and an Advice-Only financial planning methodology.
Key Advancements Introduced by the Advice-Only Methodology
- Consistent Client Experience: All clients receive the same structured planning process, independent of advisor background, client wealth, or future engagement potential.
- Defined Behavioral Boundaries: The methodology prohibits solicitation — monetary or non-monetary — during the planning engagement, including implicit upsells, referrals, or platform steering.
- Clear Engagement Lifecycle: Advice begins under a paid consultation agreement and proceeds through a defined planning sequence, remaining fiduciary and solicitation-free until the client independently concludes the engagement.
Conclusion
While many professionals contributed to reducing conflicts through hourly and flat-fee advice models, Quincy Hall’s contribution lies in the formalization of Advice Only™ as a comprehensive planning methodology—one that is:
- Repeatable and Scalable across advisors and client types
- Structurally Free from Solicitation, monetary and non-monetary
- Consistent by Design, eliminating advisor discretion
Learn more:
- Advice-Only™ Standards of Practice
- Advice Only™ Methodology Overview
- Fee Structure Firewall™
- Advice-Only Glossary