Fee-Only Financial Planners

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The missing category of financial planners in the given question is "Fee-only planners." Fee-only planners charge a fee based on the services they provide, and they do not earn commissions from the financial products they recommend or sell.

In other words, fee-only planners do not have any financial incentives to recommend particular investment products or strategies. Instead, they focus on creating a financial plan that meets their clients' needs and goals. They may provide a range of services, including investment management, retirement planning, tax planning, and estate planning.

Fee-only planners can provide a higher level of transparency and objectivity because their compensation is not tied to the sale of any financial products. Clients can be confident that the advice they receive is in their best interest, rather than being influenced by commissions or incentives.

On the other hand, commission-based planners earn a commission on the financial products they sell. This compensation structure may create conflicts of interest because the planner may be incentivized to recommend products that may not be the best fit for the client's needs.

In summary, the two categories of financial planners are commission-based planners and fee-only planners. Commission-based planners earn commissions on the financial products they sell, while fee-only planners charge fees based on the services they provide.