I use a fee-for-service financial advisor who is incredibly good. He charges a reasonable hourly rate, does a tune-up with us every 2-3 years, and does not touch our money-- makes no commissions on our investments, no percentage fee, or anything else. He focuses on low cost index mutual funds/ETFs as a result.

I'd never use an advisor who has a financial interest in the recommendations s/he makes. The conflict of interest issues are just overwhelming, as evidenced by the number of advisors who churn accounts to make commissions and recommend terrible investments like high cost. high load mutual funds, pumped stocks, and expensive annuities and insurance with great returns to the "advisor" and crappy return to the client. I've known too many people at this point who have been basically robbed blind by the smooth talking crooks in great suits that inhabit much of this industry.