A fee-only planner is someone who charges a fee for financial plan creation and advisory and does not receive any kind of commissions/incentives from mutual fund houses, insurers or other financial product sellers. Financial advice is provided and clients are expected to take necessary action on their own. (Courtesy freefincal) A fee-only planner can act as a Fiduciary - placing your interests above their own interests. Most planners and advisors in India earn commissions and suffer conflicts of interest.

SEBI's regulations include financial planning under Investment Advice and defines it this way: "Advice relating to investing in, purchasing, selling or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written, oral or through any other means of communication for the benefit of the client and shall include financial planning."  SEBI has strict registration requirements for advisors who provide these services. Professional who comply with the requirements and obtain registration from SEBI can call themselves Registered Investment Advisors (RIA).  This document from SEBI list the do's and don't of investors seeking advice. "Always deal with SEBI registered Investment Advisers."
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