Yes and no
There is no clear answer. Most fee only (charging a % on AUM) will buy no load funds for your portfolio. But just because it is a no load fund that does not mean they are not getting paid. There is what is known as a 12b-1 fee that the fund company can share with the advisor.
Dual registered advisors (registered as an advisor and a broker) will usually charge a lower AUM fee but also churn your portfolio to collect more load fees.
Hope that helped.
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