A.M. Clifford was one of the first Amerian businessmen to use the term "investment counselor". He founded his brokerage firm in Los Angeles in 1911. When one of his wealthy clients asked him to review her $30 million in assets in 1915, Clifford called himself "an investment counselor and financial analyst." By 1921, Clifford was focusing exclusively on investment counseling and charging fixed fees for his services.
[Source: Clifford Swann Investment Counsel, http://cliffordswan.com/about-us/history]