Given that faculty advising plays an important role in college level retention, this paper examines three possible forms of faculty advisor-student relationships--paternalism, agency, and contract--and found the contract form to be superior. The paternalistic model in which the advisor assumes responsibility and authority for decision making was found to be inappropriate because generally college level students are capable of participating in decisions. The agency model which gives most of the responsibility and authority for decision-making to the student with the advisor acting on the student's behalf, was inadequate because it fails to recognize the ethical freedom and responsibility of the advisor and his responsibility to third parties. The contract model was found to be superior because it puts the advisor and advisee on an equal footing allowing for them to mutually agree on decisions after discussion together thereby encouraging and recognizing the adult status of the student. Limitations involve the degree to which the pair are not in fact equal. Survey results of 495 students from Villa Julie College (Maryland) found that for 133 students, advisor availability was a significant factor in their decision to stay. Of students surveyed, 7 preferred the paternal advising model, 128 the agency model, and 352 the contract model. Included are 18 references, and a copy of the student survey. (JB)