I’ve seen it take many forms from commission, finder or retainer fee, promise of position, straight salary, a combo of salary and equity, and more. Regardless of structure, IMHO you will need to be invested in the company and success to show stake in the game. If you are not engaged and invested in seeing the traction moving forward, they will ferret that out and your creditability will suffer as well as the company. Raising a round is not an easy task. It was in my experience, frankly was as hard as bringing a product to market.
Investors know that engagement takes many forms. You will need to be conversant with the entire metrics of the company, the vertical and the team. If you don’t know, it’s your fault and you will be noise in the discussion - not helpful. If the company is fortunate enough to have an experienced advisor that can assist in fundraising, has the correct connections and has investment in seeing their movement forward such as yourself it would be valuable. Many people find that fund raising takes as much time or more than a fulltime person. It’s not a part-time position or easy.
As for “When I meet with investors, I won't be making the final decision to accept the investment,” it is rarely a one shot conversation. It is a relationship that you are building with the person. It’s going to take a number of conversations to build the relationship. They will be doing due diligence and vice versa. They will get to know you, your team, their strengths and what your plans may be. They invest in Team, Market and Product. If you have raised a round in the past, that adds to your creditability. If you have successful exits making investors’ money it is very helpful. If you haven’t then surround yourself with experienced, smarter people who can execute to compensate for your greenness. Experience speaks volumes.
Lastly, IMHO, greed screws up a lot of people. A small part of a larger pie is much better than a hog share of no pie. Enable the investment to be sound. Plan for a follow on round. If you think that you will scale with no further investment, you likely are wrong. Enable your cofounders and investors to have the appropriate amounts with the follow on planned. Research the appropriate levels in the cap table. Most new startupers don’t have a clue what is real and what to expect. Know your role, the business and align with the needs of the company. I would expect they make the equity contingent on execution and bringing rain with a vesting schedule. They have to protect the company and investors will expect to see sound processes as well - they are investing in a business to see a return not a screwed up relationship.
I have no idea about the business but you speak of risk issues when you state “I’m not concerned about knowing the metrics, or having access to information.” I disagree with your statement. If they are not scaling or they have huge holes in the cap table (someone took a huge share, vested and left) or they have pending lawsuit for IP infringement, it may be a lost cause to even spend time with the issue or they may be unfundable as a result. You do need to know the inside out. This is a full contact activity that you need more information always.
As to your compensation expectations… I would suggest you review the section on shares and levels in the Founders Dilemma. This book that came out last year. There is a survey with results from 12,000 startups as to the comp and equity ranges within startups by position, level and role. I.e., Series A, Non-founder CEO, Series B VP of Marketing, Founder Level CTO vs Non-founder CTO, etc. It may be illuminating and well worth your time. It shows the averages and what you may expected, etc. While not the end all, be all reference, it give good guidance and sets the frame appropriately. Most people outside of the situation are surprised at the real levels we are discussing. It will also give you a good grounding to know what they are really dealing with. Frankly, ask for a cap table to review and you will know where things are positioned.