Having been in the position as an advisor, this is what I think an advisor expects:

a. Equity Ownership. This depends upon how much involved an advisor into the start-up.
b. A flat fee and a percentage pie on every transaction the stat-up makes(Not the profit margin)
c. At my early stage, all I want is a testimonial from start-up n how I helped this business. In my early stages of adviosrship, I want good customer testimonials. This is a win-win situation for both of us. I get to learn from him many things which I couldn't have done myself.
d. It is strategic importance to my own idea and I would love this company to scale and raise the funding and in this case I would expect a contract from the company which I helped.