Find Fee-Only Investment Advisors in India

A SEBI RIA is a financial advisor registered with the Securities and Exchange Board of India under the SEBI (Investment Advisers) Regulations, 2013. Unlike mutual fund distributors or insurance agents, RIAs are legally bound by a fiduciary standard — meaning they must always act in your best interest, disclose all conflicts of interest, and cannot earn commissions from any financial product. Their only source of income is the fee you pay them.

This structure ensures the advisor's recommendations are genuinely aligned with your financial goals, not with any product they might be incentivised to sell.

Fee structures vary by advisor and complexity of your financial situation. Common models include:

• A flat annual retainer (typically ₹60,000 – ₹5,00,000+ depending on scope)
• An AUM-based fee (typically 0.5–1% of assets advised per year)
• A fixed project fee for one-time plans or specific decision support

In all cases, the fee is transparent, agreed upon before engagement, and paid directly by you. Advisors listed on Foliyo will explain their fee structure in the free introductory call.

Every advisor in the Foliyo directory goes through a multi-step verification process:

• SEBI RIA registration is verified directly on the SEBI portal
• The client engagement agreement and fee schedule are reviewed
• A reference call is conducted with one or two existing clients
• A structured interview covers process, philosophy, and handling of conflicts
• The advisor's specialisation is assessed against the needs of users on the platform

Roughly 60% of advisors who apply are declined. Listing on Foliyo is a due-diligence shortlist — not an endorsement or performance guarantee.

Absolutely. Many users come to Foliyo while still working with a distributor. A fee-only RIA can work alongside your existing setup, provide a second opinion, help you transition gradually, or take over comprehensive planning. The introductory call is a good place to discuss your current situation — there is no obligation to make immediate changes.

A fee-only investment advisor in India is a SEBI-registered Investment Adviser (RIA) whose sole source of income is the fee paid directly by the client. Unlike mutual fund distributors — who earn trail commissions from AMCs — or insurance agents — who earn product commissions — a fee-only RIA earns nothing from the financial products they recommend.

This structure is governed by the SEBI (Investment Advisers) Regulations, 2013, which legally require RIAs to act as fiduciaries and disclose all conflicts of interest. Every advisor in the Foliyo AI directory holds an active SEBI RIA registration and earns only client fees.

The key structural differences:

• Legal framework — RIAs are regulated under SEBI (Investment Advisers) Regulations 2013; MFDs are governed by AMFI guidelines and hold an ARN number
• Compensation — RIAs charge only client fees; MFDs earn trail commissions from AMCs, typically 0.5–1% per year on the AUM in schemes they recommend
• Fiduciary duty — RIAs have a codified legal obligation to act in the client's best interest; MFDs operate under a suitability standard, not a fiduciary one
• Advice scope — RIAs can give comprehensive financial advice across all asset classes; MFDs are authorised only to advise on mutual funds

This is a structural difference, not a moral judgement. Both roles serve a purpose in the ecosystem. Understanding the distinction helps you know what standard of care you are entitled to.

The only authoritative source is SEBI's Intermediary Portal ↗. Search by name or registration number and check the status (Active, Cancelled, or Suspended) and the registered individual's or firm's name.

SEBI RIA registration numbers follow the format INA000XXXXXX or INA200XXXXXX. Some individuals may claim to be "SEBI-registered" without appearing on the RIA register — always verify on the portal before engaging any advisor. Foliyo AI verifies all listed advisors as part of its vetting process, but we encourage users to verify independently for their own assurance.

SEBI-registered RIAs operate across India, with the highest concentration in metro cities including Bangalore, Mumbai, Delhi NCR, Hyderabad, Chennai, and Pune. Many SEBI RIAs now offer remote and online advisory services, meaning geographic proximity is less of a constraint than it once was.

Foliyo AI's directory currently lists fee-only advisors in Bangalore and Mumbai, with Delhi and Hyderabad listings being added. Regardless of your city, verify any advisor on SEBI's Intermediary Portal and browse the Foliyo directory to find a registered RIA near you.

Fee structures for SEBI-registered RIAs in India typically fall into three models:

• Fixed or flat retainer: ₹15,000 – ₹30,000 for a six-month engagement, suitable for one-time financial planning, ESOP exercise decisions, or goal-setting
• AUM-based annual fee: 0.5% – 1% of the advised capital per year, suitable for ongoing portfolio monitoring and regular rebalancing
• Hourly rates: Some RIAs offer hourly consulting for specific questions or one-off decisions

Fees depend on the client's financial complexity, scope of services, and the advisor's experience and specialisation. Lower fees do not imply worse advice, and higher fees do not guarantee better outcomes. Always ask for a written fee agreement before engaging.