What is the best investment advisory service for high net worth individuals in India?
The best fit for most high net worth investors is a SEBI registered investment adviser that is paid only by you, owes you a fiduciary duty, and can advise across tax, succession and alternatives. Size, brand and access matter less than who pays your adviser.
Private banks and wealth managers are the most visible option. They offer wide product access and strong service. Many of them earn from what they place with you, through distribution commissions, their own funds, PMS or AIFs.
That model is legal and can serve you well. It is not fee-only advice, and it is not covered by the fiduciary duty that SEBI's adviser rules place on registered investment advisers.
A fee-only adviser cannot take commissions from the clients it advises. On a large portfolio, that difference in incentives is worth more than any single product decision.
The options, compared
| Fee-only SEBI registered adviser | Private bank or wealth manager | Multi-family office | PMS or AIF manager | |
|---|---|---|---|---|
| What you get | Advice across your whole balance sheet. You or your adviser place the trades | A relationship manager, product access and service across banking and investing | A dedicated team for investments, structuring, reporting and family governance | A manager who runs one strategy with your money |
| How it is paid | A fee from you only, fixed or a percentage of assets advised | Often through product costs, sometimes an advisory fee as well | Usually a fee, sometimes with product income | Management fees, often with a share of gains |
| Fiduciary duty under SEBI's adviser rules | Yes | Only where it serves you as a registered adviser | Only where it serves you as a registered adviser | Separate duties under the PMS and AIF rules |
| Holds or moves your money | No | Often, through accounts it runs | Sometimes | Yes |
| Usually suits | Anyone who wants independent advice and to keep custody | Families who value one relationship for banking, credit and investing | Large, complex family wealth across entities and generations | A specific strategy you have chosen, as part of a wider plan |
Many large groups hold several of these licences at once. Ask which one applies to you.
What advice costs on a large portfolio
On ₹10 crore over 20 years, every 0.25% a year of cost is worth roughly ₹3 crore by the end. That is why the fee model matters more than any other choice you make.
| Total yearly cost | ₹10 crore after 20 years |
|---|---|
| 0.25% | ₹64.3 crore |
| 0.5% | ₹61.4 crore |
| 1% | ₹56.0 crore |
| 1.5% | ₹51.1 crore |
The table assumes a 10% yearly return before costs, for illustration only. Returns are not guaranteed and will vary. Cost here means everything you pay: advice fees, product expense ratios, distribution commissions, and PMS or AIF fees.
Ask every provider for its total cost in rupees a year, not only the advice fee. A low advice fee on top of expensive products can cost more than a higher fee on cheap ones.
What a good adviser covers for a high net worth family
Asset allocation across everything you own
The plan should start from your whole balance sheet: listed shares, funds, bonds, deposits, property, a business stake, ESOPs and any loans. A portfolio built without the rest of your wealth will be concentrated in ways you cannot see.
Tax, as part of the advice
Good advice shows the after-tax result of each recommendation: holding periods, when to realise gains, how losses can be set off, and how income is taxed across family members. Your chartered accountant files the return. Your adviser should make the decisions that shape it.
PMS, AIFs and other alternatives
A portfolio management service needs at least ₹50 lakh, and an AIF at least ₹1 crore from most investors. Both carry their own fees, and many lock money in for years. An adviser should judge them on cost, liquidity and fit, and earn nothing from the one you choose.
SEBI's accredited investor framework opens some products with lower minimums. An individual qualifies with an annual income of at least ₹2 crore, or a net worth of at least ₹7.5 crore with at least ₹3.75 crore in financial assets, or an income of at least ₹1 crore with a net worth of at least ₹5 crore and at least ₹2.5 crore in financial assets.
Investing abroad
Resident individuals can send up to USD 250,000 a year abroad under the RBI's Liberalised Remittance Scheme. Overseas investments carry currency risk and their own tax and reporting rules, which should be part of the plan.
Succession
Succession starts with a will, correct nominations on every account and holding, and a record your family can find. Larger estates may use a private trust or other structures, which need a lawyer. Your adviser should map what you own and who receives it, and coordinate with the lawyer and the accountant.
Reviews
A large portfolio needs a regular review and a rebalancing rule, not constant trading. See our guide on how often to review a portfolio.
Questions to ask before you choose
- In what capacity will you serve me: as a registered adviser, a distributor, or a portfolio manager?
- What will I pay in total each year, in rupees, including product costs?
- Does your group earn anything from the funds, PMS, AIFs or insurance you might recommend?
- Will I keep custody of my money and holdings in my own name?
- Who will advise me, what are their qualifications, and who covers tax and succession?
- How often will you review my portfolio, and what will the review cover?
- How do I raise a complaint, and where do you publish your complaints data?
For the full list, see our guide on what to ask before hiring any advisor. Check any adviser's registration on SEBI's list of registered investment advisers.
Where we fit, and where we do not
Invsify is a fee-only SEBI registered investment adviser (INA000020572). Invsify Private is ₹8,999 a year, fixed, whatever the size of your portfolio, and we take no commissions. Your money stays in your own name.
We are not the right choice for every high net worth family. If you need trusts and holding structures set up, a family office team, or a bank that also lends against your portfolio, a multi-family office or private bank does work we do not. If you want a manager to run money for you with full discretion, that is a portfolio manager's job.
Where we are useful is independent advice on the whole picture, for a fee that does not grow with your wealth. You can also use us alongside a private bank, to check what you are being offered.