How much does a SEBI registered investment adviser charge?
A SEBI registered adviser can charge you either a fixed fee or a percentage of the money it advises on, and for individuals and families SEBI caps both. The cap is ₹1,51,000 a year per family in the fixed fee mode, or 2.5% a year of assets under advice in the AUA mode. Most advisers charge well under the cap. What you pay depends on the model, the size of your portfolio and how much the service covers.
Before you compare fees, check the adviser is registered at all. Our post on how to verify a SEBI registered advisor walks through the search.
Fixed fee vs percentage of assets: which is better?
A fixed fee costs the same whatever your portfolio is worth, while an AUA fee grows with it, so a fixed fee is usually cheaper once your investments reach a few lakh rupees. An adviser picks one mode for a client; SEBI does not allow both on the same client at once.
| Fixed fee mode | AUA mode (percentage of assets) | |
|---|---|---|
| How it is worked out | A set amount a year | A percentage of the assets the adviser advises on |
| SEBI's cap, individual and HUF clients | ₹1,51,000 a year per family | 2.5% a year of assets under advice, per family |
| On a ₹20 lakh portfolio, at the cap | Up to ₹1,51,000 | Up to ₹50,000 |
| On a ₹1 crore portfolio, at the cap | Up to ₹1,51,000 | Up to ₹2,50,000 |
| As your portfolio grows | The fee stays the same | The fee grows with it |
| Usually suits | Someone with savings across several products who wants a plan for all of it | Someone starting with a small portfolio |
The caps apply only to individual and HUF clients who are not accredited investors. Companies, other non-individual clients and accredited investors agree fees with the adviser by contract.
A percentage of 1% sounds small, but on ₹50 lakh it is ₹50,000 a year, every year, and more as the portfolio grows. Work out the rupee figure before you sign.
What are SEBI's rules on investment adviser fees?
The fee has to be agreed in writing, paid through a bank, kept within SEBI's caps, and it must be the only money the adviser makes from you. These rules apply to individual and HUF clients.
- Written agreement first. The fee, what it covers and how either side can end the service are set out before any advice. SEBI also requires a short Most Important Terms and Conditions document. Ours is on our MITC page.
- Advance fees for up to a year. Since SEBI's circular of 2 April 2025, an adviser can collect up to one year's fee in advance, if you agree to it. Before that the limit was two quarters.
- Refunds if you leave early. If you end the service, the unused fee must be refunded. The adviser can keep a breakage fee if the agreement provides for one, but no more than one quarter's fee.
- Banking channels only. NEFT, RTGS, IMPS, cheque or UPI. Since 1 October 2025, UPI payments to an adviser should go to a validated ID ending in @valid. No cash.
- No commissions. An adviser cannot earn commission on the products its advisory clients buy. Advice and distribution are kept apart at the client level, so the same client cannot get both from one adviser or its group. Our guide on who pays whom explains how that differs from a distributor.
What do different kinds of financial advice cost?
A registered adviser charges you a visible fee, while most other kinds of help are paid for through the products you buy, so the cost is real but harder to see. To compare fairly, turn every option into a rupee amount per year.
| Kind of provider | How you pay | Where to see the cost |
|---|---|---|
| SEBI registered adviser, fixed fee | A set fee a year, within SEBI's cap | Your agreement and invoice |
| SEBI registered adviser, AUA fee | A percentage of assets under advice, up to 2.5% a year | Your agreement and invoice |
| Mutual fund distributor | Commission paid by the fund house, built into the regular plan's higher expense ratio | The gap between the regular and direct plan expense ratio, on every fund, every year |
| Portfolio manager (PMS) | A management fee, often with a share of gains above a hurdle. The minimum investment is ₹50 lakh | The PMS agreement and disclosure document |
| Do it yourself, direct plans | Nothing beyond the fund's own costs | The fund's expense ratio |
See what the regular plan route costs you in rupees with our regular vs direct calculator.
What should an investment adviser's fee include?
The fee should buy you a plan for all your money, written advice you can act on, and regular reviews, not just a list of funds. Ask for the scope in writing and compare it across advisers, along with the price.
- A risk profile you can see and that your advice is based on.
- Advice on everything you own, not only new money: existing funds, stocks, fixed deposits, EPF, insurance and loans.
- Goal planning: how much each goal needs and how you get there.
- Tax and insurance as part of the plan, if the agreement covers them.
- Reviews at a set frequency, and a way to reach the adviser before a big decision.
- Who advises you: their name and certification.
Where we fit, and where we do not
Invsify is a SEBI registered investment adviser (INA000020572). Our fee is ₹8,999 a year, fixed, whatever your portfolio is worth. We take no commissions, recommend direct plans, and do not handle your money: you invest in your own name.
A fixed fee is not the cheapest choice for everyone. If you have a small amount invested and only need help picking one or two funds, a low percentage fee, or doing it yourself on a direct plan platform, may cost you less. If you want a manager to run a large portfolio day to day, a portfolio manager is built for that. If you want a free look at what you own before deciding, try our Portfolio X-ray.