List of Fee-only Financial Planners in India

Here is a list of SEBI registered fee-only financial planners in India. A fee-only planner is someone who charges a fee for financial plan creation and advisory and does not receive any kind of commissions/incentives from mutual fund houses, insurers or other financial product sellers. Financial advice is provided and clients are expected to take necessary action on their own.

Update: July 31st 2016: We have a new entrant. Mr Madhupam Krishna from Jaipur. Scroll down to the bottom of the post to access the list.

Are you a SEBI RIA who wish to be featured here? Register yourself  here: Please help build a directory of SEBI Registered Fee-only Financial planners

A fee-based planner receives a fee for financial advisory and also receives commissions from fund houses and/insurers etc. for the products he/she recommends.  The investment is done through the planner. Typically, clients would be ‘gently’ dissuaded from investing on their own often with flimsy excuses. As with anything in life there are exceptions to this typical behaviour. Unfortunately, exceptions do not make good examples.

As per  SEBI Advisor regulations An investment adviser shall not receive any consideration by way of remuneration or compensation or in any other form from any person other than the client being advised, in respect of the underlying products or securities for which advice is provided.

Therefore, financial planners should not receive commissions by distributing mutual funds and any investment or insurance products they recommend to clients. That is, it is illegal to practice fee-based advisory.

The idea is to avoid the conflict of interest that inevitably tags along with commission-based product recommendation.

Unfortunately, many fee-based financial planners have chosen to ignore this regulation. Some have shifted their distribution business in the name of a family member.

This problem was discussed in detail in my previous post: What You Need To Know Before Hiring a Financial Advisor

no commissions

 

In that post I had urged readers to choose fee-only planners over fee-based planners and mentioned that, I maintain a list of fee-only planners that I would share on request.

I did not post the list of fee-only planners in that article because I wanted to check for myself if there is a demand for clean paid-advisory. I figured, if there is a demand, it would encourage more such requests.

There is clearly a demand! I have sent that list to over 50 people and still continue to receive requests. Please look at the comments in that article to understand what I referring to.

The message is clear: The number of people who seek paid-advisory may be small but among that small number, people who seek paid-advisory free from conflict of interest is a majority!

If I, with my insignificant blog can generate a non-zero interest in fee-only planning. Imagine what would happen if this is advertised on a wider scale? Of course, that is unlikely to happen for obvious reasons!

No matter.  I am a fan of fee-only financial planners. I think it takes guts and confidence to choose a different path and say ‘no’ to product distribution.

Before I present the list, I request you to consider the following points presented in the form of an FAQ.

1. Are you saying fee-only planners are the only ‘clean’ planners in financial services?

NO. I am saying that that obvious conflicts of interest associated with commission based advisory are absent in fee-only advisory. Therefore, it is relatively cleaner.

Yes, yes, there are fee-based planners genuinely interested in their clients welfare etc. The trouble is with finding one!

2. I am already engaging the services of a fee-based planner. Should I shift to a fee-only planner?

NO. You might want to shift to direct mutual funds though. Discuss with your planer and observe his/her response carefully. You will understand what I mean better!

3. Are you saying that fee-only planners have no conflict of interest?

I have heard a lot of psychobabble about how human beings have some  conflict of interest or other, blah blah! Unfortunately, the babble has emanated from fee-based planners! So I refuse to take it seriously!

From what I know, you need three entities to have a conflict of interest. For a fee-based planner it the individual, client and fund house (or insurer).

For a fee-only planner, it is just him/her and the client. Therefore ____ (Please fill in the blank. 2 marks!)

4. Are you endorsing the members in the list?

Yes I an endorsing their stand that commission-based advisory leads to conflict of interest. I applaud their confidence to not jump into band-wagons (easily 95%+ of advisory will be commission-based). I believe their stand should be supported.

I have interacted with the planners over email and confirmed that they do not distribute mutual funds. I cannot comment on their individual competence. However, if I wanted professional advice, I will go to one in this list. For I believe the confidence to not jump into bandwagons has non-zero competence tagged with it.

5. Are you receiving any kind of money from the fee-based planners for publishing this list?

No. That would be dumb! It goes against the whole idea of removing the third party!

6. Whom should I choose from this list?

Choose a planner in your town or city. I think face-to-face contact is very important. If this is not possible, go for online advisory.

Instead, If you can find a fee-based planner in your city, who has no issues with your investing directly, go for it!

7. There are many fee-based planners who encourage clients to invest directly if they wanted to. Why have you not included them in this list?

Matter of policy! Tough call for me as some of those guys are people who I can refer to as friends. They have helped me in many ways at some point or the other with the blog and calculators.

I will include them in this list only if their clients suggest it.

8. I am surprised to find that some famous bloggers who offer services are missing from the list! Why is this so?

Yes me too!  The most likely reason for is that they are fee-based planners or receive some sort of remuneration from distributors.

9. Is there anything that I should do before engaging the services of planners in this list?

Due diligence! Check out their website, ask for previous client-details, speak to a couple of them, and then decide.

10. I am fee-only planner or I know of a fee-only planner. Can you add them to this list?

With pleasure! Please send me contact details. I will contact the planner via email, confirm their profile and add them to the  list. A link to this list can found at all times at top right side of the blog.

11. Why did you make readers email you for the list if you had intended to publish it?

Apologies. This list is being published only because so many of you requested it! Nb. People who asked for it the earliest may find one or two new names in it.

12. I can do my own financial planning. Why do I need this list?

Sure why not! You might want to read this first though: What does it take to do your own financial planning?

13. Are you against mutual fund distributors?

Hell no! Read my ode to them:  What you need to know before hiring a Mutual Fund Distributor?

Without further ado,

Updated: 30th July 2016

Download the List of fee-only financial planners

The names are arranged in random order.

Note:  Members in this list suggest only direct mutual fund plans and do not ask you to invest via them or their friends or relatives. If you find out that this is happening, please inform  me.

Request: If you have engaged the services of these planners and are satisfied, do refer them to your contacts. This is the least we can do to promote fee-only advisory.

I would also appreciate if you send me an email narrating your experience.

This list is pathetically short! Please promote fee-only advisory so that it becomes a viable career option.

Someday I hope fee-only advisory thrives in India (no harm in dreaming right!). If and when that happens, do spare a moment to think of a nut case named ‘pattu’!

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162 thoughts on “List of Fee-only Financial Planners in India

  1. Srini IfaGalaxy

    Dear Pattu for all those who still require a advisor cum executor please do suggest my name!!!!

    Reply
  2. Srini IfaGalaxy

    Dear Pattu for all those who still require a advisor cum executor please do suggest my name!!!!

    Reply
  3. Sandip

    Your best post till date! 🙂 At least I enjoyed reading it most! Person like you is always rare in our society who dares to call a spade a spade and at the same time who is a dreamer and doer. Best wishes for you.

    Reply
  4. Sandip

    Your best post till date! 🙂 At least I enjoyed reading it most! Person like you is always rare in our society who dares to call a spade a spade and at the same time who is a dreamer and doer. Best wishes for you.

    Reply
  5. Sukhvinder Sidhu

    Thanks dear Pattu, not only for supporting the infant financial planning profession, but for trying to make the financial advisory picture more clear for the investors. Your strong & unbiased views, may these be on 'fee-only financial planners' or 'mutual fund advisers' or any other constituent, will go a long way in properly guiding your readers.

    During a few conversations amongst advisers on social media, over the topic of a viable financial planning model, I have tried to present the side of fee-only model as being rich in commitment though poor in revenue in the short term. It was two years back when before starting, I checked some of the websites of financial planners globally and found only the "fee-only" model as the most appealing. This was because I felt this model as being most close to making financial planning a true profession by (as you say) being devoid of any conflict of interest.

    First the SEBI's IA Regulations, and then your write-up, are being a 'good initial return' on our 'emotional investment' made for the long term in our dear profession. Thanks!

    Reply
  6. Sukhvinder Sidhu

    Thanks dear Pattu, not only for supporting the infant financial planning profession, but for trying to make the financial advisory picture more clear for the investors. Your strong & unbiased views, may these be on 'fee-only financial planners' or 'mutual fund advisers' or any other constituent, will go a long way in properly guiding your readers.

    During a few conversations amongst advisers on social media, over the topic of a viable financial planning model, I have tried to present the side of fee-only model as being rich in commitment though poor in revenue in the short term. It was two years back when before starting, I checked some of the websites of financial planners globally and found only the "fee-only" model as the most appealing. This was because I felt this model as being most close to making financial planning a true profession by (as you say) being devoid of any conflict of interest.

    First the SEBI's IA Regulations, and then your write-up, are being a 'good initial return' on our 'emotional investment' made for the long term in our dear profession. Thanks!

    Reply
  7. Uma Shashikant

    This is wonderful! What a superb way to encourage fee-only planners! May their tribe increase 🙂

    Reply
  8. Uma Shashikant

    This is wonderful! What a superb way to encourage fee-only planners! May their tribe increase 🙂

    Reply
  9. Shilpi Johri

    Dear Mr. Pattu,
    Thanks for the wonderful article and your faith in the 'rare breed' of Fee-only financial planners!

    Just to share with you, when I was planning to start my practice as a financial planner, I did a survey of about 40-50 families in Gurgaon-NCR. I spoke to them about their perception of 'personal finance', how they take their financial decisions, how do their families participate and whom do they look for support/guidance regarding their money matters.

    The results were very disappointing!!

    Most of them were taking ad hoc decisions, in most of the families only one person(read male members) were taking all decisions and personal finance meant 'Investments' only...or sometimes taking home loan!
    Almost all of them were dependent o their insurance/ mutual fund agents or in some cases relationship managers from bank to guide them...guidance resulting in sale of insurance cum investment plans mostly (Well now... its a joke which I share with all my clients...as to how many policies do they have? and believe me they all smile sheepishly and start producing the policies !!)
    Their was lack of trust as well particularly when their money was not 'doubled' or increased as per the promises made by the agents. and the end result was the under confidence in the families about their money matters!
    So I decided NOT to add anymore to this chaos and go for Fee-only practice. Also, I realised that it is not always that the advisers were to be blamed but some part of blame goes to these people also ...they slog day and night to earn money and do not want to spare even a single day in the year to 'take care' of this money. Some of them even signed papers without reading! I strongly felt that this has to be changed and hence started my blog and workshops.
    I am doing my little bit...and like you I am also dreaming to have Fee-only financial planning to be accepted and thrive in our country!!

    Thanks once again!

    Reply
  10. Shilpi Johri

    Dear Mr. Pattu,
    Thanks for the wonderful article and your faith in the 'rare breed' of Fee-only financial planners!

    Just to share with you, when I was planning to start my practice as a financial planner, I did a survey of about 40-50 families in Gurgaon-NCR. I spoke to them about their perception of 'personal finance', how they take their financial decisions, how do their families participate and whom do they look for support/guidance regarding their money matters.

    The results were very disappointing!!

    Most of them were taking ad hoc decisions, in most of the families only one person(read male members) were taking all decisions and personal finance meant 'Investments' only...or sometimes taking home loan!
    Almost all of them were dependent o their insurance/ mutual fund agents or in some cases relationship managers from bank to guide them...guidance resulting in sale of insurance cum investment plans mostly (Well now... its a joke which I share with all my clients...as to how many policies do they have? and believe me they all smile sheepishly and start producing the policies !!)
    Their was lack of trust as well particularly when their money was not 'doubled' or increased as per the promises made by the agents. and the end result was the under confidence in the families about their money matters!
    So I decided NOT to add anymore to this chaos and go for Fee-only practice. Also, I realised that it is not always that the advisers were to be blamed but some part of blame goes to these people also ...they slog day and night to earn money and do not want to spare even a single day in the year to 'take care' of this money. Some of them even signed papers without reading! I strongly felt that this has to be changed and hence started my blog and workshops.
    I am doing my little bit...and like you I am also dreaming to have Fee-only financial planning to be accepted and thrive in our country!!

    Thanks once again!

    Reply
  11. Anurag Srivastava

    Nice details Shilpi. I agree, there is tremendous value which people can gain in personal finance but don't realize it exists. Probably, if fee-only FP can help them it will be great. I wish you and all of other FP to actually help people see this value and benefit

    Reply
  12. Anurag Srivastava

    Nice details Shilpi. I agree, there is tremendous value which people can gain in personal finance but don't realize it exists. Probably, if fee-only FP can help them it will be great. I wish you and all of other FP to actually help people see this value and benefit

    Reply
    1. Vicky

      Is this how you normally talk to your wife?

      I'm all for fee-only Financial Planners but your cheap camouflaged attempt to promote them could've been avoided!

      Reply
  13. Balaji

    Great article.. Being from Chennai (I know you are also from Chennai), I am surprised no Chennai based Fee-only planner made it to your list (yet).. Has this concept not yet caught up in south?

    Reply
  14. Balaji

    Great article.. Being from Chennai (I know you are also from Chennai), I am surprised no Chennai based Fee-only planner made it to your list (yet).. Has this concept not yet caught up in south?

    Reply
  15. Pattabiraman Murari

    Thank you for sharing Ms Johri. It takes extraordinary conviction and courage to choose a different path and make a stand. Commission-based selling can never be holistic by definition. Thanks again and wish you and all fee-only planners the very best in the future.

    Reply
  16. Pattabiraman Murari

    Thank you for sharing Ms Johri. It takes extraordinary conviction and courage to choose a different path and make a stand. Commission-based selling can never be holistic by definition. Thanks again and wish you and all fee-only planners the very best in the future.

    Reply
  17. Raghu Ramamurthy

    1.Do the feeonly planners you have suggested offer advice on direct equity investment also in addition to mutual fund investments?
    2.You have included only individuals in the list.There are many more fee only companies like Saralgyan,Equity Master etc .who offer similar services.Why have you omitted them from your list.?
    Recently I have started to subscribe for the services of such companies.The subscription fee is modest. After a few months of staying with them I will give full details.Have any of your readers tried them?

    Reply
  18. Raghu Ramamurthy

    1.Do the feeonly planners you have suggested offer advice on direct equity investment also in addition to mutual fund investments?
    2.You have included only individuals in the list.There are many more fee only companies like Saralgyan,Equity Master etc .who offer similar services.Why have you omitted them from your list.?
    Recently I have started to subscribe for the services of such companies.The subscription fee is modest. After a few months of staying with them I will give full details.Have any of your readers tried them?

    Reply
  19. Pattabiraman Murari

    Some of them might. One would need to check with them. These are fee-only financial planners. You are referring to firms that offer stock recommendations and I think we will need to differentiate between the two. Look forward to getting your feedback about these firms. I have not heard from others in this regard. Basant Maheswaris The Equity Desk is also something you can consider.

    Reply
  20. Pattabiraman Murari

    Some of them might. One would need to check with them. These are fee-only financial planners. You are referring to firms that offer stock recommendations and I think we will need to differentiate between the two. Look forward to getting your feedback about these firms. I have not heard from others in this regard. Basant Maheswaris The Equity Desk is also something you can consider.

    Reply
  21. Solanki Jitendra

    Thanks Dear Pattu for the writeup on fee only planners.

    Fee only planning is still at a very very nascent stage for many good reasons but the future is certain. The challenges of any profession are always heartly accepted. What one need is a determination and passion to sail through these challenges. I am a firm believer that SEBI regulations has come at the right time for fee only planners.

    Reply
  22. Solanki Jitendra

    Thanks Dear Pattu for the writeup on fee only planners.

    Fee only planning is still at a very very nascent stage for many good reasons but the future is certain. The challenges of any profession are always heartly accepted. What one need is a determination and passion to sail through these challenges. I am a firm believer that SEBI regulations has come at the right time for fee only planners.

    Reply
  23. Melvin Joseph

    Thank you dear Pattu for this post. I salute your efforts in creating awareness about fee only financial planners, a rare breed in our country. I am sure your post can help many investors in planning for their financial goals. Thank you for supporting us too.

    Reply
    1. pattu

      Actually salutations are due to you and all feel-only planners for having the courage to stay away from distribution and recognising the true meaning of conflict of interest. Thank you.

      Reply
  24. Melvin Joseph

    Thank you dear Pattu for this post. I salute your efforts in creating awareness about fee only financial planners, a rare breed in our country. I am sure your post can help many investors in planning for their financial goals. Thank you for supporting us too.

    Reply
    1. pattu

      Actually salutations are due to you and all feel-only planners for having the courage to stay away from distribution and recognising the true meaning of conflict of interest. Thank you.

      Reply
  25. R Varadarajan

    An excellent artilcle! . The concept of Financial Planning is in the nascent stage. In fact, every MF & Insurance Co looks for people to sell their products rather than looking for financial planners, perhaps with some rare exceptions. It is true selling an insurance is not easy.More over, the sale of MF and Insurance have been around and have been able to create an association and rapport with their clients and the concept of Financial Planning is yet to gain strength. Perhaps things could improve in the days to come

    Reply
  26. R Varadarajan

    An excellent artilcle! . The concept of Financial Planning is in the nascent stage. In fact, every MF & Insurance Co looks for people to sell their products rather than looking for financial planners, perhaps with some rare exceptions. It is true selling an insurance is not easy.More over, the sale of MF and Insurance have been around and have been able to create an association and rapport with their clients and the concept of Financial Planning is yet to gain strength. Perhaps things could improve in the days to come

    Reply
  27. Biju behanan CFP^CM

    Dear Fee only financial planners ,

    I wish to invite you to put our thoughts together to form an association like the National association of Personal financial planners ( http://www.napfa.org/) ( USA) in India . You can read about National Association of Personal financial advisers from the below link.
    http://www.napfa.org
    http://en.wikipedia.org/wiki/National_Association_of_Personal_Financial_Advisors

    In essence the NAPFA is an association of fee only RIA who have no kind of commission or selling arrangements. They hold on to the position of fiduciary and maintain the highest standards in FP industry. They have a distinct identity and membership evokes respect among the investing public .The public knows that the association represents the professional of fee only financial advisers.

    The membership is open to only fee only financial planners (RIA) and they should have no arrangement of any commissioned sales direct or indirect. They will have to take a fiduciary oath. They are peer reviewed before admission.
    The NAFPA is a 30 year old body and commends the highest respect among the investing public. It has only around 3000 members.
    Why do we need this?
    India is in the same position as the US 30 years before.
    Kinds of advisers in India
    1)In india we have distributors claiming to be advisers in direct violation of the SEBI law , using fancy titles like financial planner, advisers, consultant and so on . All this are aimed at fooling the public in making them believe that they dispensing financial advice whereas they are actually product sellers. They do not hold to fiduciary responsibility or liability to the public .

    2) We have CFP es doing advice and distribution without registering with SEBI this is the vast majority , the FPSB has around 2000+ CFPes and hardly 70 would have registered with SEBI.

    3) We have an another category o people who are in advisory business who are SEBI registered who have separated their distribution business in their fathers/spouces / brother/partners/ home pets name and still continue with the old business as usual . We can imagine what kind of arrangements these would be.
    One hand gives advice and other hand distributes financial products. There might be a Chinese wall to camouflage the arrangement .These conflicted arrangements are bad in law and bad in sprit.

    All these are conflicted arrangements only serving to benefit the distributer. Customers are ultimate losers in this game.

    It is for this reason that an association like NAPFA is advocated for people who do fee only financial planning.

    This is a new category of people who are fee only and dont have any kind of sales arrangement and uphold the fiduciary position in letter and spirit . These guys are finding it difficult to position themselves among the above mess that is called advisory business. The public does not know whom to trust.

    It is for these people I am advocating the formation of an association like NAFPA, we can call this Indian association of fee only investment advisers (IAFOIA) . The people who qualify for this will not be more than a 10 people all over India right now.
    1) They need to be registered with SEBI as RIA
    2) They should not have a have any distribution arrangements past (the association needs to be sure that commissions’ are not passed other arrangements) or present in whatever form where commissions are passed to them or to their family members or associates.
    3) They should sign an oath of fiduciary that is similar to NAPFA.
    4) The members will be expelled if the above conditions are violated.
    5) This strict stand is required as the public believes that the members have no conflicted positions .If the credibility of the members are questioned then the whole credibility of the associated is in question and will fall out of public grace .
    6) The organization members use exclusive logo es that are the property of the association that shows they are members of the association . This is a trade mark of the organization and is given for members in good standing ( like your CFP certification)

    The main aims of the association would ne
    1) Educate the public on the conflicted position between adviser and seller.
    2) Promote the fee only FP profession.
    3) Take up with regulators the mis use of the term Advisers , or any other term that is used to fool people to believe that they are advisers
    4) Form a interest group and liaison with the regulators to hear their view separate from the conflicted seller.
    5) run promotions or create a branding like the http://www.focuson fiduciary.com which NAPFA sponsors so that public knows whom to trust .

    This is just an initial start and I have created a linkedin group called fee only financial planners , please join this and we ill take this forward.

    There is a world of difference between a seller (distributor) and adviser (who is a fiduciary) , the fee only profession cannot take their business forward unless they position themselves as distinct group.

    Your comments are welcome

    Biju behanan CFP^CM
    Founder & Principal Planner
    Finwell India
    http://www.finwellindia.com

    Reply
    1. ashalanshu

      Dear Biju, although I support your Idea in principal but the current numbers of actual Fee only planners suggest that it 'll be more like a family kind thing. I'm not a financial planner or advisor or coach (whatever fancy names people want to attach, are free to use) but whatever little bit of interaction I do have with retail investors, we should first focus on to increasing the number of Fee only planners/advisors.

      Thanks

      Ashal

      Reply
  28. Biju behanan CFP^CM

    Dear Fee only financial planners ,

    I wish to invite you to put our thoughts together to form an association like the National association of Personal financial planners ( http://www.napfa.org/) ( USA) in India . You can read about National Association of Personal financial advisers from the below link.
    http://www.napfa.org
    http://en.wikipedia.org/wiki/National_Association_of_Personal_Financial_Advisors

    In essence the NAPFA is an association of fee only RIA who have no kind of commission or selling arrangements. They hold on to the position of fiduciary and maintain the highest standards in FP industry. They have a distinct identity and membership evokes respect among the investing public .The public knows that the association represents the professional of fee only financial advisers.

    The membership is open to only fee only financial planners (RIA) and they should have no arrangement of any commissioned sales direct or indirect. They will have to take a fiduciary oath. They are peer reviewed before admission.
    The NAFPA is a 30 year old body and commends the highest respect among the investing public. It has only around 3000 members.
    Why do we need this?
    India is in the same position as the US 30 years before.
    Kinds of advisers in India
    1)In india we have distributors claiming to be advisers in direct violation of the SEBI law , using fancy titles like financial planner, advisers, consultant and so on . All this are aimed at fooling the public in making them believe that they dispensing financial advice whereas they are actually product sellers. They do not hold to fiduciary responsibility or liability to the public .

    2) We have CFP es doing advice and distribution without registering with SEBI this is the vast majority , the FPSB has around 2000+ CFPes and hardly 70 would have registered with SEBI.

    3) We have an another category o people who are in advisory business who are SEBI registered who have separated their distribution business in their fathers/spouces / brother/partners/ home pets name and still continue with the old business as usual . We can imagine what kind of arrangements these would be.
    One hand gives advice and other hand distributes financial products. There might be a Chinese wall to camouflage the arrangement .These conflicted arrangements are bad in law and bad in sprit.

    All these are conflicted arrangements only serving to benefit the distributer. Customers are ultimate losers in this game.

    It is for this reason that an association like NAPFA is advocated for people who do fee only financial planning.

    This is a new category of people who are fee only and dont have any kind of sales arrangement and uphold the fiduciary position in letter and spirit . These guys are finding it difficult to position themselves among the above mess that is called advisory business. The public does not know whom to trust.

    It is for these people I am advocating the formation of an association like NAFPA, we can call this Indian association of fee only investment advisers (IAFOIA) . The people who qualify for this will not be more than a 10 people all over India right now.
    1) They need to be registered with SEBI as RIA
    2) They should not have a have any distribution arrangements past (the association needs to be sure that commissions’ are not passed other arrangements) or present in whatever form where commissions are passed to them or to their family members or associates.
    3) They should sign an oath of fiduciary that is similar to NAPFA.
    4) The members will be expelled if the above conditions are violated.
    5) This strict stand is required as the public believes that the members have no conflicted positions .If the credibility of the members are questioned then the whole credibility of the associated is in question and will fall out of public grace .
    6) The organization members use exclusive logo es that are the property of the association that shows they are members of the association . This is a trade mark of the organization and is given for members in good standing ( like your CFP certification)

    The main aims of the association would ne
    1) Educate the public on the conflicted position between adviser and seller.
    2) Promote the fee only FP profession.
    3) Take up with regulators the mis use of the term Advisers , or any other term that is used to fool people to believe that they are advisers
    4) Form a interest group and liaison with the regulators to hear their view separate from the conflicted seller.
    5) run promotions or create a branding like the http://www.focuson fiduciary.com which NAPFA sponsors so that public knows whom to trust .

    This is just an initial start and I have created a linkedin group called fee only financial planners , please join this and we ill take this forward.

    There is a world of difference between a seller (distributor) and adviser (who is a fiduciary) , the fee only profession cannot take their business forward unless they position themselves as distinct group.

    Your comments are welcome

    Biju behanan CFP^CM
    Founder & Principal Planner
    Finwell India
    http://www.finwellindia.com

    Reply
    1. ashalanshu

      Dear Biju, although I support your Idea in principal but the current numbers of actual Fee only planners suggest that it 'll be more like a family kind thing. I'm not a financial planner or advisor or coach (whatever fancy names people want to attach, are free to use) but whatever little bit of interaction I do have with retail investors, we should first focus on to increasing the number of Fee only planners/advisors.

      Thanks

      Ashal

      Reply
  29. Silver MCX

    It is very lucrative to have a advice from financial planner they will help us in every aspect and it is really important to take advice before investing your valuable assets

    Reply
  30. Silver MCX

    It is very lucrative to have a advice from financial planner they will help us in every aspect and it is really important to take advice before investing your valuable assets

    Reply
  31. bimal

    Pattu sir, as i was going thru soubhagya kumar patra website succinct financial planners, i just want to confirm can they do income tax and accounts work and allied works under the fee based financial planning licence.

    Reply
    1. pattu

      Soubhagya know his tax rules. I do not know if they are qualified to file returns. You will have to check with them. As such, my understanding is, the financial planning degree does not cover this but they are sure to have additional qualifications. Please check with them.

      Reply
  32. bimal

    Pattu sir, as i was going thru soubhagya kumar patra website succinct financial planners, i just want to confirm can they do income tax and accounts work and allied works under the fee based financial planning licence.

    Reply
  33. Mayur Shah

    I think above list is not complete.

    Even I am Fee Only Investment adviser registered with SEBI but I didn't find my name in above list.

    Mayur Shah

    Ocean Wealth Solutions

    Reply
    1. pattu

      I never said that it is complete. I will be happy to include your name in the list, provided you or your family members do not distribute mutual funds, insurance or any other financial product.

      Reply
      1. Mayur Shah

        Thank you for your reply,

        As on date no one from my close family is doing any distribution business but in future they may, but again its completely up to client whether to use it or not.

        Regards,

        Reply
        1. pattu

          I am sorry. I am afraid that will not quite make the cut. I know many financial planners who fit your profile who are not in the list. I am against even offering distribution as choice to the client. Kindly excuse me.

          Reply
    1. pattu

      I see that you offer an online retail mutual fund account. So by policy I cannot include you in this list. I am sorry.

      Reply
  34. ranganathg

    Dear Pattu Sir, any recommendations for financial planners in Hyderabad? I have a dumb question as well, can we trust the planners with sharing all our financial details about our earnings?

    Reply
    1. pattu

      Yes you can trust the planner. The planner will not take any earnings from you (other than a fee). The investments will only be done in your name. I don't know anyone in Hyd. Suggest you consult one of them listed here via email and then perhaps over Skype and get your plan done.

      Reply
  35. Dr Deepak

    Hi

    I initially relied on Arthos Arthayantra(mistook them for fee only financial planners). During initial discussion was told that I can individually plan my own investments as per their advise. Later after enrolment and financial plan discussion, I am being compelled by them to invest through them only. ( I had planned to invest as per their recommendation in direct plans of Mutual funds ).

    Can a financial planner force the client to invest through them?? ( The NDA provided them , there is no clause that I have to invest through them )

    I feel the dream of fee only financial planners is not successful as there is no transparency when the financial planner deals with the client. During the initial discussion they repeatedly evade the question of whether we are free to invest in some other platform .

    Reply
    1. Ashal Jauhari

      Dear Deepak, at least the above listed fee only planner 'll only prepare and discuss your plan with you and you are fully free to implement it from your own choices ( in terms of investment).

      thanks

      Ashal

      Reply
  36. Felix raja

    Sir, would like to know any fee only planner in Salem. Also want to know whether Basu Nivesh from Bangalore is in your list.

    Reply
    1. pattu

      Please contact one of the people listed here. They will offer online advisory. Unlikely to find a fee-only planner in salem. Basu is not part of this list.

      Reply
  37. Ritz

    Hi Pattu

    Nice article.

    but the list is very short. Most of the people are either from North and West.

    Difficult for South Indians to get one in their city.

    I would suggest to add more people from every region.

    Reply
    1. pattu

      I know of several planners from different parts of the country. Trouble is that they are not fee-only planners. Unless I am personally convinced that they fee-only planners, I will not add them here. I don't think investors are worried that the list is short. These guys can consult online.

      Reply
  38. Suresh Panchal

    I just happened to see this post. Respectfully, I would like to suggest that for anyone looking for an adviser, the list of Registered Investment Advisers on SEBI's website is a reasonable starting point. I understand the point you make about the issue of arms length distance. Nevertheless, when you look at the regulations in totality, anyone who has registered can logically be expected to have tremendous belief in one's competence, and to be committed to a rigorous set of processes and levels of transparency. The reasons for some doing what you perceive to be a mockery of the spirit of having arms length distance may not be immediately easy to understand. For many, it is to service existing clients or to offer a choice for prospective clients who are uncomfortable with the idea of paying a fee.

    No adviser can force or persuade a client to execute through him/her. The length of SEBI's list offers a lot of choice to shortlist potential advisers. There is of course no substitute to asking tough questions of anyone we shortlist to determine the suitability of an adviser.

    On another level, I take the liberty of suggesting that while Caveat Emptor applies, we can get much more in life by assuming others are innocent until proven guilty.

    Reply
    1. pattu

      I am well aware of ground realities in this matter and I am disgusted by the way in which people in financial services reacted to direct plans and to this regulation. So I will never recommend anyone who distributes products directly or indirectly.

      Reply
        1. pattu

          With rerefence to Ashals reply, I am not comfortable about that because according to SEBI regulations it is illegal. Therefore he will is not part of this list

          Reply
    1. pattu

      Widening would imply diluting my criterion. That would be the very last thing I and my readers need. I would only trust a fee-only planner. Your link would be useful to fee-based planners who land here and would like to register with you.

      Reply
      1. Krishna Kumar

        Dear Pattu: That was my first ever comment; this I suspect will be my last. Please delete both if you so wish. It seems that you could not appreciate the spirit of sharing in which that was posted. Neither do I own that website nor was I implying what you choose to assume (we seem to follow different dictionaries, I guess). Have a nice day and may your and your readers prosper.

        Reply
        1. pattu

          When you asked me to 'widen my sights', I assumed the site was yours. I am used to such language and such comments by disgruntled members of the financial services. I apologise for assuming that. I however do not appreciate the assumption that my sight is narrow. If you are not a member of the fin. services industry, I think you need to know a thing or two about how fee-based planners operate. I dont delete comments.

          Reply
  39. Anurag Kashyap

    Shilpi Johri Just a small question Shilpi. Are you married to Anurag Srivastava? In this post the conversation between you and Anurag seems to suggest that you are not related. And he is wishing you and other planners good luck. Well, if you are actually married, your attempt to gain confidence of investors has failed badly. I find it unethical and this raises a doubt on the authenticity of the list of fee-only FPs posted by Pattabiraman Murari.

    Reply
    1. freefincal

      1) That is a comment made in her FB wall and not on this post. The FB plugin does not know the difference.
      2) I dont know or care about the marital status of the financial planners listed here. I find nothing wrong in that comment and I certainly dont think it was an attempt to gain confidence of investors or anything unethical about it.
      It is just one person wishing another person and a community well. Their relationship is not relevant to me.
      3) I do hope you are not an IFA or a fee-based planner. If you are, I just wasted my time responding to drivel.

      Reply
  40. Bhadresh

    Hi, I am from Ahmedabad, Gujarat.
    I see only 10 fee-only planners in India! Is this correct? why such a small number?
    Is there no one in Ahmedabad? How do I then avail a fee-only financial planner?

    Reply
    1. freefincal

      I am sure there are more, but if read the post again and the associated links, you will realize that it is hard to find out if a planer is fee-only or fee-based. You can consult the Mumbai planners over skype.

      Reply
  41. ssk

    Any idea or ball park figure for general financial planners?
    I just want what is the figure to expect as a guide post for these fee only/based.

    Reply
  42. Abhik

    Have a quick question for fee only advisors ?

    How do your clients make investments in mutual funds ? Do you recommend that they buy direct mutual funds on their own or do they purchase regular plans from a MF distributor ?

    Also, if they buy direct, then how is reporting consolidated at a single place and how do you get access ? Or do you manually collate PDFs.

    We are contemplating building a marketplace for direct mutual funds on a flat fee purchase model and any insights will be greatly appreciated.

    Cheers

    Reply
  43. Abhik Prasad

    Have a quick question for fee only advisors ?

    How do your clients make investments in mutual funds ? Do you recommend that they buy direct mutual funds on their own or they purchase regular plans from a MF distributor ?

    Also, if they buy direct, then how is reporting consolidated at a single place and how do you get access ? Or do you manually collate PDFs.

    We are contemplating building a marketplace for direct mutual funds on a flat fee purchase model and any insights will be greatly appreciated.

    Cheers

    Reply
  44. Loyit Mathew

    Hi Sir,
    Your blog is very useful for the MF investors especially whom they are without any financial back ground.
    I have a query! Is there any CFP in and around Kochi or Kottayam? Please enlist ....

    Regards,
    Loyit

    Reply
  45. sanjay

    Thanks for extremely informative articles. I have seen that difference between regular and direct plans is higher for Franklin MF compared to others like DSP. Does it mean that Franklin is paying higher commission than DSP to distributors. Regards

    Reply
  46. Kartik

    Please suggest atleast one in chennai.link given above for chennai is not fruitful.afterall its yours hometown sir...

    Reply
  47. S. Narayanan

    Dear Sir,
    Request you to add a Chennai- based FP.
    One of your posts had asked whether anyone would be interested to meet a fee-only planner,in their city. I would be.
    Thanks for all your posts.

    Reply
  48. MV

    Hello,

    Thank you very much for sharing such an useful and important information. Only one concern I have is the list does not contain anybody from Bangalore - can you please add few in case if you came across reliable FPs from Bangalore region please.

    Once again Thank you very much.

    Reply
  49. K.Kameswara Rao

    Sir, Do you find any Financial Planners other than me from Visakhapatnam?
    I already subscribed to your mailing list

    Reply
  50. Pingback: The Alternatives – Part 1 – lazytraider

  51. m88

    Good post. I learn something new and challenging on sites I stumbleupon on a daily basis.
    It's always interesting to read through content from other writers and practice something
    from other web sites.

    Reply
  52. Mukut Das

    Kindly provide me a list of fee only advisers registered under SEBI. I would prefer to have advise over internet.

    Reply
  53. Sundaram

    Dear Pattu,

    As you claim your not-biased, please clarify why in the mutual fund application form the following words are mentioned "Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI
    registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder."

    I am you will not clarify regarding this statement just like AMCs.No one have guts to ask SEBI why this statement is appearing in the application form.

    Reply
    1. freefincal

      1) That statement has nothing to do with my being non-biased
      2) It was started when entry loads went away
      3) It is a commission for services rendered and not a fee
      4) SEBI rules make it clear commissions cannot be paid for getting financial advice.

      Reply
      1. Sundaram

        Then AMCs are printing inspite of SEBI's rule. AMC's are encouraging Financial Advisor to charge commission though SEBI don't. Can AMC dare SEBI's rule??? Something to think seriously.

        Reply
  54. Arun

    Hi,

    One of the prime concerns that i have seen among retail customers is about cost. If a fee only planner charges like 10k per year, the retail investor don't see value in it.

    One issue is are fee only planners affordable to Indian middle class or they are suitable only for hnis as for a portfolio of 10 lakhs 10k is 1%but a portfolio of 10crore 10k is 0.01%.

    Arun

    Reply
    1. freefincal

      Very good point. I am not sure of those with 10K folio can be called middle class. Even distributors prime target are HNI and they openly admit that 20% of such clients pay the costs of servicing the other 80%. That does not justify paying for commissions and fee or paying the commission and getting advice from people who are not suppose to give avice.

      Reply
      1. Arun Kumar Panda

        Hi,

        So we agree on the point that we need a lot of Fee Only Financial advisers who are affordable. Since when the masses adapt to them, only then the WoM can make HNI take notice of Fee only advisers. If they remain focussed on HNI, then the limited number of customers will actually hamper the growth. That will automatically promote the other typr of Financial advisers who have both larger budgets for marketing and also larger number of clients who can spread WoM.

        Reply
        1. freefincal

          Assuming you are referring to fee-only planners throughout your comment, those who market themselves better, get more clients. One does not need a large budget for marketing.

          Reply
          1. Arun Kumar Panda

            I guess I have been a bit disorganised through my comment.

            What I wanted to bring out was, given that Fee only planners have a single source of income, they generally cost anywhere in range of 25k for first plan and ~10-15k per year for every yearly review. This may be paltry for people with huge portfolio as the incremental income on large sum due to great advice would far surpass the fees. However, for people with a smaller portfolio say 1L to 10L bracket, the balance between incremental income from fee only planner above those offered by other financial planners will not make sense.

            On the other hand, The Non-Fee only planners not only receive money from brands but also marketing support being their distributors. The might of brand rooting for a distributor is something that fee only planners might find difficult to match.

            The only Solution I feel is for fee only planners to congregate and start concentrating on volumes at a lower price. That will require combined strategic approach rather than being the single person entity that they are working as. That will bring along with the recognition, ability to market themselves as entity as well as recognition among the public. A lower price higher volume business supported by collective instead of individual marketing should promulgate the value proposition that the Fee-only advisers bring on table.

            So what in essence I am saying is the reason that fee only advisers are not popular as of now is both the difficulty of access and exorbitant fees.

            If any of us wants to be sanguine about the growth of adoption of fee only planners, we will have to do more.

  55. Arun Kumar Panda

    Hi Ashal,

    Yes I have contacted some Fee only advisers on the list. The fee data given for planning and review are based on my interaction with Fee only advisor.

    However, If you can point me to any fee only Advisor who has substantially less fees than I have outlined, Please feel free to point me.

    Would be glad to update my facts.

    With due regards
    Arun Panda

    Reply
  56. Senthil Kumar

    Hello Sir,

    I want to share me horrible experience with Succinct FP - so called Bangalore based Fee Only financial planners. There are 2 people (Bhuvaneshwar and Soubhagya) - Initially they recommended on buying some funds on direct MF, but recently they started pushing me for buying few funds and insurance from their cousin who is insurance agent. I told them I am not interested for such thing and do not recommend me hence forth. After that they stopped supporting without any reason. They do not check my portfolio or recommand any changes now, and for my queries they ignore it. Even after so many phone calls in but response.
    Just thought to post it here in case helpful for other people dealing with them. Be careful with such cheaters in the market. Big NO NO for Succinct FP - it seems they are cheaters.

    Reply
    1. freefincal

      I am sorry to hear that. A few months ago I had removed them from the list as they are not SEBI registered.

      Reply
  57. Sajin Murali

    Hello Sir,

    Could you please explain the difference b/w a CFP and a RIA. If I have to hire a financial planner, who dont sell me any products, but only sell unbiased advise.. Who should I hire?

    It would be great, if you could advise the key points to look for before hiring a financial planner.

    Reply
  58. a b

    Hi

    Can you please give me contact details of registered CFP professionals in Delhi?
    I am very confused about whom to go to, and was on the verge of signing up with finedge advisory, and found a large number of online complaints about them.
    I am very confused about whom to trust.
    I am a novice in financial matters, and have absolutely no idea of investmnts/savings etc.
    So far, i have been saving money in fixed deposits and insurance plans only
    I live in New Delhi

    Regards

    A B

    Reply
  59. Mandar

    Hi,
    Thanks for this wonderful article but with some courage I am trying to ask few basic queries as I am aspiring FP.
    Fee based FP what exactly do they do once Financial planning is done ?
    Once a planning is done do they review at at some interval & if yes do they charge some fee for that as well ? Need to understand how exactly this model of Fee only planner works.
    Best Regards.
    Mandar

    Reply
  60. Jitendra P.S. Solanki

    Hi Mandar,

    Yes if you engage a financial planner for long term then there is a process of regular reviews on a periodic basis. But the process and manner of this will defer across financial planners. If you wish to know it then you can engage in an initial discussion with a Planner which is generally non chargeable. You can know the details you want and understand it in line with your requirement.

    Reply
  61. Sukhvinder

    Hello Arun, I believe genuine fee-only planners may not be following HNIs. If they have love for money, they would not have been with the fee-only model so early in the first place. They primarily have genuine service and love for their profession in mind, and they are long term players in market. Yes, you rightly suggest that large no. of clients with lower fee service are required for their success.

    Reply
  62. Sukhvinder

    Dear Arun Kumar Panda, thanks for your concern for the fee-only FP profession and providing suggestions for the same.

    Your suggestion of coming and marketing together and targeting higher no. of clients at lower fees is very good. But unfortunately it is not very practical. (If it could be possible, even for some of them, nothing like it.) The primary reason, in my opinion, is:

    Each of these planners started on their own and have worked separately for years. After so much time, the work styles, procedures, target clients, tools and software, etc developed/used by them are bound to be quite different. In comparison to the commission oriented services, these practice models have come into being with greater innovation, and at this later stage it would be very hard for them to leave or dilute what they have crafted so far with their conscience and hard work.

    And, your estimation of fee of around Rs 25K is wrongly generalised for this category of planners. I have evolved my service proposition along with the associated fee over the years, due to the very concerns that you have shared here. Since you seem to me very genuine in your comments over concern for our practice, I would like to seek your opinion privately, for my benefit, on the service/fee model currently presented on my website (You can locate it along with my email in the list referred to in this article.) Thanks.

    Reply
  63. Sanjeev Kumar Sharma

    Hi

    I have been investing in Equity, MF, SIP and insurance since 2002 and I want your expert advice for best investing.
    Could you please help me for this? Do I need to hire you? If yes how much it will cost me?

    Regards.

    Sanjeev Kumar Sharma

    Reply
    1. freefincal

      Please consult the list at the end of the post and choose a planner from there. I do not offer any investment advice.

      Reply
  64. Nitin Saini

    Kindly mail me the list of Fee Only Financial Planner in Rohini, New Delhi. I am very keen to consult one of the CFPs for my personal financial planning.

    Reply
  65. Alok Singh

    Sharad Singh of Invezta and Vipin Khandelwaal of Unovest are not certified planners? Also if possible kindly post a review of Arthyantra.com.

    Reply
    1. freefincal

      Vipin is. He has his own direct portal, unovest. If he is open to advise clients who invest anywhere, I will be happy to include him. I dont know if he does this. Sharad is not a financial planner.

      Reply
  66. ajayrajaram

    "if you want to have a baby...you have to do the "work". somebody else cannot do that "work" for you " - south indian village proverb (edited out the non-parliamentary translation)

    Reply
  67. vipul vaibhav

    Hi Pattu, one of my colleagues suggested a financial planner in Bangalore. I'd like to know if they're SEBI registered and fee only advisors. their website address is ggindia.com

    Reply
    1. freefincal

      I dont think so. In any case, tell them that you will only invest in direct plans. If their facial expression changes or if they refuse, you can walk!

      Reply
  68. Murthi

    Hi Pattu,

    First of all congratulations for your awesome blog and articles. Very helpful to lots of retail investors like me. Can you sugges any Fee only Advisor based out of Hyderabad. I did not find one in your list. Thanks again and continue the good work.

    regards
    Murthi

    Reply
    1. freefincal

      As now no. But if you can wait a bit, I know a guy who is just getting his SEBI registration. Once he does, will add him here.

      Reply
  69. Shanmukha

    Hi Pattu,

    Your blog info is very helpful for retail investor like us, thank you very much for your blog info.
    I am looking for Bangalore based RIA, i could not find anyone in your list. Could you please
    suggest anyone.

    Thanks
    Shanmukha

    Reply
  70. Senthil Kumar

    Shanmukha - Just be careful I had worst experience with Succinct FP - Jaynagar guys. They are two of them who claim to be financial planners but I got cheated by them.

    Reply

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