On Dec 9th, 2018, Fee-Only India, a community of SEBI registered pure fee-only advisors met in Bangalore (pictures below). As patrons of fee-only financial planning, they invited Ashal and me. This is the third fee-only meet and the second this year. The first was in Sep 2017 at Mumbai, the second in March at Hyderabad. It delights us that pure fee-only movement is gaining traction quickly. You have been a great support in this. Here is a report of the third meet.
I keep saying pure fee-only because many, if not most of the SEBI registered investment advisors are impure, in the sense, they continue to earn commissions directly or indirectly from their relatives or friends. Nobody in the media is interested in exposing this. Narendra Nathan of ET Wealth is an exception. In his column on Monday he had mentioned this about fee-only advisers:
As the name suggests, these advisers don’t earn any commission from the products they recommend but earn a flat fee from the client. Since these registered investment advisers (RIAs) don’t earn commissions, there is no conflict of interest. However, make sure your RIA doesn’t run an insurance agency or mutual fund distribution in the name of relatives.
This is my companion piece to the above column published yesterday at ET Wealth: DIY investing is not everybody’s cup of tea
What is fee-only India?
Fee-only India is a community of SEBI fee-only registered investment advisors (RIAs) that supports and mentors new RIAs and helps them get started.
Who can be part of fee-only India?
A SEBI registered investment advisor who gets no kind of commissions from any kind of product directly or indirectly can a part of fee-only India. Write to me (freefincal at Gmail) or write to Melvin Jopseh via his website finvin or contact Ashal Jauhari via Facebook.
My list of fee-only investment advisors
For the last five-plus years, I have been maintaining a list of fee-only investment advisors and I am proud that hundreds of readers are working with the advisors on the list. Neither I nor Ashal, receive any kind of compensation for recommending these advisors. The list was just updated on Friday with the inclusion of M. Sudheer. Access the list here: List of Fee-only Financial Planners in India
Who can be part of the freefincal list of advisors?
An SEBI registered RIA who gets no commissions from any kind of product directly or indirectly and who does not charge a fee linked to clients’ assets can write for inclusion in the list. I also require that after SEBI registration you first work with at least 25 clients in the fee-only model.
You can become part of FOI first, get help to start advisory. The 25-client requirement might seem huge when you start out, but FOI can help you achieve this faster than you can imagine. I will also prepare content on how to use online resources for visibility.
The 25-client requirement is essential to help everyone: you, so that you are ready to face the demands of freefincal readers (and they are tough to please!); me, as my reputation is on the line, the readers, as they require an advisor with experience.
Piyush Khatri was the one who first wanted a coming-together of fee-only RIAs. Many members have helped newer RIAs complete their registration process, out of these Melvin and Swapnil Kendhe have probably helped the most. See the two guides published if you want to become an advisor:
Avinash Luthria organised the Bangalore meet.
The third FOI meet
The participation doubled in number this time!
Standing: From Left to right: M. Sudheer, V Brijesh, Shashi Singh, Abhishek Kumar, Avinash Luthria, Ajay Pruthi (who works with Melvin), N Jose, Chandan Singh Padiyar, Vikram Krishnamoorthy, Basavaraj Tonagatti (of Basunivesh), Swapnil Khendhe, Anshika Khende
Sitting: From left to right: Shilpa Wagh, Upasana Mondal, Sriram Jayaraman, Ashal Jauhari, Pattu, Melvin Joseph, George Kutty
Readers may be familiar with about half the names above as they are part of my advisor list, written guest posts here and have also shared their journey. Here are a few:
Here are pictures taken by Sudheer during the meet.
Melvin described his incredible journey
It was a productive day for everyone.
Why is your support the reason for the growth of Fee-only India?
All the old members of FOI have neatly established their advisory business, and it is growing at a robust pace. You, the reader is responsible for this. You choose them instead of commission-based advisor or relationship managers to work on money management. This kept them going. Their success is the motivation and inspiration for the new FOI members and nothing inspires like success!
Come, be a part of Fee-only India
Whether you are salaried or an entrepreneur, choose a pure fee-only advisor from this list. If you have just become a SEBI RIA, all you need is the competence to start a pure fee-only practice (if you don’t have it, why be an advisor in the first place?) There are plenty of advisor communities that will teach you how to bend the rules. If you like to remain true to yourself and run a clean advisory business, come be a part of FOI after you have become SEBI registered (above terms apply).
We wish all new FOI members the best for starting their practice
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