There are 8,50,000 Indians with a net worth greater than INR 5 Crore. The number has been growing steadily over the last 5 years, and researchers forecast this demographic to increase exponentially by 2030. A larger amount of wealth demands more principled, bespoke, and strategic financial decision-making, and India’s wealth management landscape needs to evolve to cater to this affluent segment. Specifically, the focus has to be brought on client-centricity and alignment of interest with the investors.

Currently, the majority of India’s private wealth management industry continues to operate on a distribution-led model, which is largely product-centric and commission-driven. This structure often leads to misaligned interests between wealth managers and their clients.

In response to growing concerns around transparency and fiduciary responsibility, the Securities and Exchange Board of India (SEBI) introduced the Registered Investment Advisor (RIA) framework in 2013. This regulator…