# Kosh vs a Fee-Only Financial Adviser (SEBI RIA) > How a SEBI-registered, fee-only investment adviser differs from Kosh, an AI CFO: what each may do, what each costs, and when it's worth hiring an RIA. Source: https://trykosh.com/compare/kosh-vs-fee-only-financial-adviser Compare - Kosh and a fee-only financial adviser (SEBI RIA) # Kosh vs a fee-only financial adviser A SEBI-registered investment adviser can tell you exactly what to buy. Kosh can't, by design. Here's what each does, what the regulation means for you, and when paying an adviser is worth it. Updated 25 October 2026Written by Kosh, so read with that in mind On this page[In short](#in-short)[Side by side](#side-by-side)[What a SEBI RIA is](#what-is-an-ria)[How RIAs charge](#how-rias-charge)[What Kosh is, and isn't](#what-kosh-is)[When to hire an RIA](#when-to-hire)[Questions to ask an RIA before you sign](#questions-to-ask)[When Kosh is enough](#when-kosh-is-enough)[Using both](#using-both)[FAQs](#faq) **In short** - A SEBI-registered investment adviser (RIA) is licensed to recommend specific funds and securities for you, can't take commissions from product issuers and must act in your interest. - Kosh is not an RIA. It maps your money, works out tax and does the planning maths, and it explains categories like index funds or PPF without recommending particular securities. - Hire an RIA if you have a large portfolio, complex goals or simply want personal recommendations from someone accountable. - Kosh is cheaper and works all year from your statements. Many people use it to get organised, then take a clean picture to an RIA. ## Side by side Kosh A fee-only adviser (SEBI RIA) What it is An AI CFO: an educational planning tool A person or firm registered with SEBI as an investment adviser Recommends specific funds or stocks No, explains categories only Yes, after risk profiling and a suitability check Commissions from products None; income is subscriptions only Not allowed to take commissions from product issuers Spending, leaks and budgets Yes, from every statement Sometimes, as part of a financial plan Tax under both regimes Yes, from your real numbers Often covered in planning; filing is a CA's job Works All year, whenever you upload Through scheduled reviews in the engagement Accountable to Its own terms and privacy policy SEBI, with complaints through SCORES Cost Free to start; Pro INR 2,000 a month or INR 19,999 a year Fixed fee or a percentage of assets, within SEBI's limits ## What a SEBI RIA is In India, giving someone personalised advice on what to invest in, for a fee, is a regulated activity. People and firms who do it must register with SEBI as **investment advisers**, usually called RIAs. Registration needs NISM investment-adviser certifications, a minimum net worth, and an RIA number that should appear on everything they send you. The rules are designed to keep the adviser on your side: - **Fee-only.** An RIA is paid by you, not by the fund house or insurer. They can't take commissions from the products they recommend, which is why they typically suggest direct plans of mutual funds. - **Advice and distribution are separate.** SEBI requires advisory to be kept apart from selling products, so the same client isn't both advised and sold to by the adviser's group or family. - **Suitability first.** An RIA must profile your risk and goals before recommending anything, and their recommendations must fit that profile. - **A duty to you.** SEBI's regulations require an investment adviser to act in a fiduciary capacity towards clients, and to disclose fees and conflicts of interest. ## How RIAs charge An RIA charges either a fixed fee or a percentage of the assets they advise on. **SEBI sets limits on what RIAs can charge** individual and HUF clients: the percentage mode is capped at 2.5% of assets under advice a year per family, and there's a separate ceiling for fixed fees. The fixed-fee ceiling has been revised over time, so check the current circular on [SEBI's website](https://www.sebi.gov.in/) if you're comparing quotes. Fees are usually well above what an app costs, because you are paying for a person's time and accountability. ## What Kosh is, and isn't Kosh is an [AI CFO](/learn/what-is-an-ai-cfo), not an investment adviser. It reads your bank, card and investment statements (including CAMS and NSDL consolidated statements), maps income, spending, debt and savings, finds leaks, and works out your tax under both regimes. For goals, it turns a target into a monthly SIP amount and explains the categories you might use, such as an index fund, a liquid fund or PPF. What it won't do is tell you which specific fund, stock or insurance policy to buy. That's the line SEBI draws between education and advice, and Kosh stays on the education side. It also can't move money or place trades. ## When to hire an RIA - **Your portfolio is large** enough that fund choice, asset allocation and tax-efficient rebalancing make a real difference in rupees. - **Your goals are complex:** early retirement and drawdown, a concentrated ESOP holding, money across India and abroad, or planning for parents and children at once. - **You want personal recommendations** with a named, regulated person accountable for them. - **You don't want to make the calls yourself,** and would rather pay someone to research, decide and review with you each year. ## Questions to ask an RIA before you sign - What is your SEBI registration number, and is it in your own name or your firm's? - Do you charge a fixed fee or a percentage of assets, and what will I pay in total this year? - What does the fee cover: investments only, or tax planning, insurance and loans too? - How often will we review, and what happens between reviews? - Do I place the investments myself, and will you recommend direct plans? - Do you or your family earn anything from any product you might suggest? ## When Kosh is enough If your main problems are "where does my salary go", "which regime should I pick", "how much should my SIP be for this goal" and "why is my card bill so high", you don't need an adviser yet. You need a clear picture and a plan, and the free tools go a long way: try the [SIP goal calculator](/tools/sip-goal-calculator), the [retirement calculator](/tools/retirement-calculator) and the [emergency fund calculator](/tools/emergency-fund-calculator). Our guide to [PPF vs ELSS vs NPS](/learn/ppf-vs-elss-vs-nps) explains the common categories. ## Using both An RIA's first meetings are mostly fact-finding: income, expenses, loans, existing investments, insurance. If Kosh has already mapped that from your statements, you arrive with the facts and spend the paid time on decisions. After that, Kosh keeps the everyday picture current between reviews. **Check registration** Before paying anyone for investment advice, check their RIA number against SEBI's list of registered intermediaries on sebi.gov.in. Be wary of tips on social media or messaging groups from people who aren't registered. [Free tool**SIP goal calculator**Work backwards from a goal to the monthly SIP that gets you there. Inflate the goal to future prices and count what you've already saved.](/tools/sip-goal-calculator)[Free tool**Retirement calculator**Find out how big a retirement corpus your lifestyle needs and what you must invest each month to get there. The calculator inflates today's expenses, funds them for every year of retirement, and credits the savings you already have.](/tools/retirement-calculator)[Free tool**Step-up SIP calculator**Raise your SIP a little every year and watch the gap with a flat SIP grow. Enter a starting amount, the yearly increase, an assumed return and the period.](/tools/step-up-sip-calculator)[Free tool**Net worth calculator**Your net worth is everything you own minus everything you owe. Fill in the assets and loans Indian households usually hold to see the number, how it is spread and how much of it you could actually use.](/tools/net-worth-calculator)[Free tool**Mutual fund tax calculator**How a mutual fund redemption is taxed depends on the type of fund, when you bought it and how long you held it. Choose your fund type and Kosh applies the right rule.](/tools/mutual-fund-tax-calculator) ## Free tools to try first [Free tool**SIP goal calculator**Work backwards from a goal to the monthly SIP that gets you there. Inflate the goal to future prices and count what you've already saved.](/tools/sip-goal-calculator)[Free tool**Retirement calculator**Find out how big a retirement corpus your lifestyle needs and what you must invest each month to get there. The calculator inflates today's expenses, funds them for every year of retirement, and credits the savings you already have.](/tools/retirement-calculator)[Free tool**Net worth calculator**Your net worth is everything you own minus everything you owe. Fill in the assets and loans Indian households usually hold to see the number, how it is spread and how much of it you could actually use.](/tools/net-worth-calculator)[Free tool**FIRE calculator**FIRE stands for financial independence, retire early: having enough invested that work becomes optional. Enter your expenses and how much you invest to see your FIRE number and the age you could reach it.](/tools/fire-calculator) ## Frequently asked questions What is a fee-only financial adviser in India? A fee-only adviser is usually a SEBI-registered investment adviser (RIA) who is paid only by the client. RIAs can't take commissions from the products they recommend, must check that advice suits your risk profile and must disclose fees and conflicts of interest. How much does a SEBI RIA charge? RIAs charge either a fixed annual fee or a percentage of the assets they advise on. SEBI sets limits on what they can charge individual and HUF clients, including a cap of 2.5% of assets under advice a year per family. Check SEBI's current circular for the fixed-fee ceiling. Is Kosh a SEBI-registered investment adviser? No. Kosh is an educational planning tool. It maps your money, works out tax and does the planning maths, and it explains categories such as index funds or PPF, but it never recommends specific funds, stocks or policies. How do I check if a financial adviser is SEBI registered? Ask for their RIA registration number and look it up in SEBI's list of registered investment advisers on sebi.gov.in. A registered adviser should show the number on their website, agreements and invoices. Complaints about a registered adviser can be raised on SEBI's SCORES portal. When should I hire a fee-only adviser instead of using an app? Consider an RIA when your portfolio is large, your goals are complex, such as early retirement or money in two countries, or you want personal recommendations from someone accountable. For tracking, budgeting, tax planning and SIP maths, an app and free calculators are usually enough. ## Sources - [SEBI investor education: investment advisers](https://investor.sebi.gov.in/investment_advisor.html) - [Securities and Exchange Board of India](https://www.sebi.gov.in/) - [SEBI SCORES complaints portal](https://scores.sebi.gov.in/) Descriptions of other products come from their public websites as of 25 October 2026 and may have changed since. Kosh is our product. Product names belong to their owners. Kosh is an educational financial planning tool by Primedepth Labs. It is not a SEBI-registered investment adviser and does not offer personalised investment advice, hold your money or execute trades. Markets carry risk; read scheme documents carefully and consult a registered adviser before acting. ## See what Kosh finds in your statements. Upload one bank or card statement. Kosh maps your money, works out your tax under both regimes and shows the one thing to fix first. It never asks for bank logins and can't move money. [Start free](/signup?via=compare-kosh-vs-fee-only-financial-adviser)