Should you plan your money with software or with a person? For most people the honest answer is "it depends on how complex your situation is", and often the answer is both. This page compares FinPlann with a SEBI-registered investment adviser (RIA), explains how advisers in India are paid, and shows when you need a human. Rules are as of 4 October 2026.
What each one is
- FinPlann is planning software. You enter your income, spending, assets, loans, goals and insurance; it calculates your position, goal gaps and a health score, and its AI features suggest next steps from your numbers. FinPlann is not a SEBI-registered adviser and does not sell financial products.
- A SEBI-registered investment adviser (RIA) is a person or firm registered with SEBI to give investment advice for a fee. RIAs must recommend direct (commission-free) plans of products wherever available.
- A mutual fund distributor (MFD) holds an AMFI registration number (ARN) and is paid commission by the fund house through regular plans. MFDs may give advice that is incidental to distribution, but they are not fee-only advisers.
How advisers are paid: SEBI's rules
SEBI's Master Circular for Investment Advisers (6 February 2026) caps what an RIA can charge an individual or HUF client:
- Assets-under-advice mode: up to 2.5% a year of the assets they advise on, per family, across all services.
- Fixed-fee mode: up to ₹1,51,000 a year per family. The cap is revised every three years in line with the Cost Inflation Index.
- Advance fees: an RIA may charge at most one year in advance, if you agree, and must refund the unused part if you end the arrangement early (keeping at most one quarter's fee).
- The caps cover advice on SEBI-regulated securities and exclude statutory charges. Accredited investors and non-individual clients negotiate their own terms.
The same firm cannot give you both advice and distribution: under SEBI's rules a client is either an advisory client (no commission earned at group level) or a distribution client (no advisory fee). An MFD's commission is shown in your half-yearly Consolidated Account Statement.
Side-by-side comparison
| FinPlann | SEBI-registered adviser (RIA) | |
|---|---|---|
| Cost | Calculators free; Pro planner $12 a month or $99 a year | Fee you agree with the adviser, within SEBI's caps (up to 2.5% of assets under advice, or up to ₹1,51,000 a year per family) |
| What you get | Your full picture, goal gaps, health score, insurance gaps, AI next steps, NRI calculators | Personal advice based on a conversation about your situation, goals and risk |
| Accountability | Educational tool; you make and own the decisions | Registered and regulated by SEBI, with duties to the client |
| Product recommendations | Fund categories, not specific schemes; no products sold | Specific products, in direct plans where available |
| Availability | Any time; updates instantly when you change a number | Meetings and reviews on the agreed schedule |
| Complex judgement | Limited to what the rules and your inputs capture | Can weigh family, behaviour, estate and edge cases |
When software is enough
- Your finances are fairly standard: salary, SIPs, a home loan, insurance, a few goals.
- You are comfortable making decisions once you can see the numbers clearly.
- You want to understand your position before deciding whether to pay for advice.
When to pay a human
- Large or complex portfolios, where a percentage point of better allocation is worth more than the fee.
- Cross-border decisions with real money at stake, such as selling US assets before returning to India, PFIC exposure or how to draw a 401(k). Anyone advising NRIs on investments in India must be SEBI-registered.
- Tax filing and representation. A chartered accountant can file returns and represent you before the Income Tax Department; for US returns you need a US tax professional.
- Estate planning, wills and succession across two countries.
- When you know you won't act on a plan alone. Accountability is part of what an adviser sells.
Using both
Software and an adviser work well together. Build your picture in FinPlann first, so your first meeting is spent on decisions rather than gathering numbers, and use the planner between reviews to see how changes affect your goals. Before hiring anyone, check their registration: RIAs appear in SEBI's list of recognised intermediaries, and distributors can be looked up by ARN on AMFI's website.
See also FinPlann vs a spreadsheet and, for NRIs, FinPlann vs SBNRI vs INDmoney.
FinPlann publishes this comparison about its own product. It is not investment advice; SEBI rules are as stated in the sources below on 4 October 2026.