Unlocking Your Fee Only RIA (Registered Investment Adviser) Journey: Key Takeaways from VAXEL Academy Conference 2026
Your Complete Guide to Launching and Growing a Fee Only Registered Investment Adviser Practice: Key Learnings from the Second Annual VAXEL Academy Conference in Navi Mumbai
The financial advisory landscape in India continues to evolve at a remarkable pace. With increasing financial literacy among Indian citizens and a growing demand for unbiased, client-centric financial advice, the role of the Registered Investment Adviser (RIA) has never been more significant. Particularly, Fee Only RIAs—those who operate as fiduciaries, charging flat fees or hourly rates based on time, effort, and complexity rather than earning product commissions—are emerging as trusted guides for individuals and families seeking comprehensive personal financial planning services.
Fee Only RIAs who are part of Fee Only India (FOI) have already served 10,000 individual/family clients and growing!
The foundational principles that define a Fee Only RIA remain steadfast:
Fiduciary: Client interest is foremost and always paramount
Fee Only: Compensation through flat fee or hourly fee basis tied to time, effort, and complexity of client requirements
Financial Planning Focused: Providing individuals and families with comprehensive lifecycle goal-based personal financial planning advice covering investments, insurance, tax, and estate planning with a focus on risk profiling, goal-based asset allocation, portfolio diversification, and ensuring optimal sequence of returns
Building upon the tremendous success of its maiden conference in 2025, VAXEL Academy once again brought together the brightest minds in the fee-only advisory space for the 2026 Aspiring RIA Conference. Held on Saturday, 11th April 2026, at the Hotel Ibis Navi Mumbai in Turbhe, this full-day event ran from 10 AM to 6 PM, offering aspiring RIAs an unparalleled opportunity to learn from Fee Only RIA industry veterans, connect with like-minded professionals, and gain the knowledge necessary to embark on their own successful RIA journey.
This comprehensive article captures the essence of the 2026 conference, providing a detailed session-by-session account of the insights, strategies, and practical guidance shared by the distinguished panel of speakers. Whether you attended the conference or are discovering these insights for the first time, this guide serves as your blueprint for understanding what it takes to become a successful Fee Only Registered Investment Adviser in India.
The Conference Structure and Speakers
The 2026 Aspiring RIA Conference featured five distinguished speakers, each bringing unique expertise and perspectives to the table:
- Vijay Xavier – Founder, VAXEL Academy
- Melvin Joseph – Certified Financial Planner (CFP), Founder of Finvin Financial Planners, and one of India’s most experienced Fee Only RIAs
- Preeti Zende – Practicing Fee Only RIA, Founder of Apna Dhan (www.apanadhan.com)
- Ajay Pruthi – Practicing Fee Only RIA, Founder of PLNR (www.plnr.in)
- Megha Kyal – Company Secretary, Founder of Megha Kyal & Associates, Mumbai
The conference agenda was meticulously designed to cover every aspect of the RIA journey:
10:00 AM – Welcome Session by Vijay Xavier
10:15 AM – Session 01: How to Set Up an Advisory Practice by Melvin Joseph
11:15 AM – Session 02: Experience Sharing by RIA Preeti Zende
12:15 PM – Session 03: Experience Sharing by RIA Ajay Pruthi
1:15 PM – Session 04: VAXEL RIA Training, Tech, Tools by Vijay Xavier
2:00 PM – Lunch Break
2:45 PM – Session 05: RIA Licensing Procedures by Company Secretary Megha Kyal
3:45 PM – Session 06: How to Create a Financial Plan by Melvin Joseph
4:45 PM – Open Session for Q&A
5:45 PM – Vote of Thanks by Vijay Xavier
6:00 PM – Session Conclusion
Welcome and Introduction – Vijay Xavier, Founder, VAXEL Academy
The conference commenced with a warm welcome from Vijay Xavier, founder of VAXEL Academy. Vijay set the tone for the day by articulating VAXEL Academy’s mission and its commitment to supporting RIAs throughout their entire professional lifecycle.
About VAXEL Academy
VAXEL Academy was established in 2012 and incorporated as a Private Limited Company in 2014. The organization has positioned itself as a specialist in blended learning solutions, with a particular focus on empowering Registered Investment Advisers. VAXEL’s approach leverages SPOCs (Small Private Online Courses) and their unique Adaptive Blended Learning & Experiential (ABLE) Framework, ensuring that learning is flexible, interactive, and tailored to individual needs.
Currently, VAXEL provides online exam preparation batches for:
• NISM Series 10 (Registered Investment Adviser)
• NISM Series 15 (RA – Research Analyst)
• NISM Series 21 (PMS – Portfolio Management Services)
• NISM Series 19 (AIF – Alternative Investment Funds)
These programs cater to both B2B clients—including Corporate RIA, PMS, AIF, AMC, and MFD firms—as well as aspiring Individual RIAs. VAXEL takes pride in its impressive 90%+ first attempt passing track record, a testament to the quality and effectiveness of it’s training programs.
VAXEL Through the RIA Lifecycle
Vijay Xavier presented VAXEL’s comprehensive support framework, which addresses the needs of RIAs at every stage of their journey:
1. Start Up Phase
2. Business Growth Phase
3. Scaling Up Phase
This lifecycle approach ensures that whether you are just beginning your RIA journey or looking to scale an established practice, VAXEL has the training, tools and tech to help you succeed.
Session 01: How to Set Up An Advisory Practice – Melvin Joseph, Fee Only RIA (www.finvin.in)
One of India’s first RIAs who has served over 3500 fee paying clients till date!
Following the welcome session, Melvin Joseph took the stage to deliver one of the most anticipated sessions of the conference—a practical guide on how to set up a fee-only advisory practice. Drawing upon his extensive experience since leaving the corporate sector in 2010 to start Finvin Financial Planners, Melvin shared battle-tested strategies and insights that aspiring RIAs can immediately apply to their journey.
Realistic Expectations for Client Acquisition
Melvin began by dispelling a common myth that many aspiring RIAs hold—the belief that friends and family will automatically become their first clients. He emphasized that personal finance is a sensitive topic, and clients typically seek expertise and trust from professionals outside their immediate circle. The initial challenge of acquiring clients is significant, and aspiring RIAs must be prepared for this reality.
Build Your Online Presence – Start with a Website
In today’s digital age, having an online presence is non-negotiable. Melvin strongly recommended that aspiring RIAs create a simple, clean website as their digital identity. He encouraged attendees to learn from other successful RIA websites
A website serves multiple purposes: it establishes credibility, provides information to potential clients, showcases your expertise, and serves as a platform for content that can attract organic traffic over time.
Content is King
One of Melvin’s most emphatic points was the importance of content creation. He advised aspiring RIAs to regularly create useful, relevant content—ideally one article per week. The content should be written on topics that appeal to potential clients and address their concerns, questions, and pain points.
However, Melvin cautioned against simply copying content from other sources. While it’s acceptable to draw inspiration from others, RIAs must reproduce the content in their own style and language. This is not only ethical but also practical—duplicate content harms SEO (Search Engine Optimization), making it harder for potential clients to discover your website through search engines.
Develop Expertise in Allied Areas
Melvin stressed that becoming proficient in Income Tax and Insurance is vital for any Fee Only RIA. These areas are deeply interconnected with financial planning, and clients often need significant guidance in these domains. Understanding the tax implications of various investments and ensuring clients have adequate insurance coverage are non-negotiable aspects of providing comprehensive financial advice.
Master the Art of Storytelling
Financial jargon can be intimidating and confusing for clients. Melvin emphasized the importance of simplifying complex concepts through relatable stories and analogies. This approach makes advice easier to understand and remember for clients. A good financial planner is not just technically proficient but also an effective communicator who can translate complex strategies into simple, actionable guidance.
Leverage Your Network Strategically – The Well-Wishers List
While friends and family may not become direct clients, they can play a crucial role in building your practice. Melvin introduced the concept of a “Well-Wishers List”—a broader network of contacts who support your professional journey. He recommended informing this network about your RIA practice and sharing your content with them via platforms like WhatsApp groups.
This strategy builds awareness and can lead to organic referrals, which are highly valuable due to the inherent trust involved when someone is introduced by a known contact. Melvin highlighted that referrals from within trusted professional groups—such as IT professionals, defence personnel, doctors, NRIs, and other specialized communities—are particularly effective. However, he cautioned that growth through this channel is organic and takes time; patience is essential.
Focus on the First 50 Clients
Melvin shared a golden rule for new RIAs: treat your first 50 clients as VIPs. These initial clients deserve exceptional service and care. In the early stages of your practice, you have more time to dedicate to each client, and this is an opportunity to build deep relationships.
He strongly encouraged RIAs to actively seek good reviews from satisfied clients (for example, on Google) and, most importantly, to request referrals. Building a strong foundation with this initial group is crucial for sustained growth. Satisfied clients become advocates for your practice, and word-of-mouth remains one of the most powerful marketing tools in the financial advisory space.
The Power of Trust and Referrals
Melvin concluded this session stating that the sustainable nature of a practice built on strong relationships and value delivery. It reinforced the message that while building a fee-only practice requires patience and persistence, the rewards—both financial and personal—are substantial for those who stay the course and prioritize client welfare above all else.
Session 02: Experience Sharing – Preeti Zende, Fee Only RIA (www.apanadhan.com)
Preeti Zende, founder of Apna Dhan, took the stage to share her personal journey towards becoming a Fee Only RIA. She is amongst the first woman Fee Only RIAs in India and her story of grit, determination and perseverance was a revelation for the participants especially as she worked hard to establish herself at a time when a lot of information, support and resources were not available for aspiring RIAs!
Her session provided attendees with invaluable real-world insights into the challenges and triumphs of building an independent advisory practice.
Preeti shared her journey towards becoming a Fee Only RIA, discussing the challenges she faced along the way and how she systematically built her Fee Only RIA practice.
She mentioned how post sabbatical from work she became a Fee Only RIA thanks to Melvin Sir’s guidance and the fact that she was already helping her siblings, family and relatives with their personal finance queries
Her narrative touched upon the motivation behind choosing the fee-only path, the difficulties encountered during the transition from her previous role, and the specific strategies she employed to overcome these obstacles.
Key aspects of her experience sharing included:
• The decision-making process that led her to embrace the fee-only model
• Establishing credibility in a competitive market
• Acquiring initial clients and managing the early stages of practice development
• Handling the administrative burden of setting up an independent business
• Building her brand and online presence
• The importance of continuous learning and staying updated with regulatory changes
Preeti’s session served as an inspiration for aspiring RIAs, demonstrating that with perseverance, dedication, and a genuine commitment to client welfare, building a successful fee-only practice is entirely achievable.
Session 03: Experience Sharing – Ajay Pruthi, Fee Only RIA (www.plnr.in)
Ajay Pruthi, founder of PLNR, brought a fresh and innovative perspective to the conference. As a mentee of Melvin Joseph, Ajay’s journey represents the new generation of RIAs who are leveraging technology to transform the advisory landscape.
Thinking Big: Aiming for Hundreds of Clients
One of Ajay’s key messages to aspiring RIAs was the importance of thinking big. He emphasized that RIAs should aspire for significant targets, such as acquiring hundreds of clients, rather than settling for just 2-3 clients monthly. This ambitious mindset, he argued, is essential for building a sustainable and impactful practice.
Leveraging Technology: The PLNR Web App
Ajay shared how he revolutionized his client onboarding process by developing a custom web application for his firm. Frustrated with the traditional approach of sending Excel data sheets for clients to fill up, Ajay collaborated with an in-house developer and utilized vibe coding tools like Claude to create the PLNR web app (www.plnr.in).
The PLNR platform allows clients to directly upload their financial data online, eliminating the cumbersome process of exchanging spreadsheets. Once clients submit their data through the platform, Ajay’s RIA firm employees review the information, schedule calls with clients, and create comprehensive financial plans.
During his session, Ajay provided a live demo of the PLNR web app, showcasing its user-friendly interface and demonstrating how technology can streamline operations and enhance the client experience.
Pricing Model
Ajay shared that his firm charges Rs13,000/- for their financial planning services—a transparent, fee-only model that aligns with his core principles of fiduciary advisory. Ajay’s session was a powerful reminder that the RIA profession is not static—it is evolving rapidly, and those who embrace tech & scale will survive and grow as RIAs
Session 04: VAXEL RIA Training, Tech, Tools – Vijay Xavier
Later in the day, Vijay Xavier returned to deliver an in-depth session on the specific training programs, tools, and technology solutions that VAXEL offers to support RIAs.
RIA Training (Start Up Phase)
VAXEL’s training programs are structured into two levels:
Fee Only Financial Planner (FoFP) Level 1:
• Mapped directly to the mandatory NISM Series X-A and X-B exams for aspiring RIAs
• Rigorous MS Excel and Open Office based calculations training
• Add-Ons: Complimentary access to Financial Planning tools, templates, and resources post RIA Certificate of Registration (CoR) receipt
• Duration: 12 weeks of online classes
Fee Only Financial Planner (FoFP) Level 2:
• Eligibility: Post X-A and X-B qualified candidates with RIA CoR in hand
• Covers Practice Management, Advanced Financial, Tax, and Estate Planning
• Equivalent to MBA Finance level training in Investment Advisory and Portfolio Management
• Duration: 24 weeks of online classes
RIA Tools (Business Growth Phase)
For RIAs in the business growth phase, VAXEL provides essential practical resources:
• Financial Planning Templates – Standardized templates for creating professional client deliverables
• Financial Planning Toolkits – Comprehensive toolkits for day-to-day operations
• Financial Planning Resources – A wealth of resources to improve efficiency and service delivery
RIA Tech (Scaling Up Phase)
VAXEL is actively developing and deploying technology solutions to enable RIAs to scale their practices:
Session 05: RIA Licensing Procedures – Megha Kyal, Company Secretary (www.csmeghakyal.in)
Megha Kyal, founder of Megha Kyal & Associates, Mumbai, delivered a comprehensive session on the regulatory framework, eligibility requirements, and compliance obligations for Registered Investment Advisers. Her expertise as a Company Secretary provided attendees with a clear and authoritative understanding of the licensing process.
Investment Advisers Registration: Regulatory Framework, Eligibility & Compliance Requirements
The session began with an overview of the regulatory landscape governing Investment Advisers in India, as prescribed by the Securities and Exchange Board of India (SEBI).
Eligibility & Certification Requirements
Minimum Qualification Criteria:
Investment advisers and their associated persons must hold a graduate degree in any field unlike previously when aspiring RIAs required professional degree or postgraduate or graduate qualification in finance, accountancy, commerce, economics, capital markets, or related fields recognized by government or professional bodies. This is a huge change as it enables a more larger pool of professionals to become RIAs thereby increasing the pool of RIAs and eventually enabling more individuals/families to access the services of a RIA!
Certification Requirements:
Investment advisers and associated persons need relevant NISM (Level 1 & 2) certification. These certifications must be renewed before expiry to maintain compliance. The NISM Series X-A and X-B examinations are the primary certifications required for Investment Advisers.
Requirements for Non-Individual Registration
Who Can Apply:
• Partnership firms
• LLPs (Limited Liability Partnerships)
• Private Limited Companies including OPCs (One Person Companies)
• Public Limited Companies
Eligibility Criteria:
• Principal Officer: Responsible for overall functions of the IA, should be a Board of Director or an employee in case multiple registrations are held by the entity
• Compliance Officer: A person appointed on the payroll of the entity for managing the overall compliance of the IA
Other Requirements:
• The business object of the entity must enable them to function and operate as IA
• In case of multiple business activities, a clear segregation of clients and manpower should be maintained
Part-Time Investment Adviser
Who Can Apply:
Individuals or partnership firms also engaged in unrelated non-securities business or employment without handling client funds or providing investment advice.
Eligibility Examples:
• Members of ICAI (Institute of Chartered Accountants of India)
• Insurance agents licensed by IRDAI
• Professionals such as architects, lawyers, doctors, teachers, etc.
Ineligible Activities:
Those providing advice on gold, real estate, cryptocurrency, or similar non-registered securities-related assets cannot register as part-time IAs.
Part-Time IA Compliance and Disclosure Requirements
Registration Declarations:
Part-time IAs must declare an arms-length relationship between advisory services and other activities. If employed elsewhere, they must procure an employer NOC (No Objection Certificate).
Disclosure During Services:
Part-time IAs must disclose the nature of other professional activities to clients and use disclaimers on non-securities service invoices to avoid SEBI complaint eligibility.
Client Limit and Conflict Management:
Part-time IAs are limited to a maximum of 75 active clients. They must avoid conflicts of interest and request full-time registration if their client base exceeds this threshold.
Deposit & Compliance Requirements
Deposit Maintenance:
IAs must maintain a deposit with a scheduled bank, marked as a lien in favor of a corporate body recognized by the Board to supervise investment advisers. This deposit serves as financial security to cover dues arising from arbitration and conciliation mechanisms.
Deposit Requirements Based on Client Count:
| Number of Clients | Deposit Required |
| Up to 150 clients | ₹1 lakh |
| 151 to 300 clients | ₹2 lakh |
| 301 to 1,000 clients | ₹5 lakh |
| 1,001 and above clients | ₹10 lakh |
Dual Registration for Investment Adviser and Research Analyst
Eligibility:
Individuals or partnership firms may obtain certification to act both as Investment Advisers (IA) and Research Analysts (RA).
Segregation of Activities:
Mandatory arms-length separation is required between advisory and research activities to avoid conflict of interest.
Compliance Undertaking:
A formal undertaking must be submitted confirming segregation and adherence to regulatory norms for both IA and RA roles.
Registration Process Overview and Fee Structure
Application Steps:
1. File BSE application and address queries
2. Obtain in-principle approval and pay fees to BSE and SEBI
3. Submit membership certificate and receive SEBI registration
Fee Summary:
| Entity Type | Admin Fees (BSE) | Reg Fees (SEBI) |
| Individual/Partnership | Rs 10,000 | Rs 3,000 |
| LLP/Company | Rs 5 Lakh | Rs 15,000 |
Renewal Fees:
Fees are applicable every 5 years for both BSE and SEBI, scaled by entity type.
Key Takeaways for Compliance
Megha concluded her session with three critical takeaways:
1. Maintain Education and Certification: Ensure all advisers and associated persons meet the qualification and certification requirements at all times.
2. Comply with Deposits and Registration: Keep required deposits with regulated bodies and follow the registration and renewal procedures diligently.
3. Monitor Part-Time and Dual Roles: Observe applicable rules for part-time IAs and those holding dual IA/RA certifications to prevent conflicts of interest.
Following these regulatory mandates facilitates compliance, protects client interests, and upholds industry standards in investment advisory services.
Session 06: How to Create a Financial Plan – Melvin Joseph, CFP
Melvin Joseph, one of the most experienced RIAs in India, delivered the flagship session of the conference—a comprehensive walkthrough of how to create a financial plan. With his impressive credentials as a Certified Financial Planner (CFP) from FPSB India, Fellow of Insurance Institute of India (FIII), MBA in Finance, and Post Graduate Diploma in Financial Advising from IIBF, Melvin brought over 14 years of practical experience and approximately 3400 financial plans created to his presentation.
Rather than presenting theoretical concepts, Melvin grounded his entire session in a practical case study, demonstrating how aspiring RIAs can apply financial planning principles to real-world client situations.
Case Study: Ajay
Melvin introduced a detailed case study featuring a hypothetical client named Ajay.
Avoid All Toxic Products for Investment
Melvin concluded his session with crucial advice on what investments to avoid:
- Other Insurance Policies: Other than Term insurance, Health insurance, and Personal Accident Policy, clients don’t need any other insurance policies. They offer poor return with no flexibility.
- Direct Stocks/Small Case/Crypto/PMS/SIF: Avoid direct stocks, small case, crypto, PMS (Portfolio Management Services), and SIF (Specialised Investment Fund). These are not required for a retail investor.
- Too Much Real Estate: Avoid excessive real estate as investment.
- Private Finance/Chit Funds/Gold Investments: Avoid private finance, chit funds, and gold investments.
Melvin’s Principle: “Less luggage – more comfortable.”
Conclusion: Your Roadmap to RIA Success
The 2026 Aspiring RIA Conference hosted by VAXEL Academy on April 11, 2026, at Hotel Ibis Navi Mumbai, successfully delivered a comprehensive blueprint for aspiring Registered Investment Advisers. The conference offered invaluable insights from all five speakers, covering every aspect of the RIA journey from training and tools to regulatory compliance and practical financial planning.
The conference underscored that the path to becoming a successful Fee Only RIA requires not only technical knowledge and regulatory compliance but also an entrepreneurial spirit, dedication to client service, continuous learning, and willingness to embrace technology and innovation.
The call to action is clear: if you aspire to become a Registered Investment Adviser, invest in the knowledge, understand the regulations, build your skills, leverage available support systems, embrace technology, and connect with the growing community of like-minded professionals. The future of fee-only financial advisory in India is bright, and events like the VAXEL Academy conference are lighting the way.
If you are an aspiring RIA and would like to receive updates for the next Aspiring RIA webinar series and Conference schedule, please visit the VAXEL Academy website at www.vaxel.in to register.
Disclaimer
The content in this blog post is not to be construed as tax/legal/financial/investment/compliance related advice. The content has been derived from the speaker presentations during the 2026 VAXEL Aspiring RIAs Conference and has been shared by the respective speakers purely for informational and educational purposes on a good faith no obligation basis.
Melvin Joseph and the other speakers of the session don’t have any monetary benefits from this, and they are doing it pro bono to support the growth of Registered Investment Advisers (RIAs) in the country.
Becoming a SEBI (Securities and Exchange Board of India) RIA (Registered Investment Adviser) is a significant step with substantial personal and professional ramifications. Blog article readers need to consult their tax, accounting, legal, and compliance professionals and seek their professional advice and guidance before deciding to become a SEBI RIA.
VAXEL Academy (Trade Name), VAXEL Solutions Private Limited (VSPL), VSPL Directors or Employees, Mr. Melvin Joseph, and the speakers mentioned in this blog article have no liability whatsoever with respect to decisions made by blog article readers based on the information shared in this blog article.
Firstly, neither VSPL Directors/Employees and/or the speakers at the Conference claim that the information is up to date due to the ever-evolving changes in SEBI/Government laws/byelaws/regulations/legal interpretations. All information shared in this blog article is done so on a good faith, no obligation basis for informational and educational purposes with no malice and/or prejudice towards any individual or entity.
Further due to the ever-evolving nature of SEBI/Government laws/byelaws/regulations/legal interpretations blog readers are advised to check the latest information from statutory compliance/tax/accounting/investment/financial/legal professionals before they take a decision to become an RIA.
Finally, no part or whole of this article may be copied or reproduced, either digitally or via print, unless the same is approved in writing by an authorized signatory of VAXEL Solutions Private Limited.
