Portfolio Advisory Services in India: What They Cover, What They Cost and How They Differ From PMS

October 8, 2026
Posted by: Neeraj Pandey
Category: advisory

Advisory: you decide, adviser guides. PMS: manager decides, minimum Rs 50 lakh. IA fee cap: Rs 1,51,000 per family or 2.5% of AUA. Univest RA: INH000013776.

Quick Answer

Portfolio advisory services review what you own, set a target asset allocation and recommend changes, while you remain the one who places the orders. A SEBI-registered investment adviser provides personalised advice for a fee that SEBI caps, whereas a PMS manager takes discretionary control and has a minimum ticket of Rs 50 lakh. Univest is a SEBI-registered research analyst whose screeners and AI insights can support your own portfolio review.

Portfolio advisory services answer three questions: what do you own, is it the right mix for your goals, and what should change. Done well, they stop you from holding ten funds that all own the same stocks.

This guide explains what portfolio advisory services include, how they differ from PMS and research services, what SEBI allows an adviser to charge and how to get value from the first review.

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Table of Contents

What Are Portfolio Advisory Services?

Portfolio advisory services are non-discretionary guidance on your investments, covering asset allocation, security selection, rebalancing and risk. You approve each decision and place each order yourself, which separates advisory from portfolio management where the manager acts for you.

Feature	Portfolio advisory	PMS	Research service
Who decides	You	Manager (discretionary)	You
Personalised	Yes, for an IA	Yes	No, general research
Typical minimum	None fixed	Rs 50 lakh	None fixed
Fee model	Fixed fee or AUA-based, within SEBI caps	Management and performance fees	Subscription
Regulator category	Investment adviser	Portfolio manager	Research analyst

What Do Portfolio Advisory Services Cover?

Risk profiling: age, income, goals, horizon and comfort with falls
Asset allocation: split between equity, debt, gold and cash
Portfolio review: overlap, concentration and cost
Rebalancing: rules for when and how to trim winners
Tax awareness: holding periods and loss harvesting
Goal tracking: retirement, education, home

Portfolio Advisory Services Fees Under SEBI Rules

Under SEBI’s amended rules, an investment adviser can charge a fixed fee of up to Rs 1,51,000 per family per year, or a fee linked to assets under advice of up to 2.5% a year per family. Confirm in writing what the fee includes, how often the portfolio is reviewed and whether the adviser earns any commission from products.

Use the Univest Screener to check the stocks inside your portfolio against fundamentals and momentum

How Univest Supports a Portfolio Review

Univest Stock Broking is a SEBI-registered stock broker (INZ000317437) and depository participant on NSDL, and Univest also holds SEBI research analyst registration INH000013776. The Univest app lets you connect your portfolio to see free AI-powered BUY/SELL/HOLD insights on 2000+ NSE stocks, and its screeners help you test concentration and quality. Because the registration is as a research analyst, treat these as research inputs and not as a signed, personalised advisory plan.

A Four-Step Portfolio Review You Can Do Yourself

List every holding, with value and percentage of the total.
Group by asset class, sector and market cap to spot concentration.
Compare the mix with your goal and horizon.
Decide trims, additions and a date for the next review.

How to Choose Between Portfolio Advisory Services and PMS

Choose portfolio advisory services if you want to stay in control and have a portfolio below the PMS minimum. Consider PMS only if you have Rs 50 lakh or more to commit, accept discretionary management and understand the fee structure and tax impact of frequent trading by the manager.

Portfolio Management Services, Diversification and Advisory

Portfolio management services (PMS) manage money for you, while portfolio advisory services guide you. Diversification across asset classes and sectors reduces the damage from any single bad pick.

Investment advisory services and the best mutual fund advisor in India can both help with diversification, but only a registered adviser can give personalised portfolio advice. Compare portfolio advisory services on fee, scope and conflicts before you sign.

Download the Univest iOS App or Univest Android App to connect your portfolio and view AI insights on your holdings.

Red Flags in Portfolio Advisory Services

Assured or fixed-return claims
Advice tied to products that pay the adviser a commission
No risk profile or written agreement
Pressure to invest large sums quickly
Unregistered advisers on social media

Getting Value From Portfolio Advisory Services

Portfolio advisory services are worth paying for when they bring a clear asset allocation, a rebalancing rule and honest costs. Verify registration, insist on a written plan and keep your own records. Whatever you choose, markets carry risk, and a good process lowers mistakes but cannot remove losses.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

FAQs on Portfolio Advisory Services

What are portfolio advisory services?

Ans. Portfolio advisory services are non-discretionary guidance on asset allocation, security selection and rebalancing. You make the final decision and place the orders.

How are portfolio advisory services different from PMS?

Ans. In advisory you decide and execute, while in PMS the manager decides and executes for you. PMS has a minimum ticket of Rs 50 lakh.

How much do portfolio advisory services cost?

Ans. A SEBI-registered investment adviser can charge a fixed fee up to Rs 1,51,000 per family per year or up to 2.5% of assets under advice per year per family.

Who can offer portfolio advisory services in India?

Ans. SEBI-registered investment advisers can offer personalised advice. Research analysts provide research and recommendations, not personalised portfolio advice.

Does Univest offer portfolio advisory services?

Ans. Univest is a SEBI research analyst (INH000013776) and offers portfolio-linked AI insights and screeners. For a signed personalised plan, use a registered investment adviser.

How often should a portfolio be reviewed?

Ans. Most investors review at least once a year and after major life events. Rebalance when allocation drifts beyond your set range.

What should I ask before hiring portfolio advisory services?

Ans. Ask for the SEBI registration, fee in writing, commission disclosure, review schedule and complaint route.

Author: Neeraj Pandey

Neeraj Pandey is a Financial Content Writer at Univest, covering Indian equity markets with a specialisation in quarterly earnings previews and analyst consensus analysis. His published work tracks Q4 FY26 results across 10+ sectors — from IT heavyweights like Infosys and TCS to PSUs like Coal India and Balmer Lawrie, and mid-caps like Neuland Laboratories, MCX, and Whirlpool of India. His writing approach is data-first: every article anchors on NSE/BSE filings, analyst consensus estimates (revenue, PAT, EBITDA margins), 52-week price context, and YoY/QoQ comparisons — giving retail investors the same structured framework institutional desks use before an earnings event. He combines SEO-optimised structure with rigorous data sourcing, ensuring each preview ranks for investor search intent while meeting SEBI editorial standards. All articles are reviewed by Univest's in-house equity research team, led by Ankit Jaiswal, Senior Equity Research Analyst, to meet SEBI editorial standards.