Registered investment advisors (RIAs) are a new category of intermediaries created by SEBI in 2013. SEBI has for long been trying to split investment advice and investment execution between two separate service providers. Its concern being those offering execution services could end up advising the products with better commissions, putting investors' interests secondary. So, regulations allow RIAs to give financial advice to their clients for a fee. Distributors can only give incidental advice and continue to earn commission. That is advice on the suitability of the mutual fund products for your goals and risk-profile. An RIA also needs to have networth of Rs 5 lakh.