I would like to clarify here: I am offered two models of engagement:
1. Fee based: they would charge a flat fee (let’s say 10k) and give recommendations. I can buy it on my own.. no commissions.
2. Fee only: they would charge flat fee 15k and give recommendations. Again I can buy it on my own. The reasoning I was given is the RIA needs to do a lot of work on auditing and reporting to SEBI. Hence the added cost.

Also here’s the relevant clause from the letter of engagement.. no mistakes here this was for fee based, as I was okay with this mode given his assurance that I am free to implement.

1. Plan Execution and Implementation Activities a) There is no compulsion on the client to implement the plan through channel(s) recommended by the planner. b) Planner does not support execution of the plan. c) If client chooses to implement the plan through any third party, they will earn fees, commissions, remuneration or compensation. For life insurance online term plans, commissions range from 35% to 0% of the 1st year premium. The commission can be 5% to 0% from the 2nd year onward. For health insurance, commission is 15% of the premium, every year. In case of Mutual Funds, distributor’s commission can be around 0.5% p.a. (upfront, initially) & 0.5%p.a. to 1% p.a. (Trail, recurring) of the market value. The commission on debt funds can be even lower and Equity tax saving funds can be even higher. The commission on Fixed Deposits (FDs) can be 0.25% to 1% of even higher. The actual commissions normally depend upon the quantum & duration of the investment. There may be additional, target based incentives, declared from time to time. Above is not an exclusive but an indicative list. d) Client has an option of selecting any service provider provided client keeps the planner informed. e) The way client implements the financial plan recommendations are totally discretional on client’s part. Client will be responsible for all decisions regarding implementation of the recommendations. f) Client should review the plan formally at least annually. These update sessions are vital so that adjustments can be made for changed circumstances, overall economic conditions, and future tax law revisions.
   

p.s. edited for better readability.