Retirement Advisers

A retirement adviser is an individual, registered partnership firm, body corporate, or registered trust or society, who provides advice on the NPS or other pension schemes regulated by the PFRDA. Availing of the services of retirement advisor is optional.

Roles and Responsibilities of a Retirement Adviser

The role of a retirement adviser is not only limited to advising existing subscribers on the benefits of retirement planning through NPS, but it also extends to the following:

• Helps potential subscribers by filling out their registration forms as part of the enrolment process, including personal details, nomination details, pension fund and investment choice under NPS.
• Enables and assists in onboarding processes of potential subscribers and discloses all conflicts of interests as and when they arise.
• Imparts advisory services to NPS subscribers of the manner of filling the registration form for enrolment, exit forms, various other forms required to modify or change personal master details, nomination, Point of Presence, Pension Funds, investment choice and other related activities under NPS.
• Advices the subscribers on a periodic basis about the performance of Pension Funds, underlying asset portfolio, NAV, general financial market trend or any other relevant information through dedicated e-mail, newsletters or other specified means.
• Creating impactful awareness about the NPS and the fund performance of each pension fund. This includes a comparative analysis of the scheme and investments that are made by pension funds. This is based on the information that is approved or made available by the concerned authority.

A retirement adviser helps plan and make an informed decision about the benefits of retirement planning through NPS by considering the following factors:

• Due understanding of your requirements to suggest you the most suitable product by collecting basic information of the prospects such as information pertaining to age, marital status, dependents, current assets, liabilities, income, planned purchases, planned retirement age; plans post-retirement, family history of health and longevity and the current health position.
• Understanding your financial and retirement goals.
• Analyzing your current financial situation and current investments.
• Your Risk profiling
• Asset Allocation.
• Investment allocation strategy.
• Periodic monitoring and balancing.
• Likelihood of immediate and near future financial commitments of either self or family.

Online Retirement Adviser Registration

The documents required to register as a retirement adviser are different for an individual and a non-individual. Let's see the list below:

Requirements to register as an individual and non-individual retirement advisor

Eligibility criteria

• In case of non-individual applicant:
  • Registered with and regulated by the Reserve Bank of India, or the Securities and Exchange Board of India, or the Insurance Regulatory and Development Authority of India;
  • Registered under Goods and Services Tax Act;
  • Fulfils the ‘fit and proper person’ criteria as specified in Fifth Schedule; and
  • Its key personnel fulfil(s) the qualification and other requirements under Qualification and other requirements and also the ‘fit and proper person’ criteria.
• In case of individual applicant:
  • Fulfils the qualification and other requirements;
  • Fulfils the ‘fit and proper person’ criteria; and
  • Possesses a minimum tangible net assets of rupees one lakh, as on the last day of immediately preceding quarter.
• An intermediary registered with the Authority shall not be eligible to be registered as a retirement adviser and vice-versa.
• The applicant has the necessary infrastructure to effectively discharge the activities of a retirement adviser.
• Any other criteria that may be laid down by the Authority, in the interest of the subscribers.
• Retirement adviser registered prior to notification of these amendments shall be required to fulfil the requirement specified under these regulations at the time of submission of his application for renewal.

Qualification and other requirements

An individual retirement adviser and key personnel of a non-individual retirement adviser shall possess the following minimum qualifications, at all times:

• Be a graduate in any discipline or have professional qualification and post-qualification experience of at least three years in activities relating to provision of advice in financial products, securities, fund, asset, or portfolio management;
• Possess certification on retirement advisory services from:
  • National Institute of Securities Markets; or
  • Any other organization or institution as may be determined by the Authority.

  Provided that certification under sub-regulation (2) shall not be required in respect of:

  • An investment adviser registered with the Securities and Exchange Board of India;
  • An advocate, solicitor, or law firm;
  • A member of the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost Accountants of India, Institute of Actuaries of India, or any other professional body as may be determined by the Authority; or
  • Any other person as may be determined by the Authority.

  Provided further that fresh certification, or renewal of the existing certificate through continuing professional education, shall be obtained from the accredited institute before expiry of the validity of the existing certificate to ensure continuity in compliance with certification requirements.

You need to fulfill all the above-mentioned requirements to be able to register as a retirement adviser, either as an individual or a non-individual.

View retirement adviser regulations List of RA's 

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