Why we do not compare ourselves to the DIY platforms.
Direct Plans saved Indian retail investors a meaningful amount of money. They also created an unforeseen consequence: nobody on the phone during a correction. The DIY platform model and the research-led MFD model are not competing for the same investor.
Full essay coming Q4 2026.
The essay walks through: (a) the structural reason a DIY platform cannot also provide advice (different SEBI licence, different cost structure, different incentive), (b) the investors each model serves well and the investors each model serves poorly, (c) what the rise of DIY platforms revealed about the previous distribution layer that nobody talked about, and (d) what we will not do, even if it would help us win against DIY (Direct Plan toggles, fee-only models, et cetera). The essay names no specific platform. The category dynamics are what matter.
The essay walks through: (a) the structural reason a DIY platform cannot also provide advice (different SEBI licence, different cost structure, different incentive), (b) the investors each model serves well and the investors each model serves poorly, (c) what the rise of DIY platforms revealed about the previous distribution layer that nobody talked about, and (d) what we will not do, even if it would help us win against DIY (Direct Plan toggles, fee-only models, et cetera). The essay names no specific platform. The category dynamics are what matter.
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