New Delhi, Jan. 13 -- India's wealth management sector is sticking to lucrative commissions over more transparent advisory fees, even a decade after the regulator pushed for a shift. Industry executives say higher compliance costs and investor reluctance to pay out of pocket have also stalled the transition.

Among India's three top listed wealth managers, Nuvama Private Wealth hardly earns much out of advising clients, while Anand Rathi Wealth does not offer this service. For the third, 360 One Wealth Management, commissions continue to grow at a much faster pace.

In 2013, the Securities and Exchange Board of India (Sebi) rolled out investment advisor regulations, formalizing a model where clients pay a fixed fee to a wealth manager for...