New Delhi, Sept. 23 -- Financial advice is key to disciplined and prudent investing, but most people are unaware of the right kind of advisors.

Sebi-registered investment advisers (RIAs), who charge a fee directly from clients instead of commissions from product manufacturers like mutual funds or insurers, offer unbiased, tailor-made advice. Yet, their numbers have been shrinking-from 1,350 a couple of years ago to just 962 now.

That means fewer options for investors seeking conflict-free advice, while commission-driven distributors remain far more accessible.

Last week, the Securities and Exchange Board of India (Sebi) cleared proposals to ease entry barriers and improve ease of doing business for RIAs.

However, according to industry...