Multi-asset is how PMS firms spell ‘diversification’ as rich clients leave behind advisory services

multi-asset model has seen steady traction in recent years, according to industry insiders. While data at the industry-wide level is not available, Mint interviewed senior executives at large wealth management companies and portfolio management services, or PMS, firms and analyzed their portfolios to capture the trend.Some quick background: a wealth manager, typically, earns revenue in two ways.

Under the distribution model, it sells financial products and earns commissions or trail fees from an asset management company, nothing from the client. Under the advisory model, it gives independent advice and bills the client.As markets shed value rapidly and returns dry up, there is waning appetite among investors for advisory-led models and more demand for a multi-asset structure comprising mutual funds, bonds, and commodities.

Most PMS firms have stocks as their underlying assets."Over the past three–four years, some clients have gravitated towards direct plans due to cost considerations. However, their need for proper fund advisory has led to wealth managers offering structured, fund-of-funds-like portfolios, especially for large clients with ₹25-40 crore portfolio,” said Jayesh Faria, director, regional head, Motilal Oswal Private Wealth.At 360 ONE Wealth Management, the biggest listed wealth management company in India, fund assets under multi-asset strategy grew 2.1x to ₹62,212 crore between FY23 and FY25.Dezerv Investments, the largest PMS with a 100% multi-asset structure, increased its number of clients to 5,589 in December 2025 from 975 two years before with assets surging fourfold to ₹11,244 crore over the same period, according to data from the Association of Portfolio Managers in India (APMI).