Anyone know what wealth management firms really do?

Anyone here a customer of Nuvama, Anand Rathi or any other wealth management firm?

While these companies pose as wealth management, they get most of their revenue from mutual fund distributions fees. In that sense, they are glorified mutual fund distributors. As more people learn that you can invest direct and save that 1% fee - think this business is tough to own long term.

Curious to hear what others think.