Mindstack builds custom MFD and wealth management software, so we have a horse in this race. We have tried to keep this comparison fair. Where SaaS is the right answer, we say so. Where custom makes more sense, we say that too. The goal is to help you pick the right tool for your practice, not to push you toward us.
Which MFD Software Is Best for You?
Pick the row that describes you, then read what we recommend. There is no single best MFD software in India. The right choice depends on your client base, AUM, AMC mix, and how unique your workflow is.
| If you are... | Best fit |
|---|---|
| A new IFA, fewer than 100 clients | A free or low-cost SaaS like AssetPlus or Wealthy. Get to revenue first. |
| An established MFD, 100 to 500 clients | A paid SaaS like Wealthelite or InvestwellOnline. Better service, better reporting. |
| A growing practice, 500+ clients | Either premium SaaS or a custom build, depending on how unique your workflow is. |
| A regional sub-broker network | Custom build with multi-user, multi-tenant architecture. SaaS rarely handles this well. |
| A bank or brokerage launching wealth | Custom enterprise platform. See our enterprise WealthTech page. |
Pick Your Category Before Your Vendor
Before comparing individual vendors, decide which category fits you. SaaS and custom solve different problems.
SaaS MFD software is great when
- You want to start tomorrow, not in 6 months
- Your workflow is similar to most other MFDs
- You do not need to white-label the brand
- Subscription cost fits your monthly P&L better than a one-time build
- You are happy to use whatever the vendor builds
Custom is the right call when
- You have outgrown what SaaS can do
- You want your brand on the customer experience
- Your workflow does not match how SaaS thinks about distributors
- You want to own the code and data outright
- You are running a sub-broker network, white-label, or multi-tenant setup
The MFD Software Options Worth Knowing About
Six SaaS vendors that show up in most evaluations, plus the custom-build path. Profiles are based on publicly available information and our own experience working alongside MFDs who have used these tools.
One of the more established MFD platforms in India. Strong on AUM tracking, client reporting, and AMC integration. Mid-market priced.
Free for distributors, monetized through AMC tie-ups. Popular with newer IFAs and smaller MFDs because there is no upfront cost. Solid execution, decent reporting.
Started as a B2C investment platform, now offers tools for partner advisors. Good UX, modern interface, mobile-first. Works well for MFDs whose clients are tech-comfortable.
iFAST is a large platform group with multiple MFD-facing tools. Established, well-integrated, used by mid to larger distributors. Higher operational maturity.
Newer entrant focused on Indian MFDs. Modern UI and decent feature coverage on the basics. Smaller customer base than Wealthelite or iFAST.
Long-running MFD software with a loyal customer base. Strong on reporting and back-office. Less modern UI than newer competitors.
Custom (Mindstack and similar)
Custom MFD or wealth management software built to your workflow. Higher upfront investment, no monthly per-user fee, full ownership of code and data. White-label by default. The right answer when SaaS does not fit.
The Capability Matrix
Vendors evolve, so verify before you sign. Yes / No / Limited reflect the typical experience of an MFD using these tools.
| Capability | Wealthelite | AssetPlus | Wealthy.in | iFAST | Custom |
|---|---|---|---|---|---|
| Pricing model | Paid SaaS | Free (AMC funded) | Paid SaaS | Paid SaaS | One-time + support |
| BSE Star MF + NSE NMF | Yes | Yes | Yes | Yes | Yes |
| Paperless onboarding & KYC | Yes | Yes | Yes | Yes | Yes |
| White-label / your brand | Limited | No | Limited | No | Yes |
| Multi-user / sub-broker hierarchy | Yes | Limited | Limited | Yes | Yes |
| Commission reconciliation | Basic | Basic | Basic | Good | Built to workflow |
| Custom workflows | Limited | Limited | Limited | Limited | Yes |
| Data ownership | Vendor | Vendor | Vendor | Vendor | You |
| API access | Limited | No | Limited | Yes (paid) | Full |
| Time to start | Days | Days | Days | Weeks | 3 to 6 months |
When Custom Actually Makes Sense
Custom MFD software is the right call in fewer cases than most vendors will admit. Be honest with yourself about whether any of these apply.
You have outgrown SaaS
You are running 500+ clients, your AUM is past 100 crore, and you keep hitting walls in your current tool.
You want your brand on the front
Customers see your name, not your vendor's. Domain, logo, palette, communication, all yours.
You run a sub-broker network
Hierarchies, separate books of business, and revenue splits are first-class citizens, not bolted on.
Your workflow is unusual
You bundle insurance, you have a unique commission model, you serve NRIs, or you have legacy back-office that has to stay.
You want to own the code
No vendor lock-in, no surprise price hikes, no risk of the vendor pivoting away from MFD tooling.
If none of those apply, SaaS is probably the right answer for now. Custom can come later, once your practice has grown into it.
Can You Migrate From SaaS to Custom Later?
Yes. Most SaaS platforms allow data export. A custom build ingests the export and continues from where you left off. Migration usually takes 4 to 8 weeks depending on data quality. Plan for a parallel-run period of 2 to 4 weeks before fully cutting over.
This is a common path. Many MFDs start on SaaS, grow past it, and then commission a custom build with their data already organized.
Tell Us About Your Practice, We'll Tell You Honestly
Send us a quick note about your current setup and what you are using today. We will give you an honest read on whether SaaS still fits or whether custom makes sense, even if the answer is to stay with SaaS.