Reputation:
First and foremost, as an investor, you must ensure that the broker has the right credentials. Browse through the SEBI/ stock exchange websites, scan for pending investor complaints against a broker and also seek a second opinion from those who know/ have dealt with the broker.
Ensure complete clarity on the segments and facilities signed up for, contract notes/ trade confirmations, unused funds in the account, particularly the Power of Attorney and above all, instant facility to access all the above mentioned information. It is always good to deal with a transparent and experienced broker with strong financial standing, shareholding and reputation.
Quality of advice:
Quality of advice impacts investment success. Make sure that your broker advises you in line with your goals and risk appetite and possesses adequate manpower, customer support and infrastructure in order to effectively disseminate vital, market related information. Your Relationship Manager should be appropriately qualified and certified (preferably NCFM, NISM, AMFI, etc.) to provide undistorted information during volatile market conditions. Furthermore, ethics determine the ultimate beneficiary. Confirm that your broker�s advice on particular investments will benefit you and not them (in terms of commission received on certain transaction).
Range of Products
If you are a disciplined investor or aspire to be one, look for a broker who can provide you access to investment products across asset classes in a seamless manner. Today, many brokers offer access to multiple investment options spanning across equities, futures, options, ETFs, Mutual Funds, and Insurance etc. in a single login.
In addition, opt for a broker offering multiple trading channels like, Internet, Branch, Call Centre, Mobile, etc. Also, check whether the broker has "Post Market Hour Order Placing Facilities". A big plus would be an account with a broker having user-friendly customer care facilities.
Technology and easy accessibility:
Technological advancement has pervaded even the trading arena. Hence, maintain an account with the broker who believes in bringing the best of technology at your fingertips. Explore their website and check out ease of usage.
If you are planning to have an online trading facility, check the availability of trading site during busy hours, streaming quotes, reliable order execution mechanism, graph studies, online funds transfer facility, offline support etc. Easy accessibility is equally imperative- choose a broker with strong credentials very near to your locality.
Cost Efficiency:
Last but not the least, investments products and advisory services should be available at competitive rates. However, remember, never compromise on quality for cost. Always scout for a full service broker and choose the one who provides clear and easy to understand brokerage structure. Be vigilant and monitor your accounts regularly.
In case you happen to notice some charges debited to your account with out-of-context or prior uninformed narration, immediately get it clarified with the broker. Investors have every right to know about their accounts and charges levied at any given point in time.
Invest wisely and with awareness for a satisfied and rewarding investment experience.
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