Full-Service stockbrokers have been there in the Indian stock broking landscape for over 30 years now. Full-service brokers do more than just letting their clients buy and sell stocks across indices. Their involvement includes the end to end services, including overall financial planning along with stock trading or investing.
The biggest USP (Unique Selling Point) of full-service stockbrokers is that they provide the client's complete hand-holding when it comes to market research, Intra-day tips, company reports, trends and more.
What Full Service Stock Brokers Provide?
- Full-Service stockbrokers have PAN India presence since a lot of their clients tend to need assistance in offline ways. Thus, if you are looking to have face to face discussions and regular communications with local sub-brokers, Full-Service stockbrokers got it all covered in that aspect.
- As mentioned above, Full service stock brokers provide their clients with Market reports, company results, trading tips, trend analysis on a timely basis as per the client's portfolio and requirements. Thus, if you are someone, who needs some hand-holding when it comes to understanding on the latest trends and suitable advice - then full service stock brokers are perfect for you.
- At the same time, since Full service stock brokers have their own highly qualified research teams, they can help you better during turbulent times with sound judgement in handling your investments.
- Most of the times Full service stock brokers assign a relationship manager or an account executive for each client, providing individual attention to each portfolio with a check on its growth. Clients can get regular advice from their account executive around what works best for them not it just the short term but also long-term financial goals.
- Full service stock brokers offer an array of financial segments for their clients to trade or invest, unlike discount brokers who generally don't have access to all trading instruments such as Commodity, IPOs, Mutual funds etc.
What Full Service Stock Brokers DO NOT Provide?
- Brokerage: With all different services Full Service brokers provide, the brokerage charges are relatively higher as compared to discount brokers. These charges are generally a specific percentage of the value of the trade transaction and it varies depending on the trading segment.
- Although there are few exceptions, most of the full service brokers are dependent on the trading platforms provided by NSE or Omensys. Thus, relatively less innovation in trading platforms has been seen with full service brokers.
- Since a bigger chunk of their regular operations are offline in nature and are handled by franchises or sub-brokers, there has been less focus in developing sound ways of online customer service which works aptly for tech-savvy clients.
- It has been heard that as full service brokers employ a full-time sales calling team, at times, they might advise you to buy or sell stocks to fulfil their monthly targets. This practice is called Churning and overdoing it will directly impact client's financial growth and overall goals.
All said and done, make sure you understand the specific expectations you are looking to have from your broker. If you have been able to narrow down that list, then it becomes much easier to choose the type of broker you like to go ahead with. At the same time, it will also help to decide which exact broker works the best for you within that particular broker type.
Experts advise that in case you cannot handle your financial decisions on your own and need some advice on market trends. At the same time, you are not tech savvy or prefer some a humane tough when it comes to trading, go ahead with full service stock brokers. Here, we have compiled a list of all top Full Service stock brokers in India with the aspects that make them a good choice for you.
Top Full Service Stock Brokers In India
Sharekhan is the 2nd biggest stock broker in India with around 6.5% market share and around 12,00,000 clients. Founded in the year 2000, Sharekhan today has a network of more than 2300 sub-brokers and franchises across 575 cities of the country. It has some unique offerings in its brokerage plans both in pre-paid and postpaid terms.
IIFL or India Infoline is majorly known for its huge offline coverage with around 4000 locations across 900 cities of India along with presence outside India as well. Started in the year 1995, India Infoline offers different brokerage plans based on the client's risk appetite and trading budget. This gives a lot of flexibility to the clients to choose and pay brokerage as per their own trading behaviour.
ICICI Direct is a top stockbroking house in the country, enjoying a good amount of trust factor gained by its parent banking services company. One of the top USPs of ICICI Direct is the 3-in-1 account which provides huge convenience to clients when it comes to funds transfers. Although there are way too many reasons that make ICICI Direct one of the top stockbrokers, its brokerage charges are relatively much higher as compared to other stock brokers in India.
Check the complete review of ICICI Direct here.
Angel Broking is an oldie in the Indian stock broking scene with its inception way back in 1987. Today, it has a client base of 10,00,000 across 900 cities of the country. Its majorly known for its recently launched Robo advisory services, ARQ which is an investment engine for clients providing them with personalized recommendations and stock tips. At the same time, it boasts of some of the top tech trading platforms such as Angel Eye and Angel Broking mobile app.
HDFC Securities also provides a 3-in-1 account to its clients due to its presence in banking services. It boasts of highly flexible and seamless trading platforms across devices including a trading terminal Blink. Although, the concerning part in this is that HDFC securities charges its clients for using Blink software for their trading needs. Nonetheless, HDFC Securities has a rare provision of NRI accounts which a lot of stockbrokers don't provide to its clients.
Check the complete review of HDFC Securities here.
For Information on rest of the full service stock brokers with complete analysis, you can check this article on Top Full Service Stock Brokers in India.