|Criteria||Full Service Partner||Digital Partner|
|Business Type||Full Time||Full time/ Part time|
|Office Infra||Required||Not Required|
|Refundable Security Deposit||50 K||10K|
|Voice Logger Requirement||Required||Not Required|
|Trading Modes for Clients||Online + Oﬄine||Online|
|Dealer Terminal Availability||Yes||No|
|Leverage for End Clients||System Defined and Approved Leverages will be given. Exceptions are possible||System Defined Leverages are available. No exception is possible|
Okay, so before we get to the part where we see can see that how you can grow as an authorised person of Religare Broking, let’s quickly take a look at a few things that you would first need to do.
1. Your very first step needs to be as calculated as you are, which involves choosing the right broker partner after all you don’t’ want get affiliated with any broker partner who is heavy on pocket for your clients. However, it’s not at all complicated with Religare around you and with the market reputation we carry, finalising your decision to get associate with us gets far easier.
2. Once you’ve chosen the right broker partner, the next step would be to ensure that you meet the eligibility criteria set by the broker.
3. Post meeting all the eligibility criteria, you simply need to get yourself enrolled with the stock broker. The enrolment process involves submission of duly filled application forms, relevant documentary evidences, and payment of security deposit along with the registration fees. However, the security deposit amount varies from broker to broker and it may range between Rs. 50,000 to Rs. 3, 00,000.
4. Once you are through with your document submission and payment of all the requisite fees, the stock broker will process ahead with the verification of the same.
5. Once your application is successfully verified, you are ready to start your race to financial freedom with your login credentials.
Here's the hard part but with the flow the journey becomes far easier. Now that you know how to start a sub-broker business, it’s time to focus on how to grow it bigger and better. Developing your sub-broker franchise requires a lot of effort, time, and dedication but with all the calculations and partner broker support that you will get the journey to success will become like moving ahead step by step with each step motivating and inspiring you to sail ahead. Here are some tips that you can follow.
1. The very first step involves knowing the King of the business – The Clients. You need to aggressively work towards building a database of prospective clients. Initial booster can be reaching out to all who are in your mobile contact list. Once they are your clients and with your service commitments and conviction you can get as many contacts as possible from them. Happy and satisfied customers are the first and by all means the best source of lead generation with highest conversion rate
2. Once you’ve built your database, the next step is to reach out to them by all means and methods you can think of, few means may be through sending emails or by simply calling them at the time which suits them as this is the best time to put your first impression which will decide your soft landing in client’s mind’s runway. Go ahead be an extrovert and introduce yourself to them, let them know how you got their contact information, and proceed to explain how you can help them invest in the financial markets and fulfil their dreams, some of which they just thought off while you were introducing yourself to them.
3. Now it’s time for the feedback, if you get a positive response then you are now confident that you have done what you were planning to achieve before calling the client and have given him enough reason for setting up a meeting which can be as soon as possible. This personal interaction will help you build a trustworthy relationship and show your intellects.
4. If you land a client, request them to make referrals. Also, don’t stop with cold calling just because you’ve landed a few clients. Continue doing it regularly.
Conclusion : Ensure you are following the tips mentioned above religiously and then just see how effortlessly you start your venture and sail through your journey to success of your own sub-broker franchise in an efficient and profitable manner.
To answer this we need to understand on what factors earning is dependent on and they are percentage sharing offered by partner broker and the ability of an individual to sell and market the product and services offered by the broker by attracting maximum number of customers. Higher the volume higher will be the revenue levels. So, primarily the capabilities of an individual decide the quantum of business success.
Let us look at the various factors that affect how much an authorised person earns:
As we have mentioned earlier, authorised person income comprises of commissions earned on each transaction made on behalf of the client. This will depend on the brokerage, for example, if you charge 0.30 % brokerage to your client on delivery trades and if the client had bought/sold 10 lacs worth stock in delivery trade then total brokerage will be Rs.3000. An authorised person’s earning will depend on the percentage of this sharing in brokerage. Religare Broking pays a commission between 50 to 70 % depending upon the partnership model, hence the authorised person’s share could between Rs 1500 to Rs 2100. Hence to earn Rs 50k -80k per month, he or she will have to carry out transactions worth Rs 20 lakh on daily basis. Further including other segment and various third party products will help to grow his/her income manifold.