Would you opt for a full time or discount broker?
Full service broker as the name suggests provides full time service to the clients. The moment you open an account with them you would be allotted an account manager. The manager is going to conduct a detailed analysis of your financial statements and gain an insight on what you are trying to achieve in terms of objectives. They are going to devise a plan that would help you to achieve your financial objectives.
Regular advice is going to pour in on the stocks you need to trade, and this could relate to updates on your trading performance. Even advice on the transactions is to be provided. Pretty much to avail the services of a full time broker is self-explanatory. When someone provides you advice on which stock to trade if you are newbie in the market or if you are not comfortable in taking your own decisions. This expertise and experience could be of vital importance to you and provide a fast pace by which you can work and improve your skills.
Full time brokers could be a perfect choice if you do not have the time to conduct research and outline viable trading opportunities. They could present you with an opportunity of fit in trade as per your financial objectives. On availing the services of a full time service broker the main disadvantage would be the costs involved. As it is when you avail the services of a professional with a desired level of experience and expertise you have to incur some expenses. The commission structure of such brokers is on the higher side when you compare it to the best discount brokers in India and you need to pay an additional charge. Just take note of the fact that such type of brokers are useful for beginners and for most of them they start out trading options with a small sum of money that could pose an issue later.
Sometimes the account manager might ask you to go for new trades than what you can expect. The reason being they are entitled to attractive rates of commission. But this is not the case with reputable brokers. In case if you go on to choose such brokers and are comfortable with the commission charts then it would be always better to opt for a full service broker
On careful analysis it is found out that the difference between full time and discount brokers are obvious. At the online platform these level of classification is difficult to formulate as each of them suit into a particular class.
It would be really important to understand on how both the type of brokers work. But on carefully analysing the difference it becomes easy to choose the type of broker you want. On the traditional and online platform most of the broking houses do offer a combination of both these type of services. The onus is on you to choose what you desire in the first place.