Growth is an intrinsic part of every business. This is especially true if you are in the authorized person business. Without growth, businesses will eventually stagnate, which will lead to malignancies developing overtime. So, what do you do to ensure that your authorized person business progressively grows overtime? Here are seven ways to grow your authorized person business in a sustainable and healthy manner.
#1 Transparent Pricing
Being transparent in all your dealings is the first and foremost aspect of client satisfaction. Investors generally tend to research various aspects of brokers and authorized person. And why not? High prices, brokerage charges, fees and other monthly/yearly charges can all affect an investor’s return on investment. All of these charges and additional fees that impact an investor’s returns should be advertised clearly and should be easy to find (online and offline). Once the client decides to partner with you, make sure that you remain transparent and only levy charges as mentioned on the contract.
#2 Range of Trading Segments
This is another aspect of authorized person business that often goes amiss. It’s critical to specialize in specific investment types. Investors’ needs come in various forms and the purpose and risk-taking appetite for investments vary. Authorized person should narrow down their products and investment instruments so that only those investors looking for a authorized person with those skill sets would be interested to partner up. The specialization also adds credibility and reassures investors about the authorized person’s ability to get them a good return.
#3 Build Reputation and Track Record
Unlike funds, that can be earned in quick time, reputation and a good track record can take a while to build up. Nonetheless, every authorized person looking to grow their business needs to be steadfast in their pursuit for a good reputation. Investors who are putting this hard-earned money in your hands will only look to do so if they know that you have their best interest at heart. Make no mistake, most investors will check your track record over a period of time. Any discrepancies will quickly see them putting their money somewhere else.
#4 Performance on Trading Platforms
With technology becoming an essential parameter for successful trading, authorized person must be thorough about various trading platforms. Although NSE and BSE have their individual trading platforms, there are many stockbroking companies that have their own individual platforms. These platforms offer unique features including real-time feeds, high speed data transfer, and other. These features can potentially give you an edge when it comes to trading. Knowing the ins and outs of these trading platforms (not just from an induction perspective) is crucial in getting ahead of the highly competitive market.
#5 Strong Research
Another very important aspect of successful trading is the research involved in making various investments. Authorized person that invest in a team of expert researchers that provide them accurate inputs about the markets are generally more successful. Investors are most likely to partner with authorized person that have a track record of successful investments, which is backed by strong research. It’s important to invest in a team of highly capable researchers who can provide strong research about the market.
#6 Easy Fund Transfer
Investors don’t appreciate being hassled by complicated fund transfers. Most stock brokers offer 3-in-1 demat accounts where investors don’t need to be hassled with timely transfers as their demat account is linked to their bank account. Authorized person who don’t have the convenience of interlinking their clients’ bank accounts to their demat account should establish a fund transfer process that allows for easy transfer of funds.
#7 Customer Service
As the old adage goes, “customer is king”. In this day and age of technology, customers prefer to choose their medium of communication. Authorized person must set up multi-channel communications through which customers can reach out to them. This includes phone, email, chatbots, and even social media. Authorized person should also aim for complete resolution of customer queries and issues in the lowest turnaround time. The days of 24-hour TATs are over. Customers need answers now. If you can’t provide them, then they will eventually find someone who can.
#8 Client Reviews
Another important aspect of digital channels that authorized person must not forget is online reviews. Make no mistake, prospective investors will look at reviews and comments left by other clients to make up their mind about whether to work with you or not. Any negative review about your service could potentially turn them off. On the other hand, a positive word from a satisfied client will go a long way in bringing in strong leads to your business.