It’s not just about the money. A premium broker in Sydney is an experienced and professional stockbroker who can guide you through the complex process of buying and selling shares while ensuring that your interests come first.
A good stockbroker should explain why trends are shifting or how different events affect share prices, bringing up several examples from recent history when these events occurred. It will help if your broker has had at least ten years of experience in trading shares.
The broker should be registered
Choosing a broker registered with ASIC (Australian Securities and Investments Commission) will provide the potential to submit a complaint to this authority if anything goes wrong. It will also help the client understand the mandates of the broker and their performance history.
Licensing means that the brokerage firm has to follow a set of rules and regulations to provide financial advice and services to clients. Licensing is essential because it shows that the company works with a solid legal team, ensuring all regulatory requirements are met.
The broker should have experience
Choosing an experienced broker will ensure they know how to handle difficult situations, complete procedures accurately, know when to refer cases out or use other resources, etc. It will help save time in dealing with problems and give peace of mind knowing someone knowledgeable is looking after one’s interest in case something goes wrong.
Reporting and communication
It’s vital to find out what sort of reporting obligations your selected premium broker has, as well as how they can communicate with you on your investment accounts and whether they prefer emails or meetings. It will allow you to understand what is required of you as well.
Fees
Fees and commissions are essential factors in finding a reliable high-end broker. Remember to review all costs involved, not only those charged on account opening but also those you might incur further down the line, such as transaction fees, transfer fees, monthly administration fees, etc. You can use this breakdown to plan how much you’ll need to start trading.
Investment suitability
Ensure that the broker is authorized to provide regulated financial advice and handle your investment circumstances. They need to be educated and experienced to give helpful financial advice and consider one’s personal information such as age, income, experience, and risk tolerance.
Technology
Technology is an essential factor for brokers because it can help them become more accurate and efficient at what they do. Ask the broker which trading platforms and software they use so you’ll know if their systems suit your needs or not. You can also ask about mobile apps or online access that makes trading from home or on the go possible.
Security measures
Ensure that their trading platform has been approved by a regulatory authority such as ASIC (Australian Securities and Investments Commission) or AFSL (Australian Financial Services License). Checking this box will give you peace of mind that all security measures have been taken.
Research and education services
High-end brokers typically offer a variety of research and educational services ranging from various seminars to webinars, videos, newsletters, etc. These services come in handy for those who lack the time, knowledge, or desire to do research on their own or make educated investment decisions. You might want to consider how clients are provided with information and whether your premium broker offers enough resources for you now and in the future if your needs change.
Quality of customer service
Most importantly, make sure you feel comfortable with your prospective broker and their customer service representatives by visiting them in person and trying their phone and email response systems when you consider opening an account with them. You can check here to see Saxo’s broker options.
Industry affiliations and awards
It’s always nice to know that your broker has won industry awards for their outstanding performance, work ethics, and other qualities which make them stand out. It would also be best to ask whether they are affiliated with any other businesses (such as brokers, manage funds, etc.). If they are, it means that they’ve built good relationships with companies willing to refer customers to them due to their services being top-notch.