Achievers vs Action Financial

[mastermind007]

In last one week, I received marketing calls from

Achievers,
Action Fin
and LKP

Achievers and Action Fin are close competitiors. Acheivers wants 500 Rs per month for unlimited trading. Action fin is going to charge 1 paisa per transaction but will take 5000Rs refundable interest free deposit.

Action has provided online calculator for all other charges. Achiever I could not find. Action is in Mumbai. Achiever is HQ'd in Kolkata.

My main account is with Sharekhan which I am OK with. They are expensive, yes. but their s/w's run by and large and staff responds within few minutes.

I would like to get rid of another broker in which to obtain current ledger balance takes 3 days. It is not available thru s/w I have. I have to send email.

 

[josh1]

In last one week, I received marketing calls from

Achievers,
Action Fin
and LKP

Achievers and Action Fin are close competitiors. Acheivers wants 500 Rs per month for unlimited trading. Action fin is going to charge 1 paisa per transaction but will take 5000Rs refundable interest free deposit.

Action has provided online calculator for all other charges. Achiever I could not find. Action is in Mumbai. Achiever is HQ'd in Kolkata.

My main account is with Sharekhan which I am OK with. They are expensive, yes. but their s/w's run by and large and staff responds within few minutes.

I would like to get rid of another broker in which to obtain current ledger balance takes 3 days. It is not available thru s/w I have. I have to send email.

MM,

You opened two threads for same subject. Please close/delete one.
Read this thread http://www.traderji.com/brokers-trading-platforms/74228-achiievers-equities.html
by Softy to know about Achiievers. Send them an email and they will send you list of other charges.

 

[jagankris]

In last one week, I received marketing calls from

Achievers,
Action Fin
and LKP

Achievers and Action Fin are close competitiors. Acheivers wants 500 Rs per month for unlimited trading. Action fin is going to charge 1 paisa per transaction but will take 5000Rs refundable interest free deposit.

Action has provided online calculator for all other charges. Achiever I could not find. Action is in Mumbai. Achiever is HQ'd in Kolkata.

My main account is with Sharekhan which I am OK with. They are expensive, yes. but their s/w's run by and large and staff responds within few minutes.

I would like to get rid of another broker in which to obtain current ledger balance takes 3 days. It is not available thru s/w I have. I have to send email.

Action Fin - 50K and not 5k rs as refundable deposit.

 

[carnot11]

Hello,

For Achiievers it is Rs.1500/- for 3 months as a minimum + taxes, this works out as Rs. 500/- per month.

For Action with Rs. 50K interest free deposit (guarantee of return is questionable) taking 8% simple interest, it is like paying 4000/- per year advance brokerage.

In fact Action should make it straight forward Rs. 4K per year instead of Rs. 50K interest free refundable deposit. It will bring them to the forefront of the disocunt brokers and the element of doubt will be eliminated.

So it can be said overall only for brokerage charges -

Achiievers - Rs. 6000/- per year + taxes

Action - Rs. 4000/- per year

Enjoy,
CArnot

In last one week, I received marketing calls from

Achievers,
Action Fin
and LKP

Achievers and Action Fin are close competitiors. Acheivers wants 500 Rs per month for unlimited trading. Action fin is going to charge 1 paisa per transaction but will take 5000Rs refundable interest free deposit.

Action has provided online calculator for all other charges. Achiever I could not find. Action is in Mumbai. Achiever is HQ'd in Kolkata.

My main account is with Sharekhan which I am OK with. They are expensive, yes. but their s/w's run by and large and staff responds within few minutes.

I would like to get rid of another broker in which to obtain current ledger balance takes 3 days. It is not available thru s/w I have. I have to send email.

 

[mastermind007]

Action Fin - 50K and not 5k rs as refundable deposit.

Even I had heard about 50k from this thread so I was going to hang up the phone, but the Rep clarified that it is for the most expensive plan. The smallest plan (silver) needs 5000 deposit only. Limits on smaller plan are on turnover and brokerage remains same.

While rep was running her usual sales pitch, I overheard that owner of company was behind her, so I requested to speak to owner of the company and he came on the phone. I asked him about logic of this deposit to which he confirmed that interest off the deposit acts as revenue for his company.

He pitched it as win-win scenario in a sense that @ other brokers, you pay advance brokerage and money is gone after some time and you have to pay again.

Because revenue of brokers is tied to your transactions, RM @ other brokers will want you to trade more often (sometimes more than necessary), whereas at his company, RM's do not increase business by gaining more customers. Against that deposit, he also gives free depository (approx 500-600 per year).

There is no way that he can eliminate govt charges, so he has made calculator that shows it. According to owner, all his charges are out in open and nothing is left undisclosed. Calculator does reveal that buying and selling one Nifty Future lot will cost us 120 Rs of all other charges. His brokerage on the whole thing will be 2 Paisa.

Disclaimer: Although this post does come off as marketing, I assure you that it isn't. I am actually sharing the conversation because its rare in today environs for an owner to talk to a prospective customer. While I understand that lot of what he said is still a promise only, it was a one of the rare marketing calls in which the person on other hand was not fumbling for answers.

 

[mastermind007]

MM,

You opened two threads for same subject. Please close/delete one.

OK. Will get moderators to delete the other one!

Thanks for d link. Softy has done a good review!!

 

[soft_trader]

Even I had heard about 50k from this thread so I was going to hang up the phone, but the Rep clarified that it is for the most expensive plan. The smallest plan (silver) needs 5000 deposit only. Limits on smaller plan are on turnover and brokerage remains same.

While rep was running her usual sales pitch, I overheard that owner of company was behind her, so I requested to speak to owner of the company and he came on the phone. I asked him about logic of this deposit to which he confirmed that interest off the deposit acts as revenue for his company.

He pitched it as win-win scenario in a sense that @ other brokers, you pay advance brokerage and money is gone after some time and you have to pay again.

Because revenue of brokers is tied to your transactions, RM @ other brokers will want you to trade more often (sometimes more than necessary), whereas at his company, RM's do not increase business by gaining more customers. Against that deposit, he also gives free depository (approx 500-600 per year).

There is no way that he can eliminate govt charges, so he has made calculator that shows it. According to owner, all his charges are out in open and nothing is left undisclosed. Calculator does reveal that buying and selling one Nifty Future lot will cost us 120 Rs of all other charges. His brokerage on the whole thing will be 2 Paisa.

Disclaimer: Although this post does come off as marketing, I assure you that it isn't. I am actually sharing the conversation because its rare in today environs for an owner to talk to a prospective customer. While I understand that lot of what he said is still a promise only, it was a one of the rare marketing calls in which the person on other hand was not fumbling for answers.

Ok fine. But instead he could have charged the fixed deposit rate on that 50K upfront without taking the security deposit. I guess that there is a different story behind it i.e. I think that they used to do prop. trading using that money.

If I were to be a client of action I would be more that comfortable paying 5K upfront for an year and keeping 50K capital with me rather than keeping it with my broker.

Just my thoughts.

 

[mastermind007]

If I were to be a client of action I would be more that comfortable paying 5K upfront for an year and keeping 50K capital with me rather than keeping it with my broker.

Just my thoughts.

soft_trader

I 100% agree with you. It is very practical approach. 5000 is OK for I did give 2000 to SK in first year too as advanced brokerage but if I do sign, I am also never going to give 50K as deposit in lieu of brokerage.

 

[mastermind007]

Opening deposit of 5000 is actually a dud!!!

In that you are allowed to have max total traded value of 50 lakhs (8 Nifty F1 Buys and 8 Nifty F1 Sells in a year) which if I do as a single trade of 8 lots,I can drive Action fin brokerage income off those trades to 2 paisa.

Catch is that once you reach that limit, Action Fin automatically upgrades you whereby you are expected to either pay higher deposit or stop trading for one entire year (until your limit is reset)

 

[arcus]

Ok fine. But instead he could have charged the fixed deposit rate on that 50K upfront without taking the security deposit. I guess that there is a different story behind it i.e. I think that they used to do prop. trading using that money.

If I were to be a client of action I would be more that comfortable paying 5K upfront for an year and keeping 50K capital with me rather than keeping it with my broker.

Just my thoughts.

If their Prop desk loses money, I'm pretty sure your 50K will disappear as well.

Infact one of the bigest brokerages in the US called MF Global lost all their clients money doing Prop desk trading. So yeah, its not uncommon.