There is a 2 months expiry and zerodha seems to wait for this expiry before contacting or following up
Sometimes referred customer may change his decision to open the account in his spouse or parents or other relatives name due tax or residence status. But, zerodha won’t give you this benefit.
If you have referred someone as NRI and they open the account and later on they close and open as residence, the referral benefit stops.
What are the issues you guys facing or your views about zerodha referral program?
Are there other better referral programs with other discount brokers in India?
I am curious what @nithin has to comment on these.
@Neostar , I was a sub-broker, remisieur, franchisee, sales agent with over 12 broking firms before we started Zerodha. We have tried to fix as many problems as possible that people face with traditional brokers - both as our clients or partners.
Our lead management system.
Traditional brokers payout commissions only if you got the client open account yourself. The entire concept of giving out a lead management tool where a partner can enter leads that stay valid for 60 days, etc was introduced by us for the first time.
When I used to be a sub-broker for Reliance money, I remember putting up stalls at various offices. People would come give me leads, but after a couple of days would call reliance money directly. I wouldn’t get any credit of such leads. We fixed it by saying a lead is valid in the system for 60 days, even if client comes to us directly, we will map it to the partner.
Why 60 days and not more?
We don’t want a lead in the system to be squatted upon by our sales or partner team. The idea of removing all leads that are older than 60 days is to ensure that our prospects are followed upon in time. If in case someone does open an account after 60 days, maybe the credit has to be given to the person who followed up with the prospect then.
Opening account using different email/phone?
If a partner enters a lead. But the prospect re-enters a new lead with different mobile or email, no lead management in the world will be able to track this.
NRI client closes and opens a new resident account?
Again, the account is closed and new lead is entered to open another resident account. There is no way for the lead management to track that both accounts belong to the same person.
Also unlike others, in our affiliate/partner module, we hold no liability on the partner. We will never deduct from partner share, even if one of the client account balances goes into debit due to trading losses.
It could be that I referred someone and he/she could not manage to open within 60 days. I continued to persuade him/her so I should still be getting the credit. Right ? Will I be able to enter the referral for the same person after 60 days?
There may be cases this is know to the zerodha agent. For example, the referee had some clarifications with agent and he now decides to open account in his parents or spouse name. The agent does know this. So shouldn’t this referral benefit still be given to the referrer.
We all appreciate Zerodha for all the good things you have done and still doing. But, we as customers still can have issues, feedback and suggestions. We hope that Zerodha continues to take this seriously as it has been doing.