How to Succeed as a Broker in H2 2023
Author: Han Ong
We may be in the second half of 2023, but it’s not too late to make it your year!
We’ve put together a short but effective list of recommendations below that we believe will help any broker achieve above and beyond their targets for the year. Yes, even with only five months left.
We’ve said it before, and we’ll say it again – the time when brokers relied solely on a single trading platform is disappearing. We see it across the industry and among our clients too. There is no room for error, so more brokerages are working with multiple platforms to manage their risks and avoid unwanted downtime. As a bonus, they can extend their offering with new services and features powered by different platforms.
Automation continues to be one of the most common requests we hear from brokers, yet many companies still operate many tasks manually that could have been easily automated. How is automation helping your brokerage succeed, you may ask? It does so in many ways. From saving your team’s time and unlocking new features to maintaining fast performance and ensuring there are no human errors – automation saves the day no matter where you look.
Ecosystem of services
Traders are known to be highly mobile and switch their brokers for no particular reason. Maintaining client loyalty is one way to ensure your brokerage makes it to the top of the list. A great way to achieve this is by providing a comprehensive and excellent experience to traders. Most people want to have their broker handle all their needs, so offering versatile services is a must. For example, in addition to the traditional order execution, you might offer trading over the weekend, unique synthetic symbols, or assisted money management through solutions like PAMM.
Not to sound like Tony Robbins, but you have to be accepting, encouraging, and leading the change these days to succeed. Whether it’s a global health issue, a war conflict, or one of the key market players experiencing issues, – all change has to be quickly processed and turned around to help your business succeed. Good or bad, when a change occurs, we can’t press reset like we do in video games, so the more effectively you work with change, the better it is for you.
Lastly, staying on top of the trends and riding the wave is a great way to stay relevant, create buzz around your brokerage, and keep the volumes growing. One needs to be careful when creating the hype, but it does pay off if you manage to be one of the first to respond to the latest trends.
All the things we talked about today work best together. And to ensure your efforts won’t go to waste, check your basics: fast and stable performance, reliable LP partners, and professional technical support. Take little steps to improve all aspects of your brokerage and be consistent, and you will succeed.
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