Making 2023 your year: Tips for Brokers

Author: Albina Zhdanova

End-of-year parties are over, the holidays are past, and what awaits us is a new year full of hope and anticipation.

As we approach the end of the first month of 2023, many of us are only now fully getting back into the swing of things. And before we dive too deep into the chaotic and fast-paced months coming up, it is important to take a closer look at where we are going and what we are doing.

To help you navigate this process smoothly, we’ve prepared a short list of tips to guide you in the right direction.

Tip 1: Get rid of any things you find annoying

As you embark on a brokerage transformation journey, start by removing obstacles like bulky and excessive processes. Look back at what annoyed you personally and what the team complained about the most.

Now is the best time to automate manual tasks, re-think your reporting, invest in cohesive solutions that create an ecosystem, and simplify day-to-day management. Often, what stops us from reaching our goals is not an external factor or too much ambition; it’s the little nagging things that chip away at our energy piece by piece.

Tip 2: Automate to save time and reduce risks

We’ve briefly mentioned automation in the first tip, but it deserves to be listed as a separate recommendation. Throughout the years, we at TFB have discussed the importance of automation for brokers.

It saves the team's time and allows them to redirect it to more important tasks, but it is also crucial for risk management. Every broker knows how ruthless the industry is and how costly each error is. Automation through software enables brokers to stay compliant with regulations, keep their traders safe, and make the most of the opportunities that arise.

Look at the automation that you have right now. Is it enough? Could more processes be automated? Or, perhaps, your current automation systems could be upgraded to match the new reality?

Tip 3: Consider a multiplatform approach

In the past year, we have once again learned what it means to put all your eggs in one basket, and some have already started adopting a multiplatform approach for their operations. Tools for Brokers, for example, offers multiple-platform support for brokerages, allowing them to choose one or several platforms to work with.

Using multiple platforms is not only more secure, but it provides extra flexibility. Different clients have different requirements, and with several platforms to choose from, brokers can meet the most demanding requirements much easier.

Many market players are switching to the multiplatform approach, so missing out on it might also mean that others get a competitive advantage over you.

Tip 4: Use data to your advantage

You’ve probably heard the popular take on the classic – “Data is king”.

Well, it’s true! The data that each of us accumulates every day is priceless, yet we tend to ignore it or put it at the bottom of our priority list.

Working with data can do wonders for brokers and offers many benefits, such as:

• Keep track of progress with current goals.
• Spot trends early and make the most of them.
• Identify potential issues and address them before they turn into a disaster.
• Use data in strategic sessions and future planning.
• Help see if marketing and sales initiatives make a difference.

And you don’t necessarily need to purchase new software or hire data analysts to start.

Take a closer look at your existing solutions – maybe they already have everything you need. The Trade Processor liquidity bridge, for example, has reporting and data analytics functionality built-in and is accessible to all clients. We make it user-friendly, so you won’t need special skills to work with it.

That’s all for today. We hope that these four tips will inspire you to make 2023 your strongest year yet. If you’d like to learn more about the ways you can enhance your brokerage with technology, or for any other queries, please email us at sales@t4b.com.