Top skills brokers and hedge fund managers need in 2022

Author: Albina Zhdanova

Learning and growing are essential in modern life.

One can hardly keep up with the world if they remain stagnant. When it comes to rapidly-changing industries like the financial world, the pressure for self-improvement is especially high.

In this article, we share the skills that every broker and hedge fund manager needs to possess in 2022, but they also apply to other professionals and industries too. So, wherever you work, we hope that this article will help you along your chosen career and business path.

Curiosity for innovation

Today, there is plenty of debate surrounding crypto: Can we call it a currency? Is it going to replace fiat? Is it just illegal money? Can we regulate it? The trading volumes are growing despite these discussions, and crypto has turned into an entirely new industry. We at TFB have personally seen how fast crypto brokers are growing.

The same applies to technologies, markets, strategies, and approaches. After all, some trends have become the norm (like smartphones replacing phones), and you don't want to be left out.

Everyone tends to become more conservative with age, and if you find yourself being prejudiced against new trends even before you understand all of the details, it may be wise to hire someone to your team who will be looking after these trends and will help bring fresh ideas and growth strategies to the company.

Flexibility and adaptability to change

When planning, leave space for flexibility. It's essential to have a clear goal and strategy in place, but it's equally important to look around and evaluate if the strategy should change and if the goal is still relevant.

The fact is that the frequency of uncertain events has increased in the last decade, and for a company to stay on its feet, it’s crucial to evaluate the current situation and decide if, what, and how things should change.

The best way to organise that at the company level is to define your objectives. Your company has its values and goals. When you formally establish them, you will find it much easier to develop a further plan of action.

At TFB, two of our five goals are: Quality of the Products and Simplicity of Use. We, of course, have the measurements and interim KPIs on all of it, and sometimes we find ourselves considering adding some additional reports, and functionalities, or even hiring new team members and adding more internal processes. To make the decision, we review the primary goals we have rather than looking at small, isolated situations.

At the same time, by reviewing the KPIs on a regular basis, we are able to determine if they are actually relevant in today's world, or if we should consider changing them.

Data analysis

Data is the new currency of our generation.

By looking at data, we can predict future trends, spot existing trends (such as client behaviour), manage risks, and make data-driven decisions backed by numbers and not only based on our assumptions.

Modern technology allows brokerages and hedge funds to gather detailed information about their clients and industries in general with the help of reports. Those who work with reports regularly can be proactive with their business operations and be the industry leaders rather than followers.

I would recommend starting by asking WHY? What is the goal of data collection. By knowing the end goal, you can brainstorm what is essential for you to calculate and understand, and then you can start collecting data.

Otherwise, you will be at risk of spending lots of time calculating data that doesn't give you relevant information or not presenting it in the right way. I believe in starting from the end goal before adding the details, rather than the other way around.

Project management

Yes, project management is a whole different field and a job on its own. However, we've included this as a skill because businesses are likely to be launching new projects often within their existing operations.

Traders are often looking for new features and services that will be introduced to the business through new projects. Also, entering new markets and geographies is a project as well, so anyone looking to expand will benefit from a project management mindset.

What exactly do we mean by project management?

  • The ability to plan and execute new initiatives on time and within budget.
  • Strategic thinking and planning that allows one to reduce risks and be efficient.
  • Making decisions quickly while considering all factors and implications.

I would emphasise that all three have points about time management - initiatives on time, being efficient, and making decisions quickly. We are in a competitive era, and to succeed and become the best at what you do, you have to move fast.

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