Regardless of how successful a broker is, it is a certainty
that their internal teams will change over time. Whether it be market cycles,
business decisions, expansion or consolidation – teams evolve as the business
develops.
A veteran financier once told me that “a company is only as
good as its team”, a remark that seems to become truer every year.
In dynamic environments like retail trading, market cycles
affect talent placement, which can often mean experienced professionals
transition to parallel industries such as technology suppliers, liquidity
providers or banks.
Successful brokers will not only hire talent, they will also
retain it. To do so, brokers must start with a bright and engaging vision,
develop a conducive working environment, and be able to fund their ambitions
for a considerable time. In the embryonic stages of a broker’s development,
every employee must understand and buy into the company’s vision, fostering a
sense of shared responsibility and creating shared goals.
Talent will only arrive if incentivized and it will only
stay if incentives are delivered.
Hiring the right people remains a challenging task. Whether
conducted internally or outsourced to a recruiter, recruitment is always
challenging as evidenced by elevated staff turnover rates at many brokers.
Standard necessities include education, experience, key
skills, regional factors and cultural adaptability to the broker’s working
environment. However, each broker will likely have several particular
considerations given their vision.
It is important to emphasize that dealing should be managed
by an experienced, educated, and well-organized individual. They need to
understand risk management and technology, but more importantly, they need to
operate within established policies and procedures.
Even today, dealing desks often operate without essential
policies for navigating tough market conditions, otherwise known as a market
risk policy.
The Chief Dealer should be a logical thinker with strong
leadership skills, especially in today’s all-hours environment, be adept at
training staff (with documented procedures), exhibit resilience during shifts,
and uphold accountability. All dealing desk activity should always be
thoroughly documented.
The Dealing Head should not hesitate to liaise directly with
the risk committee and should recognize when to seek assistance. They should
stay up-to-date and have a clear plan in advance. Since many dealing managers
are responsible for new products, they should be knowledgeable in shares,
options, futures, and crypto, as standard.
The Joy of Marketing
The Marketing Chief should be a creative yet resilient
individual. They must understand the delicate nuance between online and offline
marketing while devising comprehensive and engaging strategies for both.
If a marketing chief doesn’t have a plan, alarm bells should
be ringing. Competency necessarily includes being able to delve into their
plans and explaining every detail.
More broadly, their communications should be simple, concise
and well-structured, focusing on results and maintaining deadlines. While they
may often follow a waterfall model, they should remain agile at heart, as many
things can go awry in Marketing.
A marketing leader should motivate their team but always
take responsibility for the department’s performance. As part of their
day-to-day operations, they must identify the right KPIs and, by liaising with
other departments, evaluate performance daily rather than monthly.
Finding suitable action-oriented marketing personnel is
challenging. They should not fear venturing into new markets, travelling, or
taking calculated risks. Moreover, they should be prepared to develop and
enhance their professional skills and abilities, including learning about fresh
innovations such as AI and automation.
A company is only as good as its people, and the HR team is in charge of building and maintaining a strong team. pic.twitter.com/iAVUsgSrGY
— Pragma Investment Advisory (@PragmaAdvisory) April 5, 2022
The Necessity of IT
The IT department should ideally split into two distinct
branches: software and hardware. The IT Chief should understand both areas and
be able to perform complex programming and coding tasks if and when required.
In today’s ultra-competitive retail trading
industry, the leading IT role cannot forego having programming knowledge. The
Chief should oversee development and adhere to sprint methodologies with
rigorous testing protocols. They should also comprehend how the infrastructure
operates and perpetually support all other departments.
The IT Chief must stay updated with new technologies and how
they affect the broker’s key businesses. Regular audits should be routine. At
the same time, project management protocols should be closely followed and
regularly evaluated. The manager should ensure all staff are provided with
suitable training and establish role-dependent KPIs instead of setting
individual targets.
Lastly, the IT Chief should implement appropriate disaster
recovery (D&R) measures and devise effective communication strategies
tailored to events. The IT department should support products without waiting
for products to report to them.
Ultimately, in the world of online trading, IT serves as the
backbone of operations.
Connecting the Puzzle Pieces
When considering a broker’s core departments, fostering
strong working relationships between department heads and company owners is
best. All leaders in a position of power and influence must be capable of
standing on their own two feet and, therefore, contribute to successful
operations with confidence.
As is the tendency in the Middle East,
brokers should be client-focused and prioritise client relationships, steering
clear of politics and unnecessary arguments. For example, brokers should
refrain from calling their clients “customers”. As a gentle reminder, customers
are one-off transactors. Clients do business regularly and expect a higher
level of service than a customer would.
In my book, “BECOME YOUR OWN LEADER”, I delve into the
intricacies of modern markets and brokers.
As I elaborate in my book, “Your journey of leadership
begins when you’re in the position to evaluate your own knowledge and your lack
of knowledge. A great leader is one who’s willing to take risks and understands
the implications and knows the limits. And a true great leader is someone who
onboards other perspectives, initiates and takes the responsibility for the
direction of travel.”
Successful brokers retain talent
throughout key departments that will typically have proactive leaders working
as a team.
Regardless of how successful a broker is, it is a certainty
that their internal teams will change over time. Whether it be market cycles,
business decisions, expansion or consolidation – teams evolve as the business
develops.
A veteran financier once told me that “a company is only as
good as its team”, a remark that seems to become truer every year.
In dynamic environments like retail trading, market cycles
affect talent placement, which can often mean experienced professionals
transition to parallel industries such as technology suppliers, liquidity
providers or banks.
Successful brokers will not only hire talent, they will also
retain it. To do so, brokers must start with a bright and engaging vision,
develop a conducive working environment, and be able to fund their ambitions
for a considerable time. In the embryonic stages of a broker’s development,
every employee must understand and buy into the company’s vision, fostering a
sense of shared responsibility and creating shared goals.
Talent will only arrive if incentivized and it will only
stay if incentives are delivered.
Hiring the right people remains a challenging task. Whether
conducted internally or outsourced to a recruiter, recruitment is always
challenging as evidenced by elevated staff turnover rates at many brokers.
Standard necessities include education, experience, key
skills, regional factors and cultural adaptability to the broker’s working
environment. However, each broker will likely have several particular
considerations given their vision.
It is important to emphasize that dealing should be managed
by an experienced, educated, and well-organized individual. They need to
understand risk management and technology, but more importantly, they need to
operate within established policies and procedures.
Even today, dealing desks often operate without essential
policies for navigating tough market conditions, otherwise known as a market
risk policy.
The Chief Dealer should be a logical thinker with strong
leadership skills, especially in today’s all-hours environment, be adept at
training staff (with documented procedures), exhibit resilience during shifts,
and uphold accountability. All dealing desk activity should always be
thoroughly documented.
The Dealing Head should not hesitate to liaise directly with
the risk committee and should recognize when to seek assistance. They should
stay up-to-date and have a clear plan in advance. Since many dealing managers
are responsible for new products, they should be knowledgeable in shares,
options, futures, and crypto, as standard.
The Joy of Marketing
The Marketing Chief should be a creative yet resilient
individual. They must understand the delicate nuance between online and offline
marketing while devising comprehensive and engaging strategies for both.
If a marketing chief doesn’t have a plan, alarm bells should
be ringing. Competency necessarily includes being able to delve into their
plans and explaining every detail.
More broadly, their communications should be simple, concise
and well-structured, focusing on results and maintaining deadlines. While they
may often follow a waterfall model, they should remain agile at heart, as many
things can go awry in Marketing.
A marketing leader should motivate their team but always
take responsibility for the department’s performance. As part of their
day-to-day operations, they must identify the right KPIs and, by liaising with
other departments, evaluate performance daily rather than monthly.
Finding suitable action-oriented marketing personnel is
challenging. They should not fear venturing into new markets, travelling, or
taking calculated risks. Moreover, they should be prepared to develop and
enhance their professional skills and abilities, including learning about fresh
innovations such as AI and automation.
A company is only as good as its people, and the HR team is in charge of building and maintaining a strong team. pic.twitter.com/iAVUsgSrGY
— Pragma Investment Advisory (@PragmaAdvisory) April 5, 2022
The Necessity of IT
The IT department should ideally split into two distinct
branches: software and hardware. The IT Chief should understand both areas and
be able to perform complex programming and coding tasks if and when required.
In today’s ultra-competitive retail trading
industry, the leading IT role cannot forego having programming knowledge. The
Chief should oversee development and adhere to sprint methodologies with
rigorous testing protocols. They should also comprehend how the infrastructure
operates and perpetually support all other departments.
The IT Chief must stay updated with new technologies and how
they affect the broker’s key businesses. Regular audits should be routine. At
the same time, project management protocols should be closely followed and
regularly evaluated. The manager should ensure all staff are provided with
suitable training and establish role-dependent KPIs instead of setting
individual targets.
Lastly, the IT Chief should implement appropriate disaster
recovery (D&R) measures and devise effective communication strategies
tailored to events. The IT department should support products without waiting
for products to report to them.
Ultimately, in the world of online trading, IT serves as the
backbone of operations.
Connecting the Puzzle Pieces
When considering a broker’s core departments, fostering
strong working relationships between department heads and company owners is
best. All leaders in a position of power and influence must be capable of
standing on their own two feet and, therefore, contribute to successful
operations with confidence.
As is the tendency in the Middle East,
brokers should be client-focused and prioritise client relationships, steering
clear of politics and unnecessary arguments. For example, brokers should
refrain from calling their clients “customers”. As a gentle reminder, customers
are one-off transactors. Clients do business regularly and expect a higher
level of service than a customer would.
In my book, “BECOME YOUR OWN LEADER”, I delve into the
intricacies of modern markets and brokers.
As I elaborate in my book, “Your journey of leadership
begins when you’re in the position to evaluate your own knowledge and your lack
of knowledge. A great leader is one who’s willing to take risks and understands
the implications and knows the limits. And a true great leader is someone who
onboards other perspectives, initiates and takes the responsibility for the
direction of travel.”
Successful brokers retain talent
throughout key departments that will typically have proactive leaders working
as a team.
