How IBs can boost client retention

As an Introducing Broker, attracting a client in the first place can seem as if it’s 90% of the battle, but in what is a fast-moving and competitive environment, the initial win is only a small part of the story. IBs who want to build a strong reputation for themselves as diligent sources of financial market trading solutions need to stay on top of their game and adhere to the mantra that retention is just as important as recruitment.

John Murphy, Chief Revenue Officer at Scope Markets takes a closer look at three initiatives IBs can deploy when building that relationship that lasts well beyond the first trade being placed.??

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1. Focus on the client. At every stage of the journey, prioritise the client’s need over your own. Ask and understand what offers the best outcome for them, as this will help build a trust-based relationship between parties. Never assume that each of your clients will have the same trading need – a good broker will be able to help you support them with customised solutions. By remembering that each client is an individual, you can also help them understand that the relationship doesn’t just revolve around price. There's a more holistic service on offer, something that will bolster prospects when it comes to retention.
2. Education. Put simply, human nature means we’re inherently thirsty for knowledge. Collectively we want to learn, especially when the subject is compelling and has the potential to offer us independence and the prospect of a brighter future. When it comes to financial markets, there’s no shortage of educational tools available, either in books or online, but be careful about the quality of some of these products. By guiding your clients to useful resources, they will be better placed to understand what makes for a rational and considered trade.??
3. Think beyond the market. Your cohort of clients have a natural shared interest in finance, so bring them together whenever possible – but don’t just focus on education. Think about what else creates a collaborative environment where your clients can learn from one another, share ideas and gain the inspiration for the next trading strategy. Whether that’s watching or participating in a sports event, or sharing a meal together, by giving some thought as to how you can structure events like this well, you can ensure your clients know they’re not just a team of one.?
4. Keep in contact. Technology makes it easy to communicate with your clients on a regular basis, so keep across the financial news and product developments from Scope Markets to ensure they are aware of all the instruments they can trade. We offer you access to an unrivalled array of assets, from your major currency pairs, gold, silver and oil, down to equity indices, single stocks and even soft commodities like coffee, corn and cattle. A regular communication from you keeps the relationship front of mind, builds on the construct of trust – and reduces the risk that the client will be tempted to look elsewhere for their trading experience. If you can master this, your client engagement won’t be a case of selling – it will be more about working with true friends.

To find out more about how Scope Markets already works with Introducing Brokers via our global reach of regulated entities, visit our website or contact the partners team at [email protected] .?

Stay tuned for our next issue, and join us on this journey to unlock new potentials and drive your business forward. Together, let’s expand horizons and achieve greater success.

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