The Benefits of Ethical Business and Going Above and Beyond For Your Clients
What's even better than the satisfaction of doing a good job? Getting recognition for it.
Don't get me wrong - I don't need external validation - knowing I've put my all into what I'm doing is enough to get by on, but it's a truly awesome feeling when a client recognizes and appreciates that extra bit of effort you put in to your work.
One of my many part-time gigs, is acting as a forex IB (Introducing Broker). There's a lot of BS in the world of forex and a ton of brokers who charge ridiculous mark ups on their spreads and rip off their clients. Over the past year, I've made it my mission to find and partner with the best forex brokers in the world. I could have taken the short-sighted, greedy option and partnered with whoever was paying the most money, but if I'm going to be in business ... I'm going to do it ethically.
Conducting your business in an ethical manner isn't just the right thing to do though - I'm honestly not that selfless - ethical business actually makes sense from a commercial perspective: how long is my business going to last if I don't get my clients the best deal? After all, that's my job isn't it?
That's why I don't just find clients the best broker, I actually get them an even better deal at the best brokers. Of the commissions I receive from my favourite Australian broker, I pass 75% back to my clients through fee discounts. Sure, I'd make literally four times as much money if I didn't, but I couldn't honestly tell my clients I'm getting them the best deal possible.
The thing is, when you do a good job like this, your business sells itself. I've stopped wasting money on advertising and I'm just running on word of mouth. Clients are happy with my service and they tell a friend. I'm making money, the broker's making money and my clients are getting a great deal - every one wins - it's a mutually beneficial situation.
Anyway long story short, I recently went the extra mile for a new client who was having some technical difficulties, and when I logged into twitter this morning, I found a DM with this screen of a Telegram conversation from a private trading group:
Waking up to that this morning made my day. You don't get customer satisfaction like that doing a half-arsed job or ripping people off.
Conducting your business in an ethical manner and going the extra mile for your clients/customers, is not only rewarding emotionally, it's a smarter way of doing business.
Forgot to post this via Steemwhales so rewards aren't automatically split - will send 20% of the rewards to @centerlink manually
I'll echo the sentiment in vouching for Oscar's credibility in an industry known for its snake oil salesman (sometimes fairly, sometimes unfairly). We've worked together in the forex broker industry and having witnessed what he's doing with his IB business first hand, I can honestly say he's doing things the right way.
If you are doing the right thing by your clients then they are going to do the right thing by you in spreading the word. Keep up the good work.
Thanks mate, much appreciated!
Good to see your accounts approved.
An ethical Forex Broker, isn't that almost an oxymoron. Congratulations on your decision to take the narrow path. Don't let others convince you to compromise your values and you'll be successful, whether financially, or at least ethically.
Thanks mate, yeah very nearly an Oxymoron.
A true ECN broker has zero conflict of interest, but there are also A LOT of pretenders. They are also easy to spot though: a true ECN broker's average EURUSD transaction cost will never be more than .8 pips or so including commission. The ECN pretenders are all about 40%-50% more expensive.
But I'm assuming that someone interacting with an ECM broker for the first time doesn't have a good idea what commission rate is reasonable, or it is hidden amongst all the other fees, back end loaded, etc? Or do the brokers explain the higher commission by saying they are better, and the customer will make so much more money with them, the higher rate won't matter? Just curious the ways the game is played in that market. Maybe a follow-up blog?
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