Is an army of Introducing Brokers the lifeblood of your Multi-Asset Brokerage? Or, are you on the verge of expanding your efforts to attract, retain, and reward more IBs? Either way, you need to be super-organised and super-compliant to do this right!
Automatically Onboarding IBs and Sub-IBs
If you are a new broker, you likely already have a few IBs and their sub-IBs working for you already. How are you working with them now? Perhaps you are using spreadsheets or a free internet-based CRM. Or are you relying on your trading platform’s software, like MT4 Manager? With FYNXT systems, you don’t need to worry about reentering every detail of what you have created so far, no matter how small. Migrating your existing data is a piece of cake.
Or, you may be an established broker with a large team of Introducing Brokers and sub-IBs. The last thing you need is a major delay while another team of programmers sets up a new CRM and compromises vast amounts of data.
Large or small, if you are using an existing trading server for your IBs and sub-IBs, and you have created dedicated groups and user groups, migration will be seamless.
You have worked hard to get where you are, and the last thing you need is complications. Onboarding and migrating your existing business and data into FYNXT’s systems could not be more pain-free and stress-free.
Manually Onboarding IBs and Sub IBs
Manually onboarding is a snap as well. From an existing trading server, you can manually enter their trading account credentials with their trading account details. The FYNXT system will automatically determine if they are a master IB or a sub-IB and the complete multi-tier hierarchy.
Also, an existing master IB can encourage a sub-IB to register through their own IB portal. Either way, the new IB or sub-IB will receive an email asking them to log in through the broker’s IB portal.
The FYNXT IB module includes automated IB agreements where a broker or master IB can easily create contracts for their sub-IBs. As well, communication in this area is slick with automatically generated email templates.
IB-Client Mapping
As with automatic onboarding, FYNXT systems are designed to perfectly map the IB and sub-IB to the appropriate clients, no matter how the multi-tier compensation and reward programs might be.
Using FYNXT Client 360, a master IB or broker can easily map, manage, and reconfigure the multi-tier relationship between master IBs, sub-IBs and their clients. Master IBs and their sub-IBs can be viewed in a list view or a more graphic “tree view” for a complete view of the multi-tiered relationships.
Multi-Tiered Fee Structures and Rewards for IBs and Sub IBs
Rewards programs can be configured and maintained on the FYNXT IB Module in more ways than you will ever need!
Every layer of the multi-tiered fee structures can be configured by percentage or by pips. Commissions and rebates can be calculated on the buy spreads, the sell spreads, and the swaps, and they can be configured to take into account any asset class.
As well, the FYNXT IB module can automatically generate reconciliation reports for any and all levels of the multi-tiered hierarchies.
Migration and Updating Across Modules
To keep your life and your business’s digital transformation simple, any and all data migrated and updated into one module will automatically populate other modules. For example, any data migrated into the IB module will be automatically updated in the Trader Room and CRM.
Regulation
Wherever you are in the world, you know that at any moment you may need to show your records to the regulator. Certain jurisdictions have been known to be scrutinising IBs so having your records and hierarchy of the client-IB-sub-IB relationships organised and to hand will be critical.
In conclusion, keeping track of and compensating your Introducing Brokers is a key task for your Multi-Asset Brokerage, and we look forward to showing you how. Give us a call now to arrange a demo.
