Arbitration and Mediation are the most disregarded aspects of day to day Forex until they are needed. As an Introducing Broker (IB) figuring out who is responsible in an arbitration situation is walking a fine line between two very separate camps. Our job is not to place blame or take sides, as we are clearly aligned with both parties, just to find a mutually agreeable resolution.
Having a structure to the way you approach dispute resolution is crucial to a successful outcome. If every dispute is handled using a different set of procedures, then both the clients and the brokers will become unwilling to integrate you into the resolution process, being unsure and fearful of your inconsistences with each passing incident.
A well-organized and respected IB will work closely with both clients and Partners to provide guidance throughout all stages of trade or support-based arbitration issues. As an IB we have to value all opinions and want to use our connections with both parties to resolve any and all issues quickly and fairly. While the fundamental objective is always to reveal and present the facts about any client issues, we will approach them with an unmatched readiness to support our client’s best interests.
Our experience in the Forex industry has enhanced our ability to understand both sides of the IB and Broker relationship. With this knowledge we can provide the following arbitration and mediation support:
Gather and Develop facts to assess the magnitude of the issue. Whether large or small we will handle the situation for our brokers or the clients.
Conduct a full examination of the trade or issue at hand. This will allow us to identify and recommend solutions to best accommodate both parties.
Provide fast and effective solutions for our partners and clients.
We guarantee that we will use our knowledge and experience to find only the most respected and top tier industry partners who respect our clients.
What It Means To Clients
Our clients know we are aligned directly to their success and finding them the correct trading environment. By understanding their needs and helping to organize their argument in a dispute situation, we are preparing them for the best chance for a beneficial outcome. Additionally we are saving them time and energy by dealing with the arbitration process directly.
Fiduciary Responsibility to clients. Reassuring the client that we have their best interests at heart.
One direct point of contact, which streamlines the Dispute Resolution process.
The ability to Leverage industry relationships, allowing the issue at hand to be presented via the proper channels.
We guarantee that we will use our knowledge and experience to find only the most respected and top tier industry partners who respect our clients.
What It Means To Brokers
By creating and implementing well-organized processes for disputes or trade issues it allows for a smoother flow of information from our underlying clients to our partners. Our goal is to look at the issues objectively and make sure all of our partners have all of the facts before they do any forensic accounting. One of the main reasons clients complain about brokers via forums is due to bad information or inexperience. We aim to provide a layer in between clients and the brokers to make sure that all parties are well informed and all disputes are properly handled.
An extra layer to read through emails, organize calls, and handle emotional disputes to source the correct info and cut through some of the extras.
A partner that understands that the client isn’t always right and can make mistakes on their side as well. Being able to present the facts to the client and explain without the verbal confrontation.
In conclusion, it is very easy to mishandle an incident when placed in the role of mediator. The delicate nature of the relationships that are in place with both parties can easily be thrown into disrepair if either senses a bias coming from the mediator’s position. Seeking transparency, understanding the needs, and demonstrating the willingness to follow the preceding processes are all integral to keeping both parties satisfied in the long run.
