Ritva’s short-term strategy for making a profit is to leverage a prestigious introducing broker (IB) partners while strengthening our in-house IB group. And we are glad that this has been working effectively, making a huge source of income.
The very first piece that builds up this beautiful picture is our expecting meticulous picking the right IB partners. Our selection criteria are necessarily demanding, for we understand that choosing the right partner is crucial to our success. Among the several factors we take into consideration, the following three are of greatest significance:
1. ETHICAL BUSINESS RECORD
The brokerage groups we collaborate with should have consistent and very high moral integrity. The groups should always have our best interests in mind and resolve any customer’s problems in a fair and equitable way.
Ritva pays great attention to assuring if there are any disciplinary actions against a broker we are considering. If there are, our experts will have to ask the broker to explain the circumstances before dismissing them from our list. According to our experts, IB groups with a long business history may have a few disagreements or complaints with clients, which are addressed in arbitration, and hence a reparations record is kept. It must be cautioned however, this record may not necessarily reveal the integrity or lack thereof of a firm or an individual. A firm may have a clean record because it is newly registered, but be run by principals and brokers that have entire careers being associated with unethical and disreputable firms that have been permanently barred, suspended or expelled from the industry.
There are so many different cases in the industry. Therefore, it took us 3 years (since 2016) for observation and then decided which IB groups is best for cooperation. This is truly a time-consuming process.
2. LENGTH OF TIME IN BUSINESS
Most new businesses go out of business in the first 5 years of operation. The attrition rate for IB groups seem to be higher — many lasting less than 3 years. Therefore, we always consider IB groups that have been in business for at least 5 years. By this time they have proven their viability and have enough experience to deal with the day-to-day operations associated with the business.
Although the length of time in the industry is not always an accurate way of judging whether an IB group is promising or not, it’s the safest and fastest method to easily exclude an unqualified IB group out of a list.
Because Ritva’s income in this period of time is based on IB groups’ commission, the more commission IB groups earn, the higher profit Ritva gets. New traders may choose to use a discount broker, and due to inexperience when placing orders, lose more due to poorly placed orders and errors than the money “saved” with the lower commission rate. Brokers get paid for the service they provide.
An experienced broker understands the markets and can interpret the market’s changing dynamics to determine the best price and order type to use. It takes experience and intensive monitoring to “work” an order…to know where the market really is, if there is enough volume to get filled — even if the bid-offer price (that changes constantly) is fair, keeping the client updated, etc. The better fills alone could more than makeup for the increased full-service commission rate. Therefore, an experienced IB/IB groups are always Ritva’s number one choice.
Again, we intentionally set up selection criteria that are rather strict and stringent. This helps filter out a significant number of unqualified IBs in the market, leaving us with the good seeds.
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