Our industry receives daily harsh critiques from investors, economists, regulators, any professional academic or not relative to the intentions, practices and professional conduct of brokerages. Now the disappointment continues with the uncanny practices of call centers, proving once more that things are not getting any better.
Back in 2006 when we first joined the industry, our Sales tactics were limited to an introductory script and our willingness to learn, a much needed tool to help close a sale. You see competition was not as fierce as it is today, products were limited to simple structures and the idea of trading in foreign currencies was as simple as 1,2,3.
Today though, with the number of brokers increasing rapidly, systems and product diversification, personnel being recycled like beer bottles and the cost of base salaries doubling or even tripling – not taking into account commissions on earnings – we resulted in practices that make no one proud, conduct far from professional and continuous loss of the potential customers of tomorrow.
Call centers in a nutshell
The latest trend in outsourcing, are the call centers; boiler rooms with hundreds of uneducated people (uneducated relative to the market), following scripts and lists of unaware “potential leads”, being funneled like dirty laundry and categorized according to their interest.
Not only are these “potential leads” being bombarded with daily calls, but we found out that they are also being harassed even when they say they’re not interested. Through categories, the “potential lead” just moves to a different person whose role is different than the previews caller and so on and so forth.
It’s inevitable that while industries grow, chop shops like these pop up taking advantage of the market’s needy and greedy faces, disregarding human rights, privacy and ethics. And due to our competitive nature, we continue to follow one another, while these chop shops take advantage from the scraps. Unfortunately the scraps in this case are decent people that found themselves in these lists and are being harassed day in and day out.
Using high pressure sales tactics, uneducated and scripted words, begging if nothing else works and inappropriate follow up methods, it’s time for brokers to open their eyes and stop being part of this madness before it spirals out of control. If you’re lucky, these call centers are not using your company’s name to sell your product, although highly unlikely. Therefore their practices are now your practices, for which you have absolutely no control of.
Our advice to all brokers who are reading this article is to avoid FX call centers and FX lead generation companies.
It is a counter productive method of acquiring clients and it causes “prospects” to want to disassociate themselves with the market completely.
There are simpler ways to acquire new customers, if no-one in house can help, outsource it as a needed service to people/companies that can create positive steps ahead for your business.
FX Sales is a lot more than a cheap chop shop; it’s art and should be a treated with respect just like the people you are selling to.