Market update FX Sales
Written by Emily Alecock on 25/01/2017
As we enter Q4 FX Sales continues to be a focus for Financial Institutions. Naturally there has been conversations and controversy over the ramifications of Brexit, however we are yet to feel an impact of this in terms hiring for FX sales professionals in the deliverable FX space.
The foreign exchange market is the world’s largest market with “daily turnover rates of more than $4 trillion” (Maxfx). This vast decentralized marketplace has expanded and developed quickly over the past few years. We have seen an increase in Payment Platforms who strive to provide an alternative way of trading currency to that of a traditional bank. Within this arena we have seen young businesses experience rapid growth and make a sizeable amount of profit in a short space of time. With this space becoming increasingly competitive, organisations have put a focus on customer facing departments and Front Office divisions responsible for revenue generation. As well as innovative technologies that increase the level of efficiency for the user/client.
Payment Platforms/ FinTech
Competition is fierce in the deliverable FX space and London is becoming increasingly saturated by small to medium sized platform providers who are looking to provide a service that is focused on offering a fast, tailored, and transparent service. As a result of this there is a real emphasis on how a company intends to brand themselves in an effort to stand out from the crowd. Businesses are keen to ascertain an image and approach for themselves and differentiate themselves within the market.
Skill sets in demand
On the Sales and Business development desk at Black Swan Group, our clients are constantly seeking to employ engaging, charismatic and driven individuals who are responsible for selling/promoting the brand and introducing the service to the market place. There is an endless demand from clients who are looking out for junior candidates who are ambitious and bright with excellent communication skills, and who have an avid interest in financial markets and aspiration to succeed in a fast paced and target driven sales environment.
Due to the competitive nature and ever evolving technology advancements within the online payments space, clients are requiring senior hires who can demonstrate a proactive approach and come up with innovative methods of attracting new retail and corporate clients. They are seeking individuals with a detailed understanding of the way that the market is changing, and for them to have the desire, skills and experience to come up with strategies on how they intend to move with these changes and be successful in generating revenue for the business.
Throughout an interview process a senior hire will be expected to discuss, consider and present on the following;
- Distribution channels
- Alternative uses and features
- Leadership/Management style
Hybrid sales professionals are what we are seeing a demand for within today’s rapidly developing FX payments space. Individuals who are forward-thinking and passionate about the industry and able to recognise gaps within their market and confidently address any challenges from a strategic stance. Hand in hand with this a hiring manager will also want an individual to be able to give examples of successfully managing a team, and their own individual track record of success in a sales environment. Attitude, drive and desire are all of the upmost of importance in securing a high level position within a modern FX brokerage firm. Individuals must have the ability to sell themselves and showcase their experience in the attempt to convince the client that they can and will add value.
For Junior Hires salaries can range from between £23k-£30k with an emphasis on commission which is typically uncapped and with higher performance trigger potential promotion. Career progression is key for candidates at this level. In a senior position we are seeing salaries ranging from £75k - £100k for Heads of Departments and a performance related bonus paid annually.
FX Sales continues to be an area of high demand as the marketplace becomes more saturated there is increased competition for top talent “there has been a surge of innovation in the payments space, as traditional providers compete with newer tech entrants. CB Insights calculates these payments start-ups raised $3.8 billion in venture capital in 2015” (Businessbecause). We have seen a major year on year increase in payments and fintech hiring with these roles making up a significant percentage of total FX Sales roles in the market.