Additionally, an eye-to-eye discussion with the client – one that directly addresses their interests and needs – creates added value. The involvement of specialists enables a robust consulting process.

In general, what do clients and consultants want to learn from you?

Consultants as well as clients want advice that filters and processes the cascade of information and the available options of currencies as an investment class. Solutions should be individualized. Investment solutions must be efficient and transparent. Clients seek the counsel of specialists because they are confronted with currency risks on a daily basis and therefore understand allocation problems and difficulties.

Why isn’t currency market information systematically passed on to clients?

In the past years, currencies were relevant for banks mainly in conjunction with their own lending and counterparty business. And in-house trading was largely the norm. This means that currency specialists cannot be directly approached by non-trade-oriented clients; this is not tolerated by governance. Thus, a currency specialist in the client’s advisory team creates added value. It must be neutral and independent of the execution desk that handles currency trading.

Where is the currency business headed?

Currency trading has become a «click» business characterized by an accelerating trend. High-quality information is becoming more and more important for banks to prevent losing clients to online traders. But the quality of information is gaining relevance in the domain of robo advisers as well. Clients will always find providers who offer the «click» for less money. Then again, I am convinced that personal contacts with specialists will remain important.

Felix Adam is the founder and CEO of ACT Currency, a financial boutique for currency trading.