Role of the Adviser

As the adviser is the primary contact between a market maker and a client, the adviser must demonstrate an overall understanding of the foreign exchange market in order to earn and maintain the trust of clients. One of the adviser’s primary roles is that of market-watcher. Since the adviser is physically located in the institution’s dealing room, he or she can follow the market very closely, usually far closer than the average client. The adviser’s function is to watch for a price level. Clients unable or unwilling to watch the market can leave an order with the adviser for execution once necessary market conditions are met. It is important that clients feel assured that adviser is working for their interest, not that of the institution. This is not as simple as it sounds. While advisers want and need the business of their clients, in reality it is the institution that pays the adviser’s salary, so he or she must make money for the institution. Clients can assist their advisers by dealing with them if their prices are market prices and, even dealing with them when their prices are slightly off. It is important to realize that quality service comes at a premium. The better the service, the more a client will benefit in the long run. However, clients must be aware that they and they alone, are the one responsible for any trading decisions. The adviser is merely the adviser, nothing more, and can not act on his or her own accord.