Take a look behind the scenes at Foremost Currency Group, as we interview Managing Director Robin McEwen (RM) and Directors Adam Bobroff (AB) and David Worthington (DW). They discuss why customers choose Foremost Currency Group rather than a high street bank, and how a personal service can help customers feel comfortable and informed when dealing with large sums of money.
RM: Foremost Currency Group is a foreign exchange brokerage. [Err] we’re a specialist in foreign exchange and foreign exchange only, so we help private clients and business clients alike to obtain a better rate of exchange than the market place, for any transfers that they need to be doing.
AB: The natural inclination I think for a lot of clients is to turn to a bank rather than to a currency broker.
RM: The banks are a ‘jack of all trades’ and are probably a master of none.
DW: We don’t have any call answering systems; it’s all our dedicated brokers on the phones. So that first point of contact that you receive here, will be your point of contact the whole way through your relationship with Foremost.
RM: So we get an understanding of the clients’ journey, shall we say.
DW: Often the first introduction I get to a customer, is when they have just been on a viewing trip for a property overseas, and I get to know them from when they put their deposit down to buying the house.
RM: Kinda going back to the old fashioned way of banking, they would go in and actually meet with the bank manager, have a chat with them and actually have their arm put round their shoulder and guided through what they needed to do, and we try and replicate that here.
DW: And so many of my clients actually send me pictures of them in their properties or invite me to go and visit them. [laugh]
DW: The underlying reason of course is though, we’re gunna save you some money. If you go to the bank to buy your currency it will cost you more than if you buy it through us. It’s a really fast market foreign exchange, it moves all the time. If someone’s awake, the currency market is moving and our clients haven’t got the time or normally [laugh] the interest in watching that, we’re here to be their eyes and ears to let them know what’s going on.
AB: There’s a huge amount of satisfaction I think in saying to a client well you’ve made a gain of 6,000 in the past week because of us tracking the market for you.
RM: And in that way we can time the trade and hopefully get the most out of the market for our client and that’s what’s important.
RM: We’ve recently had our e-money license authorised to us by the Financial Conduct Authority.
AB: An e-money license is the same type of licensing as the likes of Google hold. All client money is hold in segregated client accounts, [err] which is held separate from all company funds. It therefore means that in the unlikely event that anything were to happen to the firm, means the client wouldn’t be affected, and their money would be returned to them in full, irrespective of the amount being held.
RM: 98% of clients would recommend us to other friends, whether it is £5,000 for one client, or £500,000 or £5,000,000, it doesn’t really matter, it is equally important for that individual, so knowing that the money is going to get to the right place in the right timescale, knowing that funds are secure, and knowing that if there’s any issue along the way which there shouldn’t, be there’s somebody at the end of the phone that deal and resolve any problem that may come.
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