A Glimpse into the Finance Magnates London Summit
As the Sales Director at Rightlander, I had the pleasure of attending the Finance Magnates London Summit (FMLS) last November. The event was impeccably organised, offering a variety of informative sessions that catered to different interests and expertise levels. It was also an excellent platform for networking, strengthening existing relationships, and creating new ones.
Learning from the Summit: Affiliate Marketing and Beyond
The summit brought to light several fascinating topics. Of particular interest were the marketing compliance developments impacting regulated retail brokers. Affiliate marketing has emerged as a recession-proof acquisition channel, given that it necessitates payment based only on performance.
This unique approach has allowed companies to tap into the surging number of traders driven by the rise of cryptocurrencies. I had insightful discussions with FCA-regulated brokers like InterTrader and Advanced Markets, who are planning to invest in their retail brokerage by offering affordable trading options driven by partnership models.
Global Marketing Channels: A Diverse Landscape
The summit was a treasure trove of knowledge, shedding light on how different marketing channels are used by affiliates across various countries. For instance, while instant messaging platforms like Telegram are popular in Brazil, LINE is widely used in Thailand, and LinkedIn maintains a strong presence across Africa.
In the wake of CySEC's 2022 announcement about investing in surveillance tools, Cyprus Investment Firms (CIFs) have been exercising increased caution in governing influencer activity across social media. This proactive approach will ensure brokers focus more on aligning their marketing compliance processes with the evolving regulatory landscape.
An Opportunity Missed: The FCA's CEO Letter
One unfortunate timing issue was the publication of the FCA's CEO letter to CFD brokers a week after the FMLS. Discussing its contents with regulated firms at the summit would have enriched our conversations immensely.
Soon after this letter, instances came to light where customers had sought compensation for being misled by affiliate marketing. This underlines the importance of firms remaining vigilant and proactive in managing their affiliate relationships. If the letter had been published earlier, we could have delved deeper into how firms can maintain awareness of their affiliates' content, assess live examples against the FCA's Handbook, and discuss robust mechanisms for ongoing monitoring and remediation.
Investing in Affiliate Marketing: A Word of Advice
To retail brokers considering investment in an affiliate program, I'd say: Affiliate marketing is a cost-effective, credible, and potent way of acquiring new customers, provided you partner with ethical affiliates who are transparent and follow regulatory and partnership guidelines.
Reducing Risks with Affiliate Partners
Growing an affiliate program requires careful navigation. Brokers must diligently screen potential new affiliates by examining their historical content for suitability, including past performance, credibility, and alignment with the company's values and regulations.
Additionally, brokers must establish controls for overseeing affiliates’ online content. Technologies like those offered by Rightlander.com can be instrumental in auditing affiliates’ advertising across key acquisition channels - such as SEO, PPC, social media, and instant messaging - and creating a centralised workflow to promptly update any live infractions found. Clear communication channels with affiliates, coupled with guidance, training, and support, can help mitigate the risk of non-compliance.
Rightlander in 2023: Exciting Developments Ahead
In the next few months Rightlander is poised for a number of exciting developments that will further enhance our offerings and services. We plan to expand our video streamer monitoring capabilities by incorporating TikTok and Twitch alongside YouTube, complementing our existing coverage across Instagram, Facebook, and Twitter.
We also aim to streamline the workflows in our customer portal. The focus will be on making the review and remediation of active risks more efficient, thereby enabling clients to manage their affiliate relationships more effectively and spend less time maintaining compliance.
Finally, at Rightlander, we are dedicated to providing teams with relevant insights that help to optimise their affiliate programs. To this end, we are about to launch a new service that will assist advertisers, agencies, networks, and B2B platforms in identifying high-quality affiliates that present new traffic opportunities.of acquiring new customers if done with ethical affiliates.
Navigating the Retail Broker Affiliate Marketing Landscape: Reflections and Predictions from Rightlander
Jonathn Elkin, Sales Director at Rightlander reflects on his experience at the Finance Magnates London Summit, highlighting the impact of marketing compliance developments on regulated brokers.
A Glimpse into the Finance Magnates London Summit
17 May 2023
Jonathan heads the Sales team at Rightlander