Foreign exchange consultants are invaluable when your business needs specialized talent or industry knowledge not currently available on your staff. With vast resources, foreign exchange consulting firms offer experience, knowledge and skills to provide successful solutions for your business.

FX consulting companies provide expertise for businesses venturing into market foreign exchange and international services. A ForEx consultant can help clients navigate global currency markets by providing competitive rates of exchange and market insights, including forecasts, analysis, research and trade recommendations.

Before beginning your search for ForEx consulting firms, it is important to define your consulting needs. Clearly identify the goal of your foreign exchange consultancy, including project scope, services needed, time frame and budget. This information will help your organization select the best foreign exchange specialist to meet your specific needs.

When selecting foreign currency consultants for your organization, research each consulting practice and evaluate the following:

1. What kind of experience does each foreign exchange consultant offer to increase my business profitability?

2. What services does each ForEx consulting company provide to enhance my business?

3. How much should my business invest in FX consulting services?

Action Steps
The best contacts and resources to help you get it done

Hire Foreign Exchange consultants that specialize in your industry

Select a FX consultant who is a seasoned professional with extensive experience in your business or industry. Ask to see a list of past and present clients, and request references.

I recommend: ENow, Inc., provides exchange consulting services for a wide range of industries and provides an online client list. Bank of America Corporation has expertise in more than 20 industries. Wells Fargo provides FX services for companies with annual revenues of $10 million or more.

Choose foreign exchange consulting firms with proven skills

Review the consulting work provided by each ForEx consultant firm. Evaluate the FX consulting firm's experience, qualifications and certifications, and request successful project examples of the specific skill sets you need.

I recommend: Custom House, Ltd, provides customized payment and receivable industry solutions, international currency payment services and risk management consulting. GAIN Capital offers full service trading, account management, fund administration and reporting services. Tempus Consulting features account management and risk management corporate foreign exchange services.

Select foreign exchange consulting services that meet your budget

Many foreign exchange consulting firms operate on a retainer with a minimum time commitment. Several utilize an hourly fee structure for short-term projects. Your cost will depend upon the scope of your ForEx consulting services.

I recommend: Greenwich Treasury Advisors, LLC, offers a 100% fee guarantee for its consulting services. Get a quote for customized foreign exchange services at PNC.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  It is tempting to save time by interviewing just one ForEx consulting company. However, it is in your organization's best interest to contact and interview several foreign exchange consultants to discuss your potential project. Two or three choices will provide you with the best possible match in skills, services, price and rapport for both you and the FX consultant.