Change Agent: Steve Sanders, Interactive Brokers 

We’re talking to leaders about significant changes in the industry and their organizations – progress regarding product, process, technology, or culture. We’re curious about the how and the why. And we’re asking about what changes are next. 

We asked Steve Sanders, EVP, Marketing & Product Development, of Greenwich, CT-based Interactive Brokers, LLC, what recent organizational accomplishment gives him the greatest satisfaction and what important elements contributed to its success. Sanders also highlighted advice given to the next generation of financial advisors, as well as the significant changes he sees in the industry in the years ahead. 

Charting a New Course: How do you navigate the transition from established practices to pioneering new frontiers within your organization? 

There are a few leadership principles that, I believe, apply in nearly all circumstances when navigating organizations through change. They’re timeless because they work – the nuts and bolts of an organization’s business may evolve through the years, but I’ve found that these practices are important for helping ensure your teams realize success. 

As a leader, you can only focus on a few important items at a time. We all appreciate the need to extinguish the daily fire drills, but everything cannot be a top priority if you’re going to be successful. By understanding what’s most important and critical to the company’s long-term success, you’re able to take a longer view and direct finite energies and resources toward efforts that make strides toward those goals. 

In our business, it’s the client who is most important. My focus is always on giving clients what they want and ensuring that, to the extent possible, we introduce new products and innovations ahead of schedule. It’s not always possible, but that’s my goal. I also recognize that our clients’ feedback and how we respond to it is one of the main drivers of our success. Leading from a client-first perspective helps drive decision-making and priorities. 

I also believe that leaders should set the direction but not micromanage. It’s your job to give the talent in the organization the opportunity to achieve and flourish.  The more you can push down, the better for the organization and your people in the long run. 

On that note, I believe good leaders recognize that they’re not experts in everything. It’s important to be willing to pivot throughout a process as you learn from your team and their expertise, as well as from others inside and outside of the industry. 

Finally – and I’m guessing most people will agree with me on this – when it comes to meetings, my policy is that less is more. I believe in keeping meetings to a minimum, for everyone’s sake. 

A Triumph to Celebrate: What recent organizational accomplishment brings you the most satisfaction? What specific challenges did it overcome, and what key factors led to its success? 

We plan to soon launch ForecastEx, a new exchange for investors interested in trading U.S. economic and climate data contracts. I’m proud of our team for bringing this to market in less than two years. We were able to do this successfully – and quickly — because Interactive Brokers is built on a foundation of technology and operational excellence. We’ve spent decades refining our process for introducing innovative tools into the market, with much success. In fact, our biggest hurdle for ForecastEx was the regulatory approvals, which isn’t surprising when you’re bringing new ideas and products onto the market. 

Catalysts for Change: What are the essential elements for significant progress within your organization and the industry? 

My “less is more” philosophy doesn’t just apply to meetings, it’s true for organizational success as well. I think it’s essential for organizations to run as leanly as possible with the right people. Our success at Interactive Brokers is a testament to that – we’re not big believers in bloat or overhead, that isn’t essential to serving our clients well. 

The Road Ahead: Looking forward, what critical changes do you foresee for the industry in the coming years? What advancements do you hope for? 

I don’t believe forecasting the future is a useful exercise. I do think progress emerges from many players testing and trying out a range of different technologies and practices in small ways. Most will fail, but a few will succeed — and as a good leader, you should double down on the successes. 

Guiding the Next Generation: As we acknowledge the industry’s rising stars, what guidance can you offer them to become catalysts for positive change?  

I believe there are a few keys to success that apply to the rising stars in this industry and to those of us who have stuck around for a while. First, learn as much as you can. You’re never too old to learn and this world is changing rapidly, daily. Second, fancy titles don’t matter. Finally, as I mentioned earlier, stay focused on only a few things – you can’t do everything well, all at once. 

I believe that achievement will always outshine politics in the long run – both from a career and personal perspective. 

Pictured: Steve Sanders, EVP, Marketing & Product Development, Interactive Brokers, LLC.

Click here to see the full Change Agents: Leaders Driving Progress series