but that they have skin in the game themselves
No, they have NO skin in the game. They are gambling with
your skin in the game.
With the next client they have to you, they have done the opposite trade with
his skin as a hedge...that way they can't lose...
...if they lose with your trade they win with his...if they lose with his trade they win with yours.
Notice that their "loss"
cannot be a negative figure to them...that they always get paid their management fee and with every second client they get paid a bonus?
Are you paying attention..?