Introduction

SINGAPORE: The landscape for remisiers in Singapore has become challenging as the stock market loses its vibrancy since its peak in the 1990s. The emergence of online brokerages with lower commission rates has compounded the struggles faced by traditional remisiers.

Concerns from Industry Leaders

Mr. S Nallakaruppan, the president of the Society of Remisiers (Singapore) (SRS), expressed concern over the current state of the profession, stating, 'I've been in the industry for 30 years, and these are some of the toughest times yet.' He highlighted a drastic fall in incomes, noting that tasks that were once completed in a single day now take a month.

Optimism for the Future

Optimism remains, however, as Nallakaruppan believes the situation will only improve from here. 'We are eagerly waiting for strong, positive measures to turn things around,' he mentioned in an interview.

Need for Evolution

Remisiers, licensed trading professionals who earn commissions on transactions, used to thrive when the stock market was more active. With the shift towards digital trading platforms, there is a pressing need for remisiers to evolve and enhance their offerings to clients. This transformation is underscored by the new Remisier Development Programme launched by the SRS in collaboration with the Securities Association of Singapore (SAS).

Remisier Development Programme

'This program aims to transition remisiers from a transaction-based model to a value-added advisory approach,' Nallakaruppan stated. He emphasized the importance of adapting to an evolving industry landscape, where remisiers will eventually manage client portfolios rather than merely facilitating trades.

Impact on the Stock Market

The SRS hopes this rejuvenation will not only excite new entrants to the profession but will also directly inject new life into the Singapore stock market itself. 'Remisiers are a microcosm of the market,' Nallakaruppan explained. If remisiers can deliver value and help clients generate profits, there's potential to revitalize trading activity overall.

Support from SAS

SAS chairman Luke Lim adds that the new program aligns with broader initiatives aimed at strengthening Singapore's stock market and addressing the needs of current remisiers while attracting fresh talent to the field. He noted that remisiers play a crucial role in engaging clients during initial public offerings (IPOs) and maintaining momentum post-listing.

Training Courses Offered

In collaboration with industry leaders, the Remisier Development Programme consists of three comprehensive training courses: leveraging artificial intelligence, mastering security trading, and enhancing personal branding. These sessions are designed to be tailored specifically for remisiers, with experienced trainers, including former remisiers themselves.

Financial Support for Participants

To support participation, the Financial Sector Development Fund will cover up to 70% of the S$800 (US$625) course fee for eligible participants, with SRS members currently receiving additional sponsorship for the remainder of the cost.

Empowering Remisiers

With around 400 members in the SRS and a total of about 2,000 remisiers in the industry, the program seeks to empower these professionals with tools and knowledge to better serve their clients.

Testimonials from Participants

Remisiers like Mr. Lek Yew Meng, who recently engaged in the initial rollout of the courses, expressed enthusiasm about the specialized training. He stated that the unique focus of the program—unlike generic courses available elsewhere—would significantly benefit participants, addressing the specific challenges faced in the industry.

Moreover, Mr. Louis Koay from Phillip Securities echoed this sentiment, revealing his intent to enroll after hearing positive feedback about the course content. He added that while self-study is valuable, having a curriculum directly relevant to their roles would enhance their practical understanding and effectiveness.

Conclusion

As the profession pivots towards a more robust model, the hope is that these initiatives will not only uplift individual remisiers but ultimately contribute to a more dynamic and resilient stock market in Singapore. Stay tuned for further developments as these programs unfold!