New programme to help remisiers upskill and to add vibrancy to Singapore’s equity markets
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(From left) SAS chairman Luke Lim, SAS president S. Nallakaruppan, Mr Alvin Tan, Minister of State for Trade and Industry and Culture, Community and Youth, and SGX CEO Mr Loh Boon Chye at RDP’s launch on Sept 30.
ST PHOTO: GAVIN FOO
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SINGAPORE - Remisiers in Singapore will be able to get up to speed in artificial intelligence (AI) and digital marketing skills under a new initiative to boost their ability to support retail investors.
The Remisier Development Programme (RDP) launched on Sept 30 aims to expand remisiers’ skill sets to provide portfolio customisation advice to clients.
The RDP, a joint effort by the Securities Association of Singapore (SAS) and the Society of Remisiers (SRS), with support from the Singapore Exchange (SGX), is part of efforts to add vibrancy to Singapore’s equity markets.
Under the programme, most remisiers will get the full subsidy for the course, which works out to $2,400. The Government will provide up to 70 per cent of the funding, with the rest coming from the industry.
The RDP has three main focus areas:
Remisiers will learn how to leverage AI tools to do in-depth financial research.
They will also learn about advanced trading strategies and how to help clients customise their investment portfolios.
They will be equipped with digital marketing skills so they can use LinkedIn, for example, to promote their services.
Mr S. Nallakaruppan, president of SRS, said at the event that remisiers are facing the toughest of times now as brokerage fees get lower due to commoditisation, and the advent of low-cost brokerages.
A remisier is a self-employed trading representative who provides advice in stocks and share trading, and buys and sells shares on behalf of his clients. His pay comes from the commissions from the trading transactions.
There are more than 2,000 remisiers in Singapore, many of whom have decades of market experience and have developed deep and trusting relationships with clients, said Mr Nallakaruppan.
The RDP will help them to upskill and provide higher-value services, such as advisory and managing a portfolio, he said, adding that there is still a role for remisiers to play.
“When people see the markets go up, down, up, down, they are fearful. This is where the remisiers can play a useful role,” he noted, adding that they know their clients, such as their appetite for risks.
Mr Luke Lim, chairman of SAS, said in a speech at the RDP’s launch that remisiers are a key distribution channel in the securities market, with remisier broking firms of the SAS contributing over 60 per cent of the retail trading volume on the SGX.
There are seven such remisier broking firms, including Lim & Tan Securities, Maybank Securities and Phillip Securities.
“By strengthening this channel, the programme complements initiatives to develop Singapore’s equities markets, such as the formation of the stock market review group on Aug 2,” he said.
The review group, which is made up of representatives from both the public and private sector, will propose measures to revitalise the Singapore stock market within the next 12 months.
Mr Lek Yew Meng was one of more than 20 remisiers who took part in the first round of the RDP, which is now available to all remisiers.
He attended the courses over three full-day weekends in September, and found the programme useful because it is specially curated for the broking industry.
“Some of the instructors are ex-remisiers. Remisiers learning from remisier, we speak the same language. He knows our pain points,” said Mr Lek, who has been a remisier with Lim & Tan Securities since mid-2011.
Ms Karen Ng, a remisier at Maybank Securities, is keen to join the RDP and is particularly interested in the AI module because she thinks it will allow her to provide her clients with better research and advice.
“They need to work nine to five so they will not have time to monitor their stocks,” she said.
Even as it moves to upskill remisiers, the industry is exploring ways to encourage a fresh wave of talent to join.
According to the SRS, about two-thirds of its 400 members are 60 years or older.
SAS’ Mr Lim said: “We are working out some programmes to attract the young people.”
Mr Michael Syn, president of SGX Group, said less seasoned investors may prefer the customised human touch, and the calm and reassurance they can get from a person, especially during volatile market cycles.
“Human assurance is the unique proposition remisiers offer, born of market intuition honed over years of interaction and dealing with the stock market,” he added.
Mr Alvin Tan, Minister of State for Trade and Industry and Culture, Community and Youth, was the guest of honour at the event.
