Bad Ideas: "Be A Stockbroker!", Sez SGX

The SGX wants Singaporeans to quit their jobs and become stockbrokers

Singapore Exchange (SGX) is partnering NTUC’s e2i (Employment and Employability Institute) to draw more Singaporeans to the stockbroking profession and equip new joiners with the necessary skills.

“A career as a licensed broker offers Singaporeans the opportunity to be an entrepreneur, a financial professional and a front-liner in the exciting world of markets and investments.” … said Lynn Gaspar, Senior Vice President of SGX who oversees SGX Academy.

Never mind that stockbroking as a career is slowly being destroyed by online discount brokers (on the execution side) and independent financial advisors or RIAs (on the advice side). 

Nobody in their right mind would pay 30 or 40 bps to trade Singaporean stocks through some dude on the other end of a phone line when they can pay 18bps at Standard Chartered or 8bps at Interactive Brokers. (Or is that just me? Do people actually do this? Has Singapore not had its Stratton Oakmont to sour people on cold-calling brokers yet?)

You can excuse the NTUC for not knowing this, but the SGX should know this.