Brokerage firms, representatives must adjust to new environment

WE refer to the article "'Sunset' brokerage model must change: DBS chief" (BT, April 28).

Technology is fast impacting the Singapore financial sector like in other industries. For stockbroking, we have seen the adoption of Internet trading and now, the second generation of the electronic-trading mode, such as straight-through processing, robo-advisers, etc. Cross-border trades have also grown due to increased accessibility.

As the local stockbroking landscape evolves, it is imperative for brokerage firms and their trading representatives to adjust themselves to the new environment. In fact, in the future, the Singapore remisier model for serving the industry has to change. From the present transaction-based model, it needs to include fee-based transactions involving advisory services and multiple products.