By Dayo Adesulu
The President of League of Professionals, Mr. Joe Ovbude has called on the students of Chatered Institute of Stockbrokers to put on the characteristics that promote the profession, stressing that the onus is on them to bring out the best in the industry which will lead to national economy development especially in the current global economy meltdown. He said this while delivering a paper at the CIS studentsâ€™ forum at Lagos.
According to Joe, Many a time, and probably unknown to stockbrokers, they tend to undermined their relevance in the economy and polity of our society. They are clouded by the common primary goal of going into business vis a maximizing market share and profit.
â€œWe are all caught in the web of grabbing all we can grab. We all know it. If we would be sincere, we are more or less sub optimizing. And there can not be a win-win atmosphere when sub-obtimalty is our order of the day,â€ he said
Joe said, the stockbrokers are the inevitable intermediary between investors and investee companies, the intermediary between givers and users of capital.
Stockbrokers do make mistake if they dare think people stake their investment money on goods or services of the investee company. No, he said, they invest in us. â€œMany investors would not buy the stock or a company if they do not believe in us; if they do not rely on our judgement or perception,â€ he added.
His words: â€œWe all want to make money. But the drive for that varies between individuals. I once hear somebody remark â€œmen, that is where money is now, stock broking is the real thing nowâ€.
He enjoined the students to always pay attention to details, stressing that many stockbrokers do their work on the surface, and play down the fact that they are called or seen as professionals or experts in the field.
â€œThis is why many firms soon reach their ceilings, or fizzle out,â€ he added. According to him, a large network of clients can be built through referrals, and referrals are a result of satisfactory relationship or deal with clients.
â€œWe do this by treating clients investments as our own personal investment, and we would do all so that our investment would not go down the drain.
That is where empathy comes in,â€ he said.
Also speaking at the forum, Chairman of PASS centre, Mr John Osuoha said, the major challenge confronting Chartered Institute of Stockbrokers students is the stiff process of passing the examinations as any student who fails one of the subjects is meant to repeat all.
According to John, this has brought discouragement to a good numbers of students thereby narrowing down the numbers of people with the certificate.
His words: â€œThe need to continually produce first class professional stockbrokers to serve the needs of our teeming population is important as the present ratio of stockbroker is one to fifty thousand Nigeria (1: 50,000) is grossly inadequate and calls for immediate action.
The certification process of an important profession as stockbroking is such that cannot be taken lightly. It requires properly timed re-engineering, re-branding, repackaging and repositioning in order to keep it relevant to the realities of the day.â€