BROKER IN PROFILE - Meet Chris Booth

For Chris Booth, many of his great ideas have started in the same way – a conversation over a beer. One of those conversations set him on the path to be the co-founder of Lydian Finance Group, a niche broking firm servicing financial planners.

At the helm of Lydian Finance Group, a niche mortgage broking firm that services financial planners nationwide, Chris Booth is leading his team towards a major growth period.

Hailing from the Isle of Man, a small island between England and Ireland, Chris began his finance career in Treasury and Financial Market Services for Royal Bank of Scotland. Despite envisioning a long-term career in Isle of Man, Chris fell in love with an Aussie, Kellie, and was lured to the sunshine and sand of Sydney.

Building his banking career in Sydney, Chris worked for Commonwealth Bank, Back of China in Treasury and St George Bank before he stepped into broking.

“During my banking career I’d developed an interest in financial markets, financial planning, stockbroking, and things like that,” says Chris.

At St George Bank he worked in professional services, taking care of financial planners and advisers, accountants, lawyers, mortgage brokers and real estate agents. One of his clients was Announcer Group, which offered financial services to white collar executives.

“When you’re in these relationships with clients, many of those people become your good friends, which is what I love about the industry. You start out trying to help a client through a tough time or you help a client to build their business, but over time they, they’re no longer clients, they’re your mates.”

About 10 schooners in at the Establishment, Chris and Announcer Group owner Andrew Rocks, Chris pitched his idea. “The Announcer Group’s clients were wealth accumulators, they had over 1,200 clients and six advisors, but no mortgage broking solution,” noticed Chris. “I convinced Andrew to let me set up a mortgage broking business within his business, with me as the broker with opportunity to become a partner.”

Over the next four years, Chris built a small team and a portfolio of about $400 million. In 2017, Announcer Group sold to national dealer group Infocus Wealth Management and Chris continued to build the mortgage broking team.

Just before his fiftieth birthday, Chris decided he wanted to experience building a business from the ground up. “I had enjoyed growing businesses, other people’s businesses, but I saw this as my last shot to create something of my own.”

Two, we needed good partners to partner with. Three, we needed a really powerful technology platform and people platform to allow the most efficient processes.

“We’re now three years in, we’ve got 90 partners, and H&R Block is our national partnership which is huge. Last month we received 400 loan review referrals from that partnership alone. We have 65 financial planning firms who refer us regularly, and we’re still growing. I feel the next three years we’re on a big J-curve, an exponential growth curve.”

To facilitate this growth, Lydian is seeking more brokers. “We’re looking for high-calibre brokers with good financial understanding, who don’t want to write $20 million a year they want to write $50 million a year.”

Away from work, Chris enjoys time out on the water.

“Over 10 years ago, I was, again, having a beer with a good friend, who was actually one of my lawyers from my St George days, he suggested we play golf. I shut that down and offered sailing instead, he agreed, and we learned to sail at Rushcutters Bay. I haven’t looked back.

“Sailing is a beautiful thing – you are always having to check the tell-tales, check the elements of your sails, review the setup, and you are always analysing and changing. The weather changes, sea changes, the winds change, and your equipment changes as well. You’re constantly learning and adjusting – not dissimilar to building a business.

“You wake up in the morning with this purpose, whether sailing or building a business – it gives you so much energy and enthusiasm to get out of bed in the morning.”

“We’re looking for highcalibre brokers with good financial understanding, who don’t want to write $20 million a year they want to write $50 million a year.