MPAMAGAZINE.COM.AU ISSUE 19.09
PUSHING FOR DIVERSITY Mortgage Choice CEO Susan Mitchell’s journey to the top AMA FINALISTS Who is up for one of mortgage broking’s top awards
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INDUSTRY INFLUENCERS The key women advocating for change in the industry
DIVERSITY IN BROKING How industry bodies are working towards greater inclusion
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SEPTEMBER 2019
CONNECT WITH US
CONTENTS
Got a story or suggestion, or just want to find out some more information? twitter.com/MPA_Australia facebook.com/Mortgage ProfessionalAU
UPFRONT 02 Editorial
Going beyond gender balance
04 Statistics
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30 FEATURES
ETHNIC DIVERSITY
The face of Australia is changing, and Pepper is working to help the new demographic
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08 News analysis
Gender balance in leadership teams
10 Opinion
The personal perspective of one aggregator head
FEATURES 36 Women in commercial
Women from across the broking and lending channels discuss their experiences and their perspectives of diversity in the finance industry
The CEO of Mortgage Choice talks about her climb up the ladder in mortgage broking and the work the company is doing to build diversity
Three brokers embracing diversity
How Bluestone caters for a diverse society
INDUSTRY INFLUENCERS
SUSAN MITCHELL
06 Head to head
32 Social diversity
SPECIAL REPORT
BIG INTERVIEW
Industry insights on diversity
What CAFBA is doing to support women
34
FEATURES
AN INCLUSIVE CULTURE
ING’s head of retail bank talks about the joy of building an inclusive culture from the grassroots up
38 Gender equality
Three women discuss Liberty's initiatives
40 Standing up for diversity
How Suncorp supported one BDM
42 Opportunities for women
MFAA opens the way for gender balance
44 ANZ's Doyenne voices
Empowering women in the industry
62 Returning mums
What not to ask mums returning to work
70 Brokerage insight
A safe space for every customer
PEOPLE
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72 Other life
AMA FINALISTS
NOW ONLINE:
FEATURES
A look at who have been named finalists in the industry’s most prestigious mortgage awards
The ex-biomechanist turned broker
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UPFRONT
EDITOR’S LETTER www.mpamagazine.com.au SEPTEMBER 2019
Challenges and reflections
F
ollowing on from last year’s diversity and inclusion issue, we knew we wanted to look at a broader range of important topics beyond gender – we wanted our coverage this year to be more diverse, if you will. So, while we are still celebrating the incredible women in the industry and the various initiatives run by lenders and other industry groups to improve gender balance, in this issue we have also covered areas such as ethnic diversity and LGBTQI+ awareness. The population is changing, which means the people coming to brokers for home loans is changing too. It is important to hold a mirror up to the industry to see just how diverse and inclusive it is, while also celebrating those who are working towards that inclusivity. This issue was an interesting one to write because it allowed me to have broader conversations on topics that I would not normally get to talk about. I had some great discussions with lenders, brokers and aggregators about their thoughts on diversity and whether they are doing anything to be more inclusive.
It is important to hold a mirror up to the industry to see just how diverse and inclusive it is One particular quote that stuck out for me from my interviews was, “You can’t be what you can’t see”. Diversity in leadership teams is so important to encourage others to aspire to grow in the industry. This doesn’t have to be limited to leadership either. I was privileged to attend Loan Market’s awards ceremony last month, and the number of women on stage receiving awards was fantastic. As more female brokers come into the industry, they will see these women succeeding and they will be inspired. I want to thank everyone who took part in this issue, all the interviewees and contributors; it was a huge one to put together. I hope you enjoy it, and I encourage you to take a look at the role models in your business – are you encouraging a diverse and inclusive workplace?
EDITORIAL
SALES & MARKETING
Editor Rebecca Pike
National Sales Manager Claire Tan
Journalists Nina Cuturic, Tom Goodwin, Abel Riototar, Jacqueline So
Global Head of Communications Lisa Narroway
Contributors Karen Gately, Molly Moseley, Anna O’Dea, Brendan Wright
CORPORATE
Production Editor Roslyn Meredith
ART & PRODUCTION Designer Cess Rodriguez Traffic Coordinator Freya Demegilio
Chief Executive Officer Mike Shipley Chief Operating Officer George Walmsley Managing Director Justin Kennedy Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil
EDITORIAL ENQUIRIES
tel: +612 8437 4784 rebecca.pike@keymedia.com
SUBSCRIPTION ENQUIRIES
tel: +61 2 8311 5831 • fax: +61 2 8437 4753 subscriptions@keymedia.com.au
ADVERTISING ENQUIRIES claire.tan@keymedia.com
Key Media Regional head office Level 10, 1–9 Chandos St, St Leonards, NSW 2065, Australia tel: +61 2 8437 4700 • fax: +61 2 9439 4599 www.keymedia.com Offices in Sydney, Auckland, Denver, London, Toronto, Manila, Singapore, Seoul
Mortgage Professional Australia is part of an international family of B2B publications and websites for the mortgage industry CANADIAN MORTGAGE PROFESSIONAL neil.sharma@kmimedia.ca T +1 416 644 8740
Rebecca Pike, editor, MPA Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.
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UPFRONT
STATISTICS
Mixed views of diversity Brokers know their client base is becoming more diverse, but is the industry changing to reflect that? THIS IS the second year that the MFAA has run its Opportunities for Women program, in which it actively reaches out to the industry for insights on how diversity is progressing and holds workshops and events to drive change. This year, the responses to its survey were fewer – a possible sign of disengagement in the industry when it comes to discussing the issue. The respondent data was typical of the broker channel: male, heterosexual, selfemployed Australians, mostly between the
66%
53%
of respondents to the survey were male
of brokers said their customers were becoming more culturally diverse
ages of 47 and 57. A third of the respondents were female. Only 11% were 35 years old or under, and 24% were aged 36 to 46 or 58 and over. With the same questions being asked this year, the results were an interesting indication of how things had changed – or not – over the past 12 months. For instance, to the question ‘Do you think women are under-represented in this industry?’, a little over 30% said yes, compared to 20% in 2018. Take a look at some of the other figures here, and see page 42 to find out more.
44%
felt women made 50–75% of a household’s financial decisions
60%
BARRIERS TO OVERCOME Among the many barriers that women in the industry confront, the unconscious beliefs about gender roles are the biggest. Interestingly, while many male respondents agreed that there are barriers to women, the majority of them did not.
of brokers said industry leaders demonstrated inclusive values Source: MFAA Opportunities for Women survey
SOCIAL ACCOUNTABILITY
The benefits of having a diverse and inclusive workforce are often talked about, but is the message getting through to everyone? Do you think having industry members with a diversity of representation, experience, perspectives and beliefs is important to the industry? (Select two options)
UNCERTAINTY PREVAILS
The survey revealed that many men and women remain uncertain about whether there’s enough promotion of diverse role models in the industry.
No (15.31%) Unsure (9.44%) Yes, it makes a good business sense (0%) Yes, my customer base is changing and I need to align with it (30.10%) Yes, it’s socially responsible (54.34%) Yes, because I am culturally diverse (19.90%)
Do you think there is enough promotion of successful diverse role models in our industry?
Yes (41.52%) Unsure (48.65%) No (9.83%)
Yes, because my competitors are responding to cultural diversity (6.38%) Yes, because my employee base is culturally diverse (6.12%) Source: MFAA Opportunities for Women survey
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Source: MFAA Opportunities for Women survey
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What do you believe are the biggest barriers for women working in this industry?
58.89%
Female responses Male responses
39.86% 37.68%
26.81%
26.09%
18.15%
17.39% 17.04% 13.04%
12.59% 8.15%
9.42% 6.52% 7.04%
3.33% Unconscious beliefs about Conscious beliefs about gender roles in the gender roles in the workplace workplace (ie women should not hold a position in management)
Safety concerns (ie sexual harassment, physical safety, etc)
An industry culture that is not inclusive of women
Lack of industry experience and expertise
Leaders lacking commitment and capability
4.35%
7.04%
Industry is not interesting enough to women
8.52%
Lack of development and progression opportunities (minimal career progression)
No barriers that I am aware of
Source: MFAA Opportunities for Women survey
NOT ENOUGH REPRESENTATION
While male perception of the lack of female representation in the industry is shifting, over 60% of women think they are under-represented. Overall, more than 40% of male and female respondents believe women are under-represented.
Do you think women are under-represented in our industry?
Yes (42.26%) No (45.45%) Unsure (12.29%)
Source: MFAA Opportunities for Women survey
EQUAL OPPORTUNITIES FOR EVERYONE More than 60% of male and female respondents believe the industry offers everyone equal opportunities for growth. It’s noteworthy, though, that nearly 25% of female respondents thought otherwise, compared only to 12% of males.
Do you believe everyone, regardless of gender, race, age, disability, sexual identification or orientation is provided the same opportunities for development and advancements?
Yes (64.44%) Unsure (23.70%) No (11.85%)
Source: BizCover Small Business Bravery Index 2019
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UPFRONT
HEAD TO HEAD
How important is diversity in your business? Embracing people of various cultures, sexualities, ages and races has become the norm for many broker businesses
Holly Bundy Director Bundy Financial
“For a lot of people, diversity is just about gender or ethnicity, but actually it means a different way of thinking. It’s easy to improve people who think the same as me or share my mindset. But getting people who think differently helps improve my business. We can be more productive by finding ways to do things differently. Having different thought processes in the business is what’s important. “I’ve embraced this by having a diverse range of staff. I give them room to share their thoughts and contribute. It’s easier to have similar people in the business who offer the same ideas. Creating diversity in the workplace needs nurturing, and that takes time. You may have to work harder, but you become better.”
Lee Middleton
Daniel O’Brien
Regional manager Nectar Mortgages
Director PFS Financial Services
“I’ve been in the industry for over 25 years, and seeing that there are still more men than women astounds me. I encourage women to get involved in the industry as mentors and business owners. In our group, we are bucking the trend, and we have a bigger proportion of women to men, which is a refreshing change. “We have a family-first culture, which appeals to working mums and dads. I like to think that all the franchise owners in WA have the same ethos around working together in a friendly environment no matter their age or race. We have brokers aged between 30 and 67 from all sorts of backgrounds. Some have worked in banking; others in administration, oil and gas and telecommunications. Everyone brings something different to the table.”
“Diversity in the workplace may be a new concept to some, but for most of us it’s just a natural, automatic thing. I don’t care what colour someone is, or what sexuality, gender or religion. All I care about is their ability to do the role. I don’t even care if they lack experience. At PFS, Josh and Megan had never worked in finance before. Kristina had never worked in finance in Australia. They were hired based on personality, attitude and behaviours. “Diversity of personalities is key for me. You could have four people with equal skills and experience applying for the same job, but not all will mesh well with your current personalities. If you don’t put the right people together, you won’t have the best team.”
GENDER EQUALITY STRENGTHENS CUSTOMER OUTCOMES With the theme “More Powerful Together”, the 2019 International Women’s Day is an opportunity for people to stop and think about the important roles everyone plays in progressing gender equality, according to Glenn Gibson, head of third party distribution at ING. “I believe being ‘more powerful together’ shouldn’t be something we only think about on one day of the year. Standing in unison on gender equality is something we should all actively do every day,” he says. “Breaking down stereotypes and gendered roles fosters diversity of experience and opinion. This enables us to be better innovators and collaborators, which leads to more choice, better value and better outcomes for our customers.” Gibson adds that it’s no coincidence that the dramatic growth in the number of Australians using mortgage brokers over the past 10 years happened at the same time as the number of women in the industry increased.
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UPFRONT
NEWS ANALYSIS
Diversity in business Research into diversity has shown how it benefits businesses nationwide, although specific initiatives are not always successful. But the push towards diversity is working out well for some lenders NEW RESEARCH into small businesses has found that self-discipline; people and communication skills; and personal passion and drive are the top three characteristics for running a successful business. According to the Salesforce Small and Medium Business Trends Report, these soft skills rank higher than hard skills like market management and money management compe tency. However, what’s interesting is that this research also demonstrates that male and female business leaders place a higher emphasis on different skills. Women are more likely to cite people and communication skills as well as money management skills as the most important characteristics, while men are more likely to include market knowledge. Men are 45% more likely to say willingness to take risks is most important to running a successful business, while women are 42% more likely to cite an innovative mindset. Research like this demonstrates the importance of having a diverse leadership team so that leaders can look out for different traits and make the right decisions. As Kate Luft, head of retail banking at Citi, said in a recent interview with MPA, recruitment is not about ticking a box or filling a quota. The right person should always get the job, and with a diverse slate of leaders it ensures everyone gets the same opportunities. Agreeing on the importance of having a diverse leadership team, AMP Bank’s chief executive, Sally Bruce, says “strength lies in
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our differences, especially when supported by an inclusive environment”. Bruce says it’s not just about gender, however. “I firmly believe that a focus on diversity, including but not limited to gender, is important, especially across leadership teams, because the different perspectives that diversity brings lead to higher-quality discussions and decisions. This ultimately means better outcomes for customers and our broader community,” she says. “Importantly, it ensures our workforce represents the diversity of our population. But a focus on diversity must be coupled with
diversity is determined by looking at the percentage of women on boards, executive and management teams, and in the workforce. As a lender that works incredibly closely with small businesses, Prospa sees the benefits of diversity.
“A focus on diversity must be coupled with a commitment to inclusion, because together they create an environment where diverse voices are heard” Sally Bruce, AMP a commitment to inclusion, because together they create an environment where diverse voices are heard, which benefits everyone.” Research from the UK has also shown the benefit that having a diverse workforce can bring to a business. According to Morgan Stanley, the stock price of more genderdiverse companies tends to do better than that of their less-diverse rivals. The investment bank has developed a new ranking to evaluate gender diversity in businesses and its impact on performance. Gender
Executive general manager of people and culture Elise Ward says the group is dedicated to building a diverse community at every level of the business, whether in terms of gender, ethnicity, cultural background, age, sexuality or experiences. “Having this diversity at the leadership level is vital, not just for promoting an inclusive workplace but for building the strongest, most innovative business we can. Different problem-solving styles and perspectives amongst leaders get us to the best decisions,
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THE GENDER DIFFERENCE Top entrepreneurial characteristics by gender Male SMB leaders
Female SMB leaders
Self-discipline 40%
People and communication skills 37%
Personal passion and drive 34% Market knowledge 32%
Self-discipline 34% Money management skills 32%
Top business constraints by gender Male SMB leaders
and we know that diversity of teams delivers better performance results,” Ward says. Prospa’s leadership team recently completed an online assessment to uncover their personal strengths and talents. Ward says it was great to see and discuss how
dollars have been wasted on failed diversity and inclusion programs. In fact, it says that only 25% of diversity initiatives, which can include flexible work arrangements or mentoring schemes, often or always work. However, Prospa has seen a 17% increase
“Flexible work enhances team performance ... and promotes diversity at the leadership level, which drives the best decisions” Elise Ward, Prospa different they each were as individuals, regardless of gender. “It was an opportunity to understand how we can work together and use our unique strengths and perspectives to develop solutions and achieve a common goal,” Ward says. Further research into diversity in businesses has shown that almost a third of programs designed to create a more balanced workplace are either never or rarely effective. The survey by the Diversity Council Australia demonstrates that millions of
in females in leadership roles since January 2018. It has been working closely with The Dream Collective to increase the number of female leaders and empower women. Prospa has worked towards greater gender balance because it understands the positive impact this has on both its culture and the business. The initiative has included the rollout of a flexible work policy, unconscious bias training, The Dream Collective’s Emerging Leader Program, and an employee ambassador
Female SMB leaders
Hiring the right talent 62%
Money/access to capital 62%
Money/access to capital 57%
Insufficient time 60%
Insufficient time 56%
Hiring the right talent 55%
Source: Salesforce Small and Medium Business Trends Report
program to develop and drive initiatives. The Diversity Council has also found that employees with the flexibility they need have 55% higher engagement, 55% less stress and 45% lower turnover intention than employees who do not. Prospa’s flexible work policy was introduced with the full support of the Prospa leadership team, says Ward. It has had high employee engagement, with initiatives like multiple training sessions for employees and managers, team surveys, social events and guest speakers. “Flexible work enhances team performance, employee engagement and productivity, and promotes diversity at the leadership level, which drives the best decisions across the business,” Ward says. “Inclusive leadership practices are key to overcoming things like unconscious bias that impact women in the workplace, and they also encourage more women to stretch themselves into exciting new opportunities.”
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UPFRONT
OPINION
GOT AN OPINION THAT COUNTS? Email rebecca.pike@keymedia.com
How diversity breeds success FAST Group CEO Brendan Wright discusses the experiences that have led him to put diversity and inclusion front and centre of leadership IN MODERN businesses, diversity and
The role of leadership
inclusion have become important themes, and rightly so. The concept of diversity goes beyond just product lines and revenue streams. It encompasses diversity and inclusion in the workplace and business operations, which is clearly linked to organisational performance. Creating a culture that enables diverse thinking, knowledge and capability across the team can really help differentiate businesses so they stand out in a service-led industry. The society we live in is diverse, so it makes sense to employ a diverse group of people to enable greater insights into the needs of customers. My own interest and view on diversity have their roots in my childhood, when I was taught many valuable lessons by my family on the importance of inclusion. I joined my mother many times when she visited Loretta, a young woman with cerebral palsy, to provide physiotherapy and company, helping to improve her quality of life. I watched my father coach my teammate Karl, a young boy with physical disabilities, in football, helping him to look beyond his limitations to become a top goal scorer. And for several years in my school holidays my parents fostered Chris, an Indigenous orphan, and we quickly came to see him as part of our family. These experiences formed the basis for my perspective on leadership. For me, diversity is about making the world a better place tomorrow than it is today for those we work with, live with and spend time with.
From a business perspective, I believe the greatest opportunity for any leader is diversity enablement – through gender, thinking, culture and background. At FAST we believe it is a game changer, in a sustainable way.
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Why FAST has embraced diversity FAST has long been a proponent of diversity in the workplace. It is something we are passionate about, and we have put in place a range of programs to encourage greater diversity, both within our own business and in the broking businesses we partner with. We were the first aggregator in Australia to launch a dedicated professional development program for women, to lead the conversation and action around diversity and inclusion in finance and the business world more broadly. This nationwide event series, Women in Business, recently wrapped up for the seventh year. From its inception it has successfully provided a platform for women in the industry to network, discuss common goals and challenges, and hear professional insights that they can embed in their own businesses.
Creating a culture that enables diverse thinking, knowledge and capability across the team can really help differentiate businesses As CEO of the company, I have a responsibility to create opportunities for others to develop and expand their capability in their chosen area. This means letting people into my thinking and allowing others to have a voice. It also means fostering a diverse and global network of connections and nurturing those relationships over the long term. Leadership is also about recognising the potential in others. Leadership is not a right but a behavioural mindset that anyone can adopt. It does not come from a title and can be created from the most unlikely places and people. While some people may seem born to lead, others can become good leaders. What’s important to remember is that diversity and inclusion isn’t a one-size-fitsall solution but an ongoing mindset that starts with the leader and goes all the way across the business. Leaders should not feel compelled to have all the answers, but rather to have a vision and plan to build and foster a business and team that is inclusive of all people.
While the series started out with a focus on gender, which is one of the most tangible ways to measure diversity, over the years the discussions and debate have evolved to encompass other facets of diversity, including culture, background, experience and thinking. The challenge is to continue to be relevant and adapt each year so the event continues to resonate with brokers and the broader business community. For any business that is considering improving on its diversity and inclusion practices, my advice is don’t hesitate. We follow those that lead for us, not for them.
Brendan Wright has been CEO of FAST since October 2012. His extensive experience in the financial services sector includes leadership roles in business banking, retail banking and third party origination. He completed Harvard Business School’s Advanced Management Program in 2016 and is currently undertaking a Global Executive MBA at Monash Business School.
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PEOPLE
BIG INTERVIEW
SUSAN MITCHELL: GIVING A VOICE TO DIVERSITY Working in male-dominated industries has never stopped Mortgage Choice CEO Susan Mitchell from achieving career success; in fact she looks up to many of her male leaders as role models. She talks to MPA about her experiences as a woman in business and how diversity looks among her brokers
OFTEN THE only woman in the room in the earlier years of her career, Mortgage Choice CEO Susan Mitchell has looked up to many male role models, whose leadership qualities
company she’s ever worked for, she can see the value of having such a gender balance. While Mitchell has always worked in maledominated environments, she was brought up
“Our network is made up of small businesses leveraging a national brand on a local level, and these business owners reflect the demographic make-up of their local community” still influence her today. Working in maledominated industries such as accounting, investment banking and securitisation, she says she never consciously looked for women to look up to. Now at Mortgage Choice, which has by far the most women in leadership roles of any
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in a family of highly educated women and, although they did not necessarily pursue careers, they were very active in their communities. Mitchell remembers her mother; she was a strong leader in their local community of Fort Worth, Texas, leading the chapter of a
non-profit organisation of women committed to promoting volunteerism.
Experiencing stigma In the finance industry, Mitchell says she has always observed an emphasis on “being the expert”, meaning that if you’re good at your job you are going to be recognised. However, as a woman moving up the ranks in the finance world, she has had to overcome a few hurdles. In one of her earlier roles in public accounting she encountered situations in which customers specifically asked for no women to work on their accounts because they felt that “women were distracting”. In more recent cases she has seen managers create special projects to allow her to ease back into work after maternity leave, despite the fact that she wanted to go back to the role she had previously held.
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PEOPLE
BIG INTERVIEW
“If you’re a manager and you take one thing away from reading this, it would be to not decide what women can handle when they come back from maternity leave. Everyone reacts to parenthood differently; don’t make an assumption about how you think the person is going to react – let them decide for themselves and understand that this will change over time as they ease back into working life,” she says. Going back to her job after the birth of her first son in the ’90s, Mitchell says she was conscious of the fact that none of her male colleagues had the same hurdle of family life keeping them from focusing on their careers. “Almost all of them had stay-at-home wives who were the primary caregivers of their children, and I didn’t want the fact that I was a working mother to lead them to see me in a different light,” she says. Finding the right childcare solution to meet the demands of her job and the needs of her child was challenging. She worked long hours and found the best solution was to hire a full-time nanny. So that was where most of
to better serve the diverse customer base that makes up Australia”. While the broker group has not implemented any specific diversity policies, it has an inclusive culture that it has fostered organically over time, and this has led to a more diverse workforce and franchise network. When it comes to recruitment, the company’s approach is to hire the right person for the right job, regardless of their background. Mortgage Choice has a female chairman and a diverse executive leadership team, half of whom are women and come from a range of different industries. “Diversity of thought adds such value because it means that different points of view and experience are represented across the organisation. It also means that when decisions are made at the leadership level, we are considering a range of needs, and the risk of bias is reduced,” Mitchell says. She also notes that the group’s national franchise network is in many ways a mirror of the local communities in which it operates; there are franchise owners who were
“If you’re a manager and you take one thing away from reading this, it would be to not decide what women can handle when they come back from maternity leave” her salary went, but she believes in the long run it helped her take the next step in her career and gave her the peace of mind that her son’s needs were being met. As her two children got older she took many different routes and later took three years off when they were six and seven years old.
On the right track to diversity Working towards greater diversity and inclusion in the broker and finance industry is important for Mitchell because “it allows us
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once teachers, engineers, business owners and bankers. “Our network is made up of small businesses leveraging a national brand on a local level, and these business owners reflect the demographic make-up of their local community, with many offering their mortgage broking services in languages other than English,” she adds. While Mitchell recognises that there are far fewer female brokers than male, she sees the profession as a great opportunity for
LIFESTYLE COMES FIRST FOR MANY BORROWERS Mortgage Choice has looked at a diverse range of borrowers to see how they approach their finances differently. Overall, 35% of Australians feel pressured to keep up appearances and maintain a certain lifestyle.
50%
of under 30s felt pressured to maintain a certain lifestyle
37%
of females felt the same
32%
of men felt this way
42%
of women are ditching dental check-ups to maintain their lifestyle
35%
of men are doing the same
38%
of Australians are forgoing buying their own home to keep up appearances
women with the ability to run their own businesses to suit their strengths and needs. Focusing on how the industry can continue on its path towards diversity, Mitchell says it is about recognising the success of its diverse members. “Whether that be through industry awards or profiling diverse members in the media, giving a voice to diversity will go a long way towards shaping the industry into the future,” she says.
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SPECIAL REPORT
INDUSTRYINFLUENCERS INFLUENCERS INDUSTRY
DRIVERS OF CHANGE Celebrating women across the broking and lending space who are driving change and have overcome challenges or are helping others to overcome theirs
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THE WOMEN featured on the following pages are incredible examples of why the broker industry needs more diversity and inclusivity. Whether they have overcome significant challenges to be here or are working in their businesses to ensure greater diversity, each and every one is an influencer. They may not even see it themselves; in fact some of them questioned their involvement in the feature, but each spoke passionate words about their own experiences and what they want to see in the future. The fact of the matter is that the broking industry is overwhelmingly male-dominated. While the excuse is that this stems from the male-heavy banking and finance industry, in which many brokers began their career, there is real potential for more women to come in.
The women we have spoken to understand the opportunities in the industry, but now it is up to the wider channel to look at how it brings in and supports those women who do want to enter it. Some of these women are celebrated not only because they are advocating for more women in the industry but because they are working to help females across Australia with financial freedom and empowerment. The statistics show that women are involved in 80% of financial decisions in the home, but when female customers speak to brokers they are often uncertain and nervous. Another of the many benefits of having more females involved in broking is that they can communicate with these female borrowers in a way that a male broker may not be able to.
While the following interviews focus on the wonderful female influencers who work in this industry, it's important to note that diversity and inclusion does extend beyond gender. In recent features MPA has spoken to brokers from diverse backgrounds who use their culture and experience to connect with a wide range of customers. Celebrating women in the industry also does not mean diminishing the great work the men do. In fact, most of these women acknowledged the incredible male role models and leaders who encouraged diversity and gave them the opportunities they needed to succeed. This report is a small way to recognise just a few of the women who are influencing parts of the industry right now, and of course there are many more out there.
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SPECIAL REPORT
INDUSTRY INFLUENCERS
it to your advantage,” she says. “You get to listen and learn about the culture and the history behind it. You talk about how you can improve or innovate, but don’t go in without respect for the history of a business or to question why things are done.” Looking at gender diversity in broking, Luft says it is reflective of the financial industry. She says there is an opportunity for more diversity, but it is good there is growing awareness. Luft is looking at how Citi can help encourage more diversity in the mortgage
“Diversity is not just having the right people around the table; it’s ensuring those people speak; it’s creating the space for people to feel comfortable”
KATE LUFT CITI
NOW LIVING in her 25th country, Kate Luft, head of retail banking and mortgages at Citi Australia, started her career at the bank on the trading floor in New York, an area she says “couldn’t be less diverse”. Over the last 11 years at Citi, Luft has moved between roles and locations and in doing so has seen the benefits diversity brings. “I’m fortunate to work in an organisation that’s in over 90 countries, because we get the benefit of a strong diversity of ideas, background, experience, age and seniority
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level,” she says. “The best ideas can come from any level, and you get these by creating a safe space for communication. Diversity is not just having the right people around the table; it’s ensuring those people speak; it’s creating the space for people to feel comfortable.” Luft spent some time restructuring the bank’s consumer business in Latin America, where cultural diversity was a huge factor. “It comes back to building relationships and trust and not imposing your views, and understanding you’re an outsider but using
space. However, its BDM team is about 50–50 in terms of gender split, and its top-performing BDMs are all female. Across all business divisions at Citi, globally the gender split is even, but at the senior levels it is only 30% female. Luft says this transparency is crucial to understanding the problem, and in order to change this mentorship and support are crucial. “It’s not just females giving support; it’s the males. I have had some great male mentors. A real question is how do you really create the ability for those more junior people coming in to feel included, to feel welcome and to feel supported; that’s where it starts,” she says. The bank is hiring not on a “tick a box” approach to fulfil quotas, she says, but instead is aiming to achieve the right level of diversity by “starting at the beginning”. The right person will always get the job, Luft says, but there has to be a diverse slate and the assurance that everyone has the right opportunities.
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DIVERSITY IS one of the most crucial
RENEE TOCCO
LOANEZI
focuses of the broking industry, says Loanezi managing director Renee Tocco. It isn’t just about equality or encouraging more women but about supporting younger entrants who may not feel included or welcomed by older brokers. Although Tocco originally trained in natural medicine and then worked in the tech space, the moment she put pen to paper on the concept of starting her own mortgage broking business she knew she had found her passion. Tocco was born in South Africa and moved to Australia when she was 16. She remembers school holidays when her mum would take her to work and she would see first-hand examples of relationship management and hard work. “She taught me that there are enough wins in this world that you will not lose anything by cheering for someone else, and I love that
celebrating others successes is naturally such a big part of who am I as a result,” Tocco says. She admits that entering the industry was difficult for her, mostly because she was completely new to it and had no support network. That was until she met the team at Connective, where the support she received was “nothing short of remarkable”. Tocco is on the board of the Commercial and Asset Finance Brokers Association of Australia and is spearheading a program to address gender and youth inequality in commercial broking. She says broking reflects the people who were working in banks 20 years ago and needs to be more representative of the Australian demographic. “It is super important to foster more support for minority groups so they feel welcome and included when they try to join this industry,” she says.
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incredible female broker partners – many of whom are building successful businesses of their own across Australia – but more needs to be done at both a local and national level to engage and support women in this industry.” Ward is committed to building a diverse and inclusive culture at Prospa. “A diverse and inclusive culture is non-
“We work with incredible female brokers ... but more needs to be done at a local and national level to engage and support women in the industry”
ELISE WARD PROSPA
AS LEADER of the diversity and inclusion program at Prospa, Elise Ward brings to the role 12 years’ experience in delivering progressive people and culture strategies across a diverse range of companies, from small startups to large multinational organisations. Growing up with a mother who worked as a full-time educator while raising three children, Ward is aware of the challenges many women face in balancing a rewarding career with their unique circumstances. “She is the reason why a career was something that wasn’t foreign but instead a
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viable option for a female and a mother,” Ward said. “While it was no doubt a challenge, I saw how rewarding her career was, I saw the impact she made and knew it was something that I cared deeply about.” This is the mindset she would like to see more of in the broking community, as she believes the industry should continue to recognise why gender diversity is important. “When it comes to gender diversity, women are still under-represented in the broker community, just as they are across finance more broadly,” Ward says. “We have
negotiable for any organisation that demands innovation and creativity,” she says. “At Prospa, we encourage people to think differently and bring different problem-solving styles to the table. When we have diversity of perspectives, we deliver better solutions for our partners and customers and a better workplace for our team.” Among the diversity initiatives Ward champions at Prospa is the firm’s partnership with The Dream Collective, a global leadership consultancy that aims to increase female leadership in business. “We are taking steps every day with The Dream Collective to improve our gender diversity and female representation at a leadership level, and ensuring that our processes and settings are right to ensure we attract and retain the best people,” Ward says. “We set lead and lag targets in this space to ensure that we remain focused and accountable for continuous improvement in these areas. While there is a lot of work to be done, The Dream Collective are a fantastic partner to be on this journey with us to challenge our thinking and provide guidance.”
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SPECIAL REPORT
INDUSTRY INFLUENCERS WHEN KATHERINE PERSOGLIA first became a broker she was one of two females in the office, working harder than anyone else because she felt she had to do more and know more than the men did. She worked 80-hour weeks, took on the ‘dead leads’ and drove hours away to meet with clients. She is seeing more successful females coming through the ranks now, but there’s still an opportunity to attract more, “not just as PAs but as leaders”. The gender balance is important, Persoglia says, because female brokers can have different conversations with their female clients. “We relate differently female to female, we have different conversations, we can really drill down to what’s important, we speak the same language,” she says. However, as a mum of two, Persoglia understands the challenges many female brokers have to face. She says there is always guilt when she goes away and when she wants to spend time “in the moment” with her children, but the business is always in the back of her mind.
Persoglia’s own business, Property Before Prada, is built around her desire to help educate and empower women. She runs educational programs to guide women on how to take control of their own financial situation, including workshops where she goes through her own wins and losses. Persoglia, who aggregates under Loan Market, was always interested in property, and bought her first investment property at the age of 19. Having experience on both sides of the fence, as both customer and broker, she uses that to guide other women on their journeys. “It’s really important that women see and have role models who can actually make it simple and let those women know they can do it,” she says. While she says that one day she might open up her programs to men, she knew when she relaunched her business that she wanted to market towards women. The female-only environment allows them to ask questions without feeling intimidated.
“CULTURE EATS strategy for breakfast”,
JOANNA JAMES MORTGAGE EZY
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according to management consultant Peter Drucker, and this is now the personal mantra of Mortgage Ezy’s general manager, Joanna James. She says the most important thing she does is inspire her team to be united and to embrace their differences as their strengths. James originally trained as an architect and builder and spent her earlier years in the design and building trade. In construction, she worked with a crew of concreters, and she remembers a number of occasions when she was considered a token assistant in the room. Now in the finance industry, she says there are still days when she is the only female around a boardroom table. James joined the industry and Mortgage Ezy in the early 2000s, but her experience in construction left her with a love of creativity and style, which she often applies to her applications in the broking business. While making a career change is often intimidating, James was inspired by Charlotte Gerson, who was “passionately driven to create a difference in the world” and when she was well
KATHERINE PERSOGLIA
PROPERTY BEFORE PRADA
into her 80s was healing terminally ill patients given up for dead by the medical profession. “She inspired me to realise I have many, many more years to develop my career,” James says. The hurdles women face depend on the individual, she says, but most women she knows finds ‘balance’ the most challenging. “Whether or not someone is married, and has or doesn’t have kids, it is something that only each individual can measure. Some weeks it really is a juggle,” she says. While diversity and inclusion may be improving in the industry, James believes broking still has a way to go before it fully represents the diversity of the Australian population, and this goes beyond gender. Moving forward, she says the industry needs to have conversations about quality over quotas. Mortgage Ezy has continued to see growth, and James says this is partly down to its ability to embrace individuality and diversity. She says the key to success is “hiring people on attitude, promoting people on ability and motivating people through inclusion”.
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SPECIAL REPORT
INDUSTRY INFLUENCERS
to Japan to study abroad, but people told me that was impossible because I didn’t speak Japanese. Not only did I get into university; I got a full scholarship,” Liu says. She names one of her role models as Pip Marlow, who recently moved on from her role as Suncorp CEO of customer marketplace and was formerly managing director of Microsoft. Liu remembers one example of Marlow's leadership style that particularly impressed her. “She was walking around the office and she knew everyone and knew their family and
“You become a role model not because of what you achieve but because of how you make people feel”
SARAH LIU
THE DREAM COLLECTIVE THE REJECTIONS and naysayers were the “best thing that ever happened” to her, says Sarah Liu, CEO of The Dream Collective. As a young Asian woman trying to enter the workforce in Australia, she was told to adjust her expectations as to how far she could make it in the corporate world. She says this just helped bring clarity, and it forced her to question how determined she was to achieve her goal. Liu began The Dream Collective as a personal project six or seven years ago; it is now a global diversity and inclusion consul-
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tancy that helps businesses attract, retain and advance female talent. The group is currently working with fintech lender Prospa on its diversity and inclusion initiatives. Liu’s vision for The Dream Collective came after she started a career in marketing and branding. Unable to find anything to help her as a woman at her career level, as everything was aimed at executives, she decided to create something herself. Being told that something isn’t possible has also always been a driver for Liu. “When I was at university I wanted to go
what they were doing. I was like, how do you remember everyone? She said the reality is you can’t remember unless you genuinely care, and I genuinely care,” Liu says. “You become a role model not because of what you achieve but because of how you make people feel.” Working closely with female talent, Liu sees the barriers that women face, some of which are put up by themselves. In terms of the workplace, she says the corporate world was created for men by men and this has left a bias. “Men are more likely to be evaluated based on potential, but women are more likely to be evaluated on past performance,” she explains. Working towards a more diverse and inclusive workforce, Liu says it is important because the world is diverse. “Diversity is having every seat at the table. But inclusion is making sure their voices are heard. How are you encouraging and creating an environment that has that culture?” she says.
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WESTPAC NATIONAL head of commercial introducers Janelle Pearce built her way up right from the bottom at the bank, from support roles to relationship management and then into leadership. Twenty-five years after she first joined Westpac, she found a unique opportunity in the third party space. All of her direct leaders throughout her career have been male, but she did have great women around her who she admired, and they supported each other in achieving their goals. That was not always the case, though. Pearce says she has seen women excluding other women far too often, or putting them down to make themselves look better; that is the opposite of what Pearce is trying to promote. “I’ve always been someone who’d want to support my people, back them,” she says. In her earlier days as a relationship manager
JANELLE PEARCE WESTPAC
Pearce had a male customer who asked to move his account so he would not be with a female. While she admits it was upsetting, her boss backed her and she stuck with the client, later forging a great relationship and proving why she was in the role. “That one decision by my leader taught me a lot about backing other people and giving them the opportunity to shine, rather than simply making a decision for the wrong reason.” Pearce can see how male-dominated the commercial space is. She says it is growing, and even in business banking roles there are more women coming in, but there are so many opportunities for the gender balance to grow. “I think it’s important to have a diverse mix of people in my team. There’s no cookie-cutter model to success; it’s really about allowing our differences to be part of what makes us succeed.”
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on seeing speakers and doing professional development outside of the industry in order to grow her network. “It was difficult to find groups of women like we have today who get together, collaborate, support and inspire one another,” she says. “But I’ve also been fortunate enough to have a lot of male allies in my corner; I don’t like the notion of ‘the men are over there and we’re over here’. I think we can all collaborate together for the greater good of the industry and to create an industry that is sustainable for the next generation.”
“I think we can all collaborate together for the greater good of the industry and to create an industry that is sustainable”
NANCY YOUSSEF CLASSIC FINANCE
NANCY YOUSSEF is not only a finance broker and a mentor to other brokers but has founded her own brokerage, recently released a new book and fights for change in the industry. Her journey began in her 20s when she bought her first property and met with a big four banker, who gave her a crash course in how lending worked. “My parents hadn’t given me any financial advice, and I certainly hadn’t learnt anything in school. There I was, in my 20s, learning for the first time about debt, equity and leverage! It took me longer still to understand how to
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be comfortable with debt – to actually see the benefits and advantages it could bring about in my life,” she says. Years later, she wanted to refinance her home loan and met with a new bank manager who she “hammered” with questions; he ended up offering her a job as a BDM. She did that for a few years and then launched Classic Finance in 2003. When Youssef first started out in the finance industry, she says it was “very much a boys club”, especially with respect to finding sounding boards or mentors. She relied a lot
Youssef says businesses are beginning to see that a diverse culture is required for better decisions and to future-proof the industry. However, she points to the recent MFAA Opportunities for Women report, which has shown that the number of female brokers coming in is slowing down. “With the amount of change within the industry, following the royal commission and APRAs interference in the last few years, [broking] is becoming more challenging as it doesn’t offer that same flexibility it perhaps used to,” she says. As the industry moves forward, Youssef says business owners need the tools, education and pathways to recruit. “A lot of small business owners aren’t skilled at recruiting, and the reality is, hiring people who are ‘just like me’ is not the way to go – you want to hire people who are the opposite of you, who are going to bring skills and experiences that both challenge and complement your own. You’re going to get a much better and broader team that way,” she says.
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When Smith started out in finance at the age of 16 at a major New Zealand bank, there were no female branch managers, and only one female deputy branch manager in the entire country. However, she had a supportive male boss who encouraged her to continue studying after hours; she did this for 20 years, covering a range of subjects and going on to study for a master’s. Smith says diversity is important to her
“I will not learn or develop if I only work with people who are like me. By promoting diversity and inclusion, you will have diverse thinking, and this is a very good thing”
ADRIENNE SMITH AMP BANK
HAVING WORKED in the finance industry for over 40 years, across three countries, in major and non-major banks, retail and commercial banking, audit, technology and now third party, it’s fair to say that Adrienne Smith, AMP Bank’s director, distribution, knows what she’s talking about. In the third party space for the last 20 years, she says she has a real passion for it and loves working with intermediaries. Smith says she has been fortunate to have
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had many strong female bosses in her various roles, who inspired her and continue to do so. More personally, she says her mother and grandmothers were very strong women and her biggest inspirations. “The lessons of appreciation and, in particular, resilience have set me up for life. They are no longer here, and were present in very different times; however, their views on humanity, integrity and treating people with respect stand the test of time,” she says.
because she likes to work with the best people, not just for business outcomes but also for her own development. “I will not learn or develop if I only work with people who are like me. By promoting diversity and inclusion, you will have diverse thinking, and this is a very good thing,” she says. Smith notes that women often face hurdles such as for childcare, and may be afraid of applying for roles unless they are 100% certain they can do the job from day one. At AMP, she says the culture has a strong focus on diversity and inclusion, led by chief executive Sally Bruce. The bank is committed to flexible work practices to help attract a diverse workforce. “I think in any industry there’s always an opportunity to promote diversity and inclusion. With the very nature of the role, flexibility is a key lever for this – we know this flexibility is one of the most highly valued attributes of working in the industry, for both men and women,” Smith says.
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FEATURES
ETHNIC DIVERSITY
Lending solutions for all With a changing and diverse Australian demographic, Pepper Money is determined to help everyone on their path to owning a home, no matter where they are from
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ACCORDING TO the latest Household, Income and Labour Dynamics in Australia (HILDA) survey, more than one in four Australian residents were born overseas. This diverse and changing society is why the banking and broker industries also need to be diverse. One lender continuing to adapt as the demographic across Australia changes is Pepper Money. Aaron Milburn, director of sales and distribution, says the “face of Australia is changing”, and he is part of that himself. “I was born in the mighty country of New Zealand, and I landed in Perth for the first time in 2008,” he says. “What’s more, the HILDA survey reveals that one in four couples in 2017 were ‘interethnic’, which means that spouses are born in different countries. I happen to fit into that category too! “I think that trends like these can only lead to a more vibrant Australian society.” In servicing Australia’s diverse population, Pepper has undertaken its own research to find out the types of customers who have traditionally taken out finance with the lender. It uncovered a cohort of firstgeneration Australians, or those who arrived in Australia since World War II. Migrants also make up a quarter of Pepper’s borrowers, and this is changing as the demographic of the population changes. The lender has seen a 54% yearon-year increase in the number of migrant borrowers. “Australia is experiencing its highest population growth rate since 1989, and more than half of that growth is attributed to overseas migration,” Milburn says. “For Pepper, nearly 30% of this group are self-employed, which points to why they are looking for the sort of flexible loan solutions
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that Pepper provides, like alt-doc loans.” Knowing that it must cater for the diverse needs of the average Australian, Pepper is always looking to create new products. Just like those who were born in Australia, migrants have similar long-term financial priorities, such as owning their own home or buying an investment property. As Pepper offers flexible loan solutions to suit customers’ different lifestyles or working preferences, brokers know they can refer a range of different borrower types to the lender. Milburn says no matter where a borrower is from, they simply need guidance on navigating the current financial climate. Tools such as Pepper Product Selector and the 5-Step Process make it easier for brokers to position loans to suit these customers’ needs and help them address the emotions their customers might display during the transaction. Milburn says it’s also important that the broking industry is as culturally diverse as the group of Australians it serves. “We believe it is the changing face
what is a very stressful time, and help them to understand an often-complex market.” Milburn thinks the broker industry is doing well in terms of reflecting the diversity of Australian culture; the brokers who attended Pepper’s recent Insights Roadshow
“We believe it is the changing face of the average broker that is opening up opportunities for first-generation Australians to buy property” Aaron Milburn, Pepper of the average broker that is opening up opportunities for first-generation Australians to buy property,” he adds. “These borrowers will often seek out a broker that understands them. One who identifies with their customs and lifestyle, and often speak their language. The broker can reassure and support them through
came from all manner of different cultures. However, the industry needs to keep moving, and Milburn says more could be done to support migrants with home loans. “Getting a home loan or even refinancing is one of the most stressful times in your life. While I think we’ve come a long way, there’s always more that can be done to support
migrants looking to get a loan,” he says. “For example, brokers and lenders alike could look to support customers by employing people who speak different languages.” One of the most important goals for those settling in Australia is to live in their own home, and Pepper finds that these borrowers are often open to alternative solutions. Education is a key part of a broker’s job with any borrower, but those customers who have come from elsewhere may require more support. Milburn says brokers should be prepared for it to take a bit longer to help their customers understand how the mortgage process works in Australia. “Speaking their language is not the only factor in connecting with ethnic communities. Taking the time to understand their culture and customs helps build rapport. If a broker can support them in their time of need, they may just become a solid advocate, and strong referral source,” Milburn says.
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FEATURES
WORKPLACE SUPPORT
Building a better office Diversity in the workplace is about more than just tokenism. For Campbell Smyth, CEO of Bluestone Mortgages, it’s about building a workplace that’s reflective of wider Australian society
THE MORTGAGE INDUSTRY – and arguably the finance world at large – has traditionally been perceived as a fairly white, male-dominated field. But times are changing, and Bluestone is doing its part to ensure that a more diverse range of candidates continue to enter the field. CEO Campbell Smyth believes diversity allows companies to better service the communities they operate within. But it’s not as simple as hiring to a set profile. When discussing ‘diversity’ and ‘non-discrimination’, he says it’s important to clarify that there is a distinction between the two. The two terms are often used inter changeably, but both are open to wider interpretation, which can be problematic if the whole business isn’t on the same page. Quota-oriented systems are something Smyth has been keen to avoid in Bluestone’s hiring practices. “Quotas can be valuable, but they can also lead to a level of perceived diversity, while still
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causing discrimination in the process,” says Smyth. “We always want to be in that position where we’re hiring the best person according to the role, rather than singling out people for specific characteristics.”
“We work hard to find the point where diversity and non-discrimination intersect, so that we can secure the best person for the role while also creating a more diverse workforce in the process,” he says. “If you can
“We tend to initially build bonds and trust via similarity – so it makes no sense to have everyone coming out of the same mould” Campbell Smyth, CEO, Bluestone Mortgages Smyth explains that he wants people to be seen as whole individuals rather than reduced to a checklist of racial, religious or cultural tick boxes, while the workplace still reflects a natural cross-section of society. He sees diversity as the natural outcome of active non-discrimination – in turn making non-discrimination the best starting point for hiring practices.
do that you’ve achieved diversity and you can subsequently engage with society at large in a more effective way.”
The supportive office Though the focus may appear to be on how people come into the business, Smyth is keenly aware that a support network needs to be in place for staff once they’re actually there.
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different or othering them,” says Smyth. “It’s about how we can see them as whole people and best deliver for their needs. It’s all part of the process of being more inclusive.” It’s an approach that yields benefits for the business too; having more staff who can engage with broader sections of the general public will mean customers are more likely to be pleased with the overall experience and use the company again in the future. “We tend to initially build bonds and trust via similarity, so it makes no sense to have everyone coming out of the same mould,” says Smyth.
“You need to ensure that you have structures in place to facilitate all of the different people that work in the business” Campbell Smyth, CEO, Bluestone Mortgages “You need to ensure that you have structures in place to facilitate all of the different people that work in the business,” says Smyth. “That means that you can welcome and accommodate the needs and representation of the society you have in the business.” As with anything else in life, it’s about
putting yourself in someone else’s shoes to understand their needs, Smyth says. Depending on the situation, that may involve details such as maternity leave, providing religious facilities, offering flexible working hours or accommodating disabilities, to name a few. “It’s not about singling people out as
ABOUT BLUESTONE Bluestone has been operating for more than 20 years and today has over 240 employees across three locations in Australia, New Zealand and the Philippines. Bluestone currently manages in excess of nine billion in mortgages and is accelerating its origination activity. The company is one of the leading operators in Australia’s non-bank lending market, with ambitions for substantial future growth. In April 2018, Bluestone was acquired by global private equity giant Cerberus Capital Management. Under Cerberus’s ownership it is embarking on a new era for Bluestone, which includes an ambitious and exciting expansion plan. For more information, visit www.bluestone.com.au.
Future focus Given the greater public awareness of the issues around diversity, does Smyth feel that Australian workplaces are improving? “I think the answer has to be yes,” he says. “There’s clearly been an outward effort by numerous parties to bring things together.” He believes that in the industry people are more aware and think more about unconscious biases – questioning themselves and others about their own preconceptions. “People still have biases, and we can take steps to address that through training, technology and increased self-awareness,” says Smyth. Accordingly, he’s hopeful for the future. “I particularly notice that a lot of younger people seem to have less of that conscious or unconscious bias,” says Smyth. “As society evolves, we are becoming more aware and making steps forward.” That said, there’s still work to be done. Ideally, the shift towards diversity should happen naturally, but it’s clear that external intervention is still necessary. “Until we are representative as an industry, there’s still more to do,” says Smyth. “Biases will always create outcomes that are worse than when you don’t have biases in play.”
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INCLUSIVE CULTURE
An ING-clusive place for all Diversity is not all about corporate initiatives or ticking boxes. ING’s head of retail bank, Melanie Evans, discusses the joy of a grassroots approach to inclusion
WITH LEADERSHIP teams in 40 different countries, ING is naturally a diverse company, but it’s the way it focuses on the inclusion of diversity that sets it apart. ING’s head of retail bank, Melanie Evans, looks at the two words ‘diversity’ and ‘inclusion’ separately. She sees inclusion as the more dynamic of the two: it’s more than numbers and targets; it’s about culture and how included everyone feels when they come to work each day. Evans says many of the employee groups at the bank have developed from the ground up, such as different cultural groups celebrating events like Diwali and Ramadan. The LGTBQI+ group, or the ‘Rainbow Lions’, began organically with a group of employees, and with the same-sex marriage plebiscite and subsequent legislation it gained momentum. There’s also a ‘Lioness’ group, focusing on gender equality, with an inclusive
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structure of male and female employeees to encourage the right conversations. Evans, who is the chair of the Diversity and Inclusion Committee at ING, says the ‘bottom up’ approach results in these groups having far more impact than a corporate ‘top
one is being an inclusive culture,” she says. “But I think it’s far harder to drive diversity in a culture that’s not inclusive, because you’re never going to get people feeling comfortable and confident coming to work as they are.”
“People also have to see leaders ... build leadership teams that are diverse. If you look upwards and everyone looks the same, that can be a real issue” Melanie Evans, ING down’ approach, but a diverse workplace still needs to have the support of an inclusive culture at the top. “You can have an inclusive company that’s not diverse and be confident that you could become more diverse, because step
That idea of people coming to work as they are is one that ING is driving towards in a number of ways. A very simple thing the bank does is to allow its customer service team to answer the phone to customers in any way they
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PARENT EQUALITY
76%
75%
of Australians believe both caregivers should have equal parental leave
of parents feel they need more than two weeks’ leave
50%
41%
of men feel they have of men feel they would be less right to ask for more judged by colleagues or paternity leave their boss for taking leave
62%
believe the role of a ‘primary caregiver’ is old-fashioned Source: ING
like. This is based on the belief that a script will never deliver an authentic and genuine hello, let alone connection. ING also has a flexible working arrange ment in which people can move or mix their hours however it suits their lives.
diverse. If you look upwards and everyone looks the same, that can be a real issue. It can get disheartening, and you’re never going to get great people working for your organisation in 2019 if that’s how you operate.” Evans herself remembers having great
“It’s far harder to drive diversity in a culture that’s not inclusive, because you’re never going to get people feeling comfortable and confident coming to work as they are” Melanie Evans, ING An aspirational view While diversity is celebrated at those grassroots levels, it is vital that leadership reflects it as well. As Evans says, “You can’t be what you can’t see. People also have to see leaders and executives build leadership teams that are
female leaders to pull her aside and give her tips, but she has also greatly benefited from inclusive cultures with progressive male leaders who gave her opportunities she “never dreamt of ”. Now, working at a global bank, she finds
the diversity and inclusion “remarkable”, with a global focus on gender equality, cultural heritage and age. Evans herself has benefited from ING’s inclusive culture, having interviewed for the role shortly after finding out she was pregnant with her second child. She got the job and started when she was seven months’ pregnant, later taking time off to be with her children when her son arrived. The bank has recently adapted the way it works with employees who are starting or caring for a family. With various and complex family situations, it recognised its policies and processes did not reflect the needs of its team members. It has dismantled the idea of maternity and paternity leave, or primary and secondary caregivers, instead offering all new parents 14 weeks’ paid leave, with flexibility to take it at any time within the first two years of becoming a parent.
The diversity of customers Evans notes that the construct of Australian society is changing and the customer group is becoming more diverse, so it makes sense to drive diversity of perspectives at the bank too. It also helps the relationship that ING has with its brokers. Brokers need to know they are dealing with a bank that is able to deliver “a superior level of service”, and Evans says that can only happen if the bank truly understands the customer perspective. “You have to be diverse because at the end of the day this business that we’re in is either someone buying a home for their family or potentially making one of the largest investment decisions that they’re ever going to make,” she says. “So that whole concept of understanding what it’s like to be in that customer’s shoes I would argue is one of the most important things to ING’s success, and the most successful brokers I have met in my lifetime are fantastic at doing that as well.”
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FEATURES
WOMEN IN BROKING
Finance-forward: the brokers of now Female brokers are reasonably well represented in residential lending, but when it comes to the commercial market, participation tapers off. Enter the Commercial and Asset Finance Brokers Association, which is taking a dynamic approach to unshackling decades of imbalance UNDER-REPRESENTATION can sometimes appear like a shadow – gone for a moment, back the next. But for the Commercial and Asset Finance Brokers Association (CAFBA) this issue is always top of mind, and it is committed to empowering a slew of industry shifters to encourage and support female participation in the commercial broking industry. The MFAA’s Industry Intelligence Service Report 2018 confirms that although the number of women entering the industry is gradually growing, recent years haven’t been on par with where the industry is aiming to be. In April to September 2015, the proportion of women being recruited as brokers reached 34%, but this figure dipped to 30% in the same period of 2018, despite an overall rise in new recruits. The same report also shows an overall decline in the number of women brokers, with the proportion of females to males peaking at 28.3% in April to September 2016, then falling to 27.1% in 2018. As the peak industry body for commercial lending, CAFBA is working to turn this trend in the opposite direction.
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“Awareness is the first important step in creating any type of lasting change, and awareness is definitely out,” says Renee Tocco, board member of CAFBA. “Some of the data is indicating improvement on some fronts; however, we still have a long way to go, and we do need to do more if we want to see the correction happening sooner.”
clearly have a bit of room for improvement on that front,” she says. Widespread change depends on having the right foundations in place, and most importantly the right pioneers at the top level, encouraging more women to realise that they have everything it takes – within themselves – to carve their own pathways
“Women do love to support other women, and CAFBA’s forums seem to be fostering exactly the culture and equality momentum we were hoping to see” Renee Tocco, board member, CAFBA According to Tocco, equality and diversity are equally important to the longevity of the finance industry. “Ideally, we would love to see brokers be more reflective of the clients that they service, and as a wonderfully multicultural nation with 50% of the population being females, we
and be leaders too. “The focus on gender balance is seeing many more women in start-up positions, which should ultimately mean that this will flow through to progress into having more women in leadership roles moving forward,” Tocco says.
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Whilst there is a clear minority group in the industry, running additional care, resources and support for these groups is the best way to drive focus and change.” Education is vital if younger generations are to realise the value of a career in finance broking, Tocco adds, and as a result CAFBA has launched a Certificate IV in Financial
entrepreneurial, the world is your oyster and you can build a firm, grow a big business and support more career opportunities,” Tocco says. “Research has shown that in the finance broking space the gender pay gap that exists in virtually every other industry does not exist. What a great statistic for us to focus on
“Research has shown that in the finance broking space the gender pay gap that exists in virtually every other industry does not exist” Renee Tocco, board member, CAFBA
With a strong anchorage in empowering women, CAFBA is calling on all women in the industry to unite for its Women’s Forum and advance the push towards equality and diversity. The first series of the motivational breakfast events launched in March attracted a total of 120 attendees. The last event in the second series, which took place in August, saw this number shoot up by 30%, and the forum’s positive effects received widespread industry praise. “Women do love to support other women, and CAFBA’s forums seem to be fostering exactly the culture and equality momentum we were hoping to see,” Tocco says. “Awareness is key. We need to keep talking to the issue, focusing on strategies to address it, and call out issues if we see them.
Services, specialising in commercial and asset finance, as well as a diploma. “Educating younger people on the opportunity of becoming a finance broker, and making career pathways known and available, is really important. Finance broking is a little hidden gem, and many people don’t consider it as a profession, but you can set your own pace in many ways and set your own income too. We see many one-person bands in this industry who set themselves up with a wonderful small business, but on the flip side, if you are more
as we encourage women into the industry!” CAFBA is always looking towards the future when it comes to implementing new strategies, which Tocco says are to “ultimately safeguard the longevity and prosperity of this vibrant industry”. One of these is CLYP (Commercial Lending Young Professionals), a subcommittee of CAFBA that is set to launch in September. “This will address the age gap issue in the industry by encouraging young members (under 40) to connect and form strong networks,” Tocco says.
SCHOLARSHIPS FOR WOMEN With the assistance of Women Leadership Australia, CAFBA has introduced scholarship programs for women in the industry to advance their leadership skills and improve career progression. “These programs are not industry relevant but rather leadership relevant, and the feedback from all of our 40-plus awardees who have gone through the various courses so far has been incredible,” says CAFBA board member Renee Tocco. Learn more at www.cafba.com.au.
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FEATURES
GENDER EQUALITY
Empowering female leaders Working towards a gender balance is a priority for Liberty. MPA talks to three female leaders about their views on diversity and how the lender is working towards an inclusive future
WOMEN DON’T realise the opportunities and job satisfaction that a career as a mortgage broker can provide, but Liberty is working to change that. With its involvement in the MFAA’s Opportunities for Women program, as well as its own initiative for women in leadership, Liberty is leading the way in gender equality: it currently has around 58% of females in first-tier leadership positions. Increasing the mindset around gender, Liberty has also improved its parental leave program. It now offers women 13 weeks’ full pay, and if they choose to take longer, paid or unpaid, they will continue to receive their full superannuation and accrue annual, personal and long-service leave. On top of this, the company also offers a school holiday kids program, has refined its language on recruitment advertising, and is working with Work180, a female-positioned recruitment board. In her role as a Liberty network sales manager working with brokers, Julianne Walsh recognises both the challenges and the opportunities. She says the reason diversity is so important is the community she and her
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brokers are servicing every day. “We have many diverse cultures and people and beliefs; imagine if we only had one type of culture in the finance industry,” she says. “It’s really important that we create that diversity or reflect that diversity back into the finance industry so we are catering to the community.” Keen to see more women succeed in the industry, Walsh mentors and encourages them to overcome challenges they might face. “We need to bring the balance back and
Overcoming negative thoughts Liberty’s Women in Leadership program includes workshops on areas like mindfulness and imposter syndrome. The group unpacks any wins or losses within the team and any issues faced, and supports them in
“We have many diverse cultures and people and beliefs; imagine if we only had one type of culture in the finance industry” Julianne Walsh, Liberty get women into the industry. It all comes back to support and making sure women lead by example. We need to empower and educate them, ensuring they feel supported regardless of their circumstances,” she says.
overcoming those roadblocks. Andrea Maffei, state sales manager for WA, SA and the NT, has a team of BDMs, including four men and three women, one of whom is currently on maternity leave. She
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and success stories. She adds that getting more women involved starts with being aware. “If you’re aware of it, you’ll be open to seeing the opportunities where women can be involved,” she says.
Diversity across the spectrum
understands first-hand the challenges of being a female in finance. “I had personal experience in a company that did not allow for a voice; especially as a woman I felt that I wasn’t validated. I wanted to align myself with a company that was
“We all have that little voice in our heads, and that little voice needs to be heard and analysed. It’s important to acknowledge that little negative voice, but I always say to my team: you can visit those places, but don’t unpack your bags there. Acknowledge you
“If we think the problem is going to resolve itself, it won’t. There have to be more conversations, more coming together of committees” Anne Bastian, Liberty open to women and had a general culture of inclusiveness and diversity,” Maffei says. To help other women at Liberty, she focuses on those negative voices that say, “you’re not good enough”.
have those thoughts, but then move on and understand that you are worthy,” she says. The industry is heading in the right direction though. When attending broker events, Maffei notices more female speakers
Working towards gender equality is not all Liberty is focusing on. The lender also supports Pride events, religious events and recently celebrated NAIDOC Week. Anne Bastian, Liberty’s general manager for culture and community, says it’s about encouraging people to bring their whole selves to work. “We’ve been doing a lot of work over many years to help people be their most authentic and genuine selves,” she says. “The diversity and inclusion strategy and being open-minded and accepting of differences is just an extension of all of that and something we’d really like to continue strengthening as part of our culture.” But while there is more acceptance and awareness, the industry still has some way to go. “It’s a big problem that has many layers. Let’s get gender parity out there, because the moment you open that door all these other minority categories will blossom as well,” she says. “If we think the problem is going to resolve itself, it won’t. There have to be more conversations, more coming together of committees or groups across the industry, and we need senior people in those conversations, because they’re the ones setting the tone to this.” Looking ahead, Bastian feels positive. She expects most people want change and acceptance to continue, so more of these conversations will happen. “It’s very exciting for the industry to believe we can transform ourselves to honour what broader social community already is. It’s a really good opportunity to get out there and be a trailblazer,” she says.
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FEATURES
INCLUSIVE CULTURE
At the top of the agenda Diversity encourages a stronger bond between lenders and the communities they serve, which is why Suncorp, a front runner in building an inclusive culture, aims to embrace all points of view as its journey towards equality reaches new heights
YOU COULD be forgiven for zoning out a little when the words ‘diversity and inclusion’ are thrown around; they are, after all, the latest buzzwords to dominate HR and culture conversations in corporate Australia. Every business wants to be seen to be taking
workers, Suncorp is cementing its reputation as a pioneer on this front. In February this year, Suncorp received the Employer of Choice for Gender Equality award from the Workplace Gender Equality Agency – and it’s not the first time it has been
“When I first started in the industry, it was very much a ‘bloke’s world’, but this has definitely changed over time, allowing people to bring their whole selves to work” David Burgan, Suncorp great strides forward in this area, but they do not always walk the walk as much as they talk the talk. This is where Suncorp is crafting a niche for itself as a truly engaged organisation when it comes to diversity and inclusion. From tackling pay equity to supporting ageing
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recognised. In fact, this is the sixth year in a row that it’s won this award, speaking to the lender’s long-term focus on ensuring that each employee, both female and male, has a platform to embrace new career opportunities and shape the future growth of Suncorp.
“Suncorp is proud of its achievements, and we continue to adapt our diversity and inclusion agenda to reflect our changing organisation and new workforce opportunities,” a Suncorp spokesperson says. “For us, the key focus is to create an inclusive culture where we can encourage diversity of thought, experiences and points of view. We believe that we will be our best when our workforce is as diverse, talented and passionate as the communities in which we live and operate.” According to Suncorp’s Workplace Gender Equality (WGEA) Public Report for 2018/19, women held 44% of senior leadership roles and 50% of non-executive director roles during this period. Achieving gender equality in senior roles and among a growing pipeline of talent was Suncorp’s first focus on its path to diversity and inclusion, and the lender aims to remain active in ensuring that equality is honed across all levels of the organisation, including
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in the areas of pay, access to promotion, development, career opportunities and representation. Suncorp’s SA business development manager, David Burgan, says he considers himself “quite fortunate and lucky” to have been surrounded by “such open, inspiring leaders and colleagues in my career” during his time with the lender. “As a ‘proud’ gay man, now married and parent to a 14-year-old boy, we definitely have a unique household, and whilst we consider ourselves very, very lucky to be growing up in this current day, it hasn’t come without its challenges and judgment from others,” he says.
come with respect to diversity and inclusion, Burgan says that while a lot of progress has been made, brokers need to keep their feet on the pedal. Embracing different viewpoints is an important way of gaining the most opportune outcomes for brokers and their clients, he says. “It’s a real benefit of inclusion, and by reaching out and opening doors we can help each other to be our best.” Suncorp’s commitment to inclusion is certainly on display in its SA office, where signs on the walls in support of the LGBTIQ+ community speak volumes of a proud, inclusive culture.
“The last couple of years have been particularly challenging in and outside of work, but you will notice as you walk the floors at Suncorp little reminders that Suncorp applauds you for being you” David Burgan, Suncorp “When I first started in the industry, it was very much a ‘bloke’s world’, but this has definitely changed over time, allowing people to bring their whole selves to work ... it’s my belief that whatever makes you different is what makes you more interesting and makes others’ lives better for having you in it.” Suncorp’s support really shone through “during the dreaded plebiscite”, Burgan adds. “I honestly could not ask for a more accepting and supportive employer, which starts with my direct team and leaders who were there for me every step of the way, knowing how challenging it was, not just for me but for my family as well,” he says. Reflecting on how far the industry has
“For the LGBTIQ+ community, the last couple of years have been particularly challenging in and outside of work, but you will notice as you walk the floors at Suncorp little reminders that Suncorp applauds you for being you,” Burgan says. “Throughout our building you will find little signs with messages such as ‘I stand with my LGBTIQ+ colleagues’ and ‘I pledge to never stay silent about homophobia, biphobia and transphobia. I will always stand with my LGBTIQ+ mates. I am part of the solution’. Signs like this are incredibly comforting for members of our community, and having awareness and creating ways to start the conversation leads to real progress.”
SUNCORP’S LONG-TERM INCLUSION STRATEGY Suncorp has implemented a number of strategies to ensure that gender equality remains futuredriven, and that diversity is nurtured across all levels: The Accelerate Women in Leadership program provides women with leadership coaching and encourages them to strive for senior roles. Pay equity is reviewed twice a year; in 2018, Suncorp also provided pay data to senior leaders for the purpose of ensuring that the gap would be closed. This year, when Suncorp implemented an online training platform that explored the value of diversity and inclusion, around 130 leaders took part. Suncorp’s attention also extends to age diversity through its Envisage program, and cultural diversity, made possible by its partnerships with the Clontarf Foundation and Multicultural Development Australia.
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FEATURES
OPPORTUNITIES FOR WOMEN
Making way for a stronger feminine presence The mortgage and finance industry can only be strengthened by more diversity on the leadership front. Enter the MFAA’s Opportunities for Women program, which aims to encourage greater inclusivity through strategic education
IN REPORTS across the media, we are often told that we have arrived in the age of gender equality. And compared to previous generations, women certainly have more opportunities now than ever before in their various fields; they’ve made massive strides in sports, the arts and in the business world. However, women are not quite ‘there’ yet; there’s still much work to be done to move the needle on true diversity in the workplace. According to the results of research conducted by the MFAA, opportunities for women to make a mark are still lacking in the mortgage and finance industry. “Reading about all of the perception gaps in the MFAA’s report opened my eyes to how much work our industry has to do,” says Bianca Patterson, director of Perth finance and mortgage broking firm Calculated Lending. “The ability to run your own business and the flexible working hours have allowed us to advertise our industry to attract a
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more diverse talent pool. Yet 59% of male responders still said they were unsure if women were under-represented in our industry, while 57% of women answered that they were in fact under-represented.” A wide range of perspectives is crucial to
indicates that, in the average household, women either directly make or influence 80% of all purchasing decisions, and yet women only represent 27.1% of the broking community,” Patterson points out. “Diversity ultimately drives innovation,
“If brokers see an avenue for diversity or inclusion in their businesses, I challenge them to explore it and the benefits it could bring to their teams and customers” Bianca Patterson, director, Calculated Lending drive innovation, especially in an industry that plays to the strengths of women. “The under-representation of women is significant when we consider the role female customers play in our industry. Research
and there has never been a more crucial time for our industry to grow and evolve. It increases creativity and improves morale while leading to faster problem-solving and better decision-making.”
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From left: Ashlene Prasad and Julianne Walsh from Liberty
This is the rationale behind the development of the MFAA’s Opportunities for Women program, which looks at the reasons behind the lack of female representation in the industry. As an active participant in the initiative, Patterson was determined that its aims should not be little more than window dressing. “When joining the initiative, it was important to me that it not be a push to hire or recruit women just to fill a quota or to see an even percentage in a graph,” she explains. At its conception, the program sought to “research and identify the perceptions and problems” inherent in the struggle to achieve gender equality in the field. “Now, we hope to bring together key industry stakeholders to create a strategy for industry-wide inclusion. The next stage of the
initiative will focus on taking action, and we will leverage off existing industry relationships and networks to learn from their successful diversity programs. We hope to celebrate the existing diversity in the industry and create more structures and avenues for peer-to-peer support,” she says. Education is a big aspect of the initiative, and the organisation intends to “work with education providers and aggregator groups to develop more structured pathways into the industry from both finance and non-finance backgrounds”. It aims to educate leaders and influencers in the industry through training in order to facilitate leadership by example. “I would love to see role models in our industry take a stand on diversity and inclusion, leading by example and taking a moment to
remember just how much influence their voices and actions have,” Patterson says. Many in the mortgage and finance field, including lenders, aggregators and industry partners, have embraced the ideals of the Opportunities for Women initiative, which is an encouraging sign of the shift in culture. “I have been a broker for eight years and it has been in the last 18 months of my career that I have noticed the biggest shift towards diversity and inclusion in our industry,” she says. “I feel the MFAA’s Opportunities for Women initiative has started a great conversation, one that we need to continue as we work towards getting a better understanding of the challenges and biases hindering the increased representation of women.” Despite the positive feedback, however, Patterson knows there is still a long way to go to achieve true gender balance. “If brokers see an avenue for diversity or inclusion in their businesses I challenge them to explore it and the benefits it could bring to their team and customers,” she advises. “Some of the more negative comments and attitudes about the initiative and about gender equality itself have really shown me that there are still boundaries and stigmas to work through. There is certainly more to be done, and I think it is crucial for us to get more of the industry involved in the discussions so we can better understand their beliefs and concerns.”
KEY FINDINGS: MFAA OPPORTUNITIES FOR WOMEN REPORT 2018
34%
28%
April to September 2015 was the period when the highest rate of women joined the broking industry, with 34% recruited
Between October 2016 and March 2017, only 28% of broker recruits were women, compared to 72% male recruits
61% Almost two thirds of male respondents thought their leaders capable, while less than half (44%) of female respondents had the same confidence
32%
Around one third of female respondents felt that they had enough sponsors and mentors in the industry
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FEATURES
WOMEN’S VOICES
A ripple effect of change ANZ has brought back its Doyenne program for the second year to encourage women to build professional visibility in the mortgage and finance industry. Simone Tilley, ANZ’s general manager retail broker, explains why this program is so crucial to the future of women in the workplace FOR ANZ’S general manager, retail broker, Simone Tilley, diversity is about welcoming a broad spectrum of voices and better reflecting the wider community. Helping women find those voices is
tools, confidence and the self-belief to put themselves forward and make a meaningful difference,” says Tilley. “It also allows female brokers to have the space and time to identify and articulate their
“People are drawn to those who are genuinely authentic and true to their own styles, and I think women need to believe in themselves” Simone Tilley, ANZ important to Tilley, who designed a special program to do exactly that. Now in its second year, the Doyenne program aims to elevate successful female brokers in order to help build a network of other prominent women in business. “Programs and events like this are important for providing women with the
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ideas, subject-matter expertise and passion.” Much of the focus this year will be around putting women’s voices in the media, whether through their own social media profiles or in the wider media. According to the 2019 Women for Media Report from the Women’s Leadership Institute Australia, men represent 66% of all direct
sources in news articles. In a news outlet like the Australian Financial Review, men accounted for 86% of all direct sources. “I really want to encourage more women’s voices to talk to the issues that matter in broking and finance,” Tilley says. Complete with guest speakers and plenty of networking opportunities, the program also aims to help women challenge the status quo and “pierce through traditional mindsets”.
Overcoming the challenges The figures show that less than 30% of brokers are female. Yet Tilley suggests that rather than being overwhelmed by such numbers, it presents women with the opportunity to “run their own race”. “People are drawn to those who are genuinely authentic, and true to their own styles, and I think women need to believe in themselves, set goals for themselves and work really hard to get there,” she says.
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“Always surround yourself with exceptional people who genuinely believe the values that you admire. I think if everyone actively supports other women and looks out for others if they feel overwhelmed or uncomfortable, we can create a ripple effect of positive change together.”
role, she was always impressed by a banker who projected himself well in meetings, and then one day she saw him practising in a room. “Often women make time for everyone else; they’re very generous, they leave themselves last – but make time for the larger moments or
“I think we’ve absolutely seen progression towards improved diversity, and we’re in the midst of continued change” Simone Tilley, ANZ Tilley says women can often struggle with self-doubt and overthinking, and this can create unnecessary obstacles. She’s aware that even when she encourages women to ask for feedback, it can be a difficult request. “It’s about actively leaning into knowledge gaps and working incredibly hard to close them, because we all have gaps, and sometimes you’ve just got to be brave enough to lean into them.” Tilley also emphasises the importance of preparation. She remembers how, in a previous
group meetings because they’re always worth it,” she says.
A positive shift in awareness Initiatives like the Doyenne program represent a growing positive shift in the industry. Tilley says awareness is getting better, and broker groups and aggregators alike are becoming conscious of the diverse population. “We’ve absolutely seen progression towards improved diversity, and I think we’re in the midst of continued change,” she says.
While the Doyenne program focuses on empowering women and lifting them up, Tilley says diversity and inclusion is more than this; it’s about recognising “all voices around the leadership table in an equal way”. “Australia is a rich country of diversity, and for me diversity comes in many shapes and forms and extends well beyond gender,” she says. “To also include ethnicity, culture, religion and socio-economic background, these events are so important. We need a safe environment so people, particularly minority groups, feel open and comfortable sharing stories with like-minded people.” Tilley knows from her own experience as a woman in finance that “there’s no magical leadership finishing line”. It’s a continuous learning journey and she has to be open to change and learning new things. Genuine leadership is still needed to welcome all voices, but the industry is on the right path, she says. “Walking the walk takes time, but I have every confidence that if we continue to focus on the imperative issues, we’ll make a longlasting difference together.”
VOICES OF THE DOYENNE WOMEN “The group learnings and interactions I was able to take away from it were astounding. Voicing an opinion in the circus that is social media to me was overwhelming, but somehow by the end of the program I felt I had all the tools to do this and most importantly the want and permission to do it!” Melissa Gielnik, Smart Lending
“I was extremely grateful to have been invited to participate in ANZ’s Doyenne program, but more so thrilled that such an initiative had been introduced to recognise and elevate female leaders in our industry” Nancy Youssef, Classic Finance
“The Accelerate Women in Leadership program provides women with leadership coaching and encourages them to strive for senior roles” Deslie Taylor, Mortgage Choice
“As an advocate of promoting women in the broking industry, I believe the ANZ Doyenne Program showcases the incredible difference women can make in the industry’s evolution” Mhairi Macleod, Astute Ability Finance Group
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THE STAR SYDNEY 18 OCTOBER 2019
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EVENT PARTNER
In what promises to be one of the biggest nights of the year, the Australian Mortgage Awards will celebrate the brokers, lenders, aggregators and BDMs standing out from the crowd IF THE INDUSTRY has ever needed a reason to celebrate, it would be seeing out the year 2019. After a tough 2018 with the royal commission hearings, and then the final report released early this year, mortgage brokers have been working hard. To highlight the incredible work of everyone in the industry, from fighting through difficult lending conditions to standing up for broker reputations, the 18th Australian Mortgage Awards will take place on 18 October. Almost 30 awards will be handed out at the most prestigious event of the year, where the best in the business will celebrate together. We will toast their success, including the winners of some of the most coveted awards: Young Gun of the Year, Brokerage of the Year and Broker of the Year. The change in mood compared to a year ago is evident. Last October the industry was reeling from the release of Commissioner Hayne’s interim report, which not only looked at broker remuneration but also mentioned the use of the household expenditure measure benchmark. Fast-forward to February this year and the release of the final report confirmed what most people were worried about: broker remuneration looked set to go. But the industry did not shy away from that fight, and so began campaigns both in the public eye and behind closed doors. While the industry prepares for a remuneration review in three years’ time, now is its chance to take stock and recognise how effective the perseverance and hard work has been. MPA is proud to recognise all the incredible professionals and organisations that have been named as finalists this year. Along with our publisher, Key Media, we would like to thank everyone who submitted nominations, as well as all of the sponsors for supporting the AMAs and making it such a huge success. We look forward to celebrating with you in all your finery on 18 October at The Star Sydney when the winners will be announced.
OFFICIAL PUBLICATIONS
A MESSAGE FROM OUR EVENT PARTNER This is the 10th year of Westpac’s partnership with the Australian Mortgage Awards. It’s an important milestone for us and we’re very proud to have stood beside the AMAs for the past decade to support and celebrate the outstanding achievements of those in the mortgage broking industry. It has been both an exciting and challenging year for the mortgage industry. The broker community has continued to demonstrate its ability to adapt to the changing operating environment and help customers with their homeownership needs. Australians value the choice and independence mortgage brokers provide, and this is something to celebrate together at this year’s AMAs. Westpac research shows more than two thirds of Australians are taking steps to better educate themselves on the homeownership journey, and we know brokers play a key part in this process. We continue to work closely with brokers to help more Australians achieve their homeownership dreams. The broker channel is a priority for us, and we are passionate about innovating to improve the experience that brokers and customers receive from Westpac. Finally, congratulations to all the finalists – you have shone in an industry that is succeeding through a challenging period. Your hard work and dedication to service sets an example that will ensure mortgage broking will continue to go from strength to strength.
Chris Screen Head of Third Party Distribution, Westpac Group
ORGANISED BY
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AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19 LA TROBE FINANCIAL BROKER OF THE YEAR – COMMERCIAL
FAST FINTECH LENDER OF THE YEAR
LOAN SERVICES TEAM OF THE YEAR
Fintech is continuing to grow and offer new opportunities for brokers and their customers. This award recognises the best technology-based lender based on its performance over the last 12 months. Criteria include: how the business implements technology to offer a new or improved service to customers; year-over-year growth and market share; and service innovations such as online loan applications, new finance modelling, use of data and an improved user experience.
This award recognises the best loan processing and support services team in the mortgage industry based on their performance over the past 12 months. Criteria include: demonstrated excellence in internal and external customer service; turnaround times; demonstrated commitment to innovation and continuous improvement across loan processing and support services; and examples of going beyond business as usual to resolve issues.
Diversification has been a huge talking point in the industry over the last year. This award recognises the best broker who specialises in commercial real estate, investment finance, SME/debtor finance, asset and leasing finance. Criteria include: residential-to-commercial lending ratios; loan volumes; year-over-year growth; lead generation; client retention; quality of submissions; conversion rates; and overall customer service.
FINALISTS
FINALISTS
• Daniel Green, Green Financial Group
• Funding.com.au
• ANZ • Bankwest • Liberty • Macquarie
• MoneyPlace • OnDeck • Prospa • SocietyOne • Wisr
FINALISTS • Greg Samuel, Samuel Finance • Jean-Pierre Gortan, Simplicity Loans & Advisory • Jigar Modi, Small Business Loans Hub • Josh Egan, Astute Melbourne City South and Gippsland • Kevin Wheatley, Bayside Residential and Commercial Mortgages • Larry Zhou, Link Capital Finance • Tada Souvannavong, Iconic Financial Services
AWARD SPONSOR
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EVENT PARTNER
ALI GROUP BROKER OF THE YEAR - INSURANCE
BROKER OF THE YEAR - REGIONAL
(MORTGAGE PROTECTION)
FBAA BROKER OF THE YEAR INDEPENDENT
This award recognises the best broker that provides loan and mortgage protection as part of its overall offering. Criteria include: quality of submissions; conversion rates; lead generation; client retention; the broker’s ability to demonstrate a positive attitude towards loan and mortgage protection insurance; the broker’s role as an advocate; overall customer service; number of clients insured; and loan volumes.
This award recognises the best broker based in and deriving the majority of their income from a regional area. Criteria include: loan volumes; year-on-year growth; lead generation; client retention; quality of submissions; conversion rates; and overall customer service.
FINALISTS
FINALISTS
• Fabio DeCastro, Oxygen Home Loans
• Darryl Bevan, Direct Financial
• Amy Small, Professional Lending Solutions
• Jigar Modi, Small Business Loans Hub
• Craig Russell, Priority 1 Lending
• Josh Egan, Astute Melbourne City South and Gippsland
• James Florance, Mortgage Choice North Lakes and Redcliffe
FINALISTS • Alex Veljancevski, Eventus Financial • Anthony O’Flynn, IFA Mortgages & Finance
• Maria Nicoli, Loan Market – Caroline Springs
• George Mihalopoulos, Connected Finance
• Maxine Farmer, Maxon Finance • Richard Wright, V Home Loans
• George Smith-Roberts, Realestate.com.au
• Robyn Beath, Astute Gippsland
• Jarred Spurr, Sphere Finance
• Shareek Mohammed, Aussie Home Loans
• Narelle Kerstan, Gloss Finance
• Tony Bice, Finance Made Easy
• Trent Lee, Mates Rates Mortgage Brokers
AWARD SPONSOR
This award recognises the best broker in an independent business. Criteria include: loan volumes; year-over-year growth; lead generation; client retention; quality of submissions; conversion rates; and overall customer service.
• Robyn Beath, Astute Gippsland
• Louisa Sanghera, Zippy Financial Group • Mark Davis, The Australian Lending and Investment Centre • Stephen McClatchie, Loans Australia • Trent Lee, Mates Rates Mortgage Brokers • William Unkles, 40 Forty Finance
AWARD SPONSOR
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AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19
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MOST EFFECTIVE DIGITAL STRATEGY – BROKERAGE
MOST EFFECTIVE DIGITAL STRATEGY – LENDER
BEST INDUSTRY MARKETING CAMPAIGN
Particularly for growing brokerages, an effective digital strategy is crucial. This category recognises the brokerage that has best harnessed digital channels. Criteria include: the business’s key objectives behind the digital strategy; how the business uses digital channels to acquire, connect, interact with and retain customers; and features and quality of content that optimise customer engagement and lead generation.
This category recognises the lender that has best harnessed digital channels to provide brokers with practical, effective and easily accessible facilities to help them with their businesses. Criteria include: the business’s key objectives behind the digital strategy; how the business uses digital channels to acquire, connect, interact with and retain customers; and features and quality of content, for example product information, pricing tools and broker resources.
This award recognises the best B2B marketing and advertising campaign conducted by an organisation marketing to mortgage brokers. The winner will be able to demonstrate the greatest impact on the industry over the last 12 months. Criteria include: overall campaign strategy and objectives; marketing mix applied; and evidence of success, including quantitative and qualitative results where available.
FINALISTS
FINALISTS
FINALISTS
• Loan Base
• Bankwest
• ANZ
• Option Finance Australia
• Heartland Seniors Finance
• La Trobe Financial
• The Perth Mortgage Specialist
• MyState Bank
• Liberty
• XIN Mortgage
• Pepper Money
• NAB
• Zippy Financial Group
• St.George Banking Group
• Prospa
• Westpac
• Suncorp
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BEST INDUSTRY SERVICE
BOQ BEST CUSTOMER SERVICE FROM AN INDIVIDUAL OFFICE
This award recognises the best bank in the mortgage industry based on performance over the past 12 months. Criteria include: business achievements in the third party distribution channel; year-over-year growth and market share in the third party distribution channel; service innovations; overall support of and contribution to the third party distribution channel; and demonstration of positive impact on the wider community.
Industry service plays an important role within the mortgage industry. This award recognises the service provider that adds the most value to its customers’ businesses. Eligible service providers include, but are not limited to, software and technology, legal, compliance, training and education. Criteria include: the service provider’s value proposition; the industry’s need for service; how the service has added value; and the overall commitment of the organisation to its customers.
Customer service is an incredibly important measure of any brokerage operation’s long-term sustainability and success. This award recognises the brokerage office or branch that has displayed excellence over the past 12 months in maintaining consistent and sustainable customer service standards. Criteria include: product knowledge; product offering; client retention; customer service proposition; and the business’s value proposition and strategy around stakeholder engagement.
FINALISTS
FINALISTS
FINALISTS
• Adelaide Bank
• Broker Essentials
• ANZ
• CoreLogic
• Bankwest
• Ezidox
• ING
• Finsure Broker Academy
• Macquarie
• HLE Nepal Pvt.
• MyState Bank
• Loanworks
• St.George Banking Group
• NextGen.Net
• Suncorp
• Trail Book Loans
• Astute Melbourne City South and Gippsland • Atelier Wealth • Empower Wealth Mortgage Advisory • Gloss Finance • Home Loan Expert • Loan Market Mordialloc • Smartmove Professional Mortgage Advisors • Supra Finance and Property Group • XIN Mortgage • Zippy Financial Group
MSA NATIONAL BANK OF THE YEAR
• Westpac AWARD SPONSOR
AWARD SPONSOR
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AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19 ONDECK AGGREGATOR OF THE YEAR
DEPOSIT POWER AGGREGATOR OF THE YEAR
Aggregators provide a crucial link between mortgage brokers and lenders, as well as incredible support and tools. This category recognises the best aggregator with more than 500 brokers. Criteria include: accuracy and timeliness in commission payment; quality of lending panel, IT and CRM support; broker communication; BDM support; compliance support, training and education; and lead generation.
No matter the size of an aggregator, they provide a crucial service. This award recognises the aggregator with up to 500 brokers and is open to both aggregators and subaggregators. Criteria include: accuracy and timeliness of commission payment; quality of lending panel, IT and CRM support; broker communication; BDM support; compliance support, training and education; and lead generation.
BDMs have an essential relationship with brokers, to whom they provide support and education. This category recognises the best BDM at a major bank. Criteria include: nominee’s accessibility and communication; demonstrated understanding of their brokers’ businesses; nominee’s product knowledge; and how the BDM adds value to the brand they represent and the broker channel.
FINALISTS
FINALISTS
FINALISTS
• Astute Financial Management
• Centrepoint Alliance Lending
• Amanda Borg, CBA
• Connective
• Finconnect
• Antonio Agliozzi, CBA
• FAST
• Liberty Network Services
• Blake Hauber, Westpac
(OVER 500 BROKERS)
(UP TO 500 BROKERS)
• Finsure
• Jane Arthur, ANZ
• Loan Market Group
• Linda Oates, NAB
• Mortgage Choice
• Sam Tang, Westpac
• Outsource Financial
• William Xi, ANZ
• Specialist Finance Group
AWARD SPONSOR
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BEST MAJOR BANK BDM
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AWARD SPONSOR
EVENT PARTNER
MORTGAGE CHOICE BEST NON-BANK BDM
BEST NON-MAJOR BANK BDM
BANKWEST BEST AGGREGATOR BDM
This award recognises the best BDM at a non-bank. Criteria include: nominee’s accessibility and communication; demonstrated understanding of their brokers’ businesses; nominee’s product knowledge; and how the BDM adds value to the brand they represent and the broker channel.
This award recognises the best BDM at a non-major bank. Criteria include: nominee’s accessibility and communication; demonstrated understanding of their brokers’ businesses; nominee’s product knowledge; and how the BDM adds value to the brand they represent and the broker channel.
This award recognises the best BDM at an aggregator. Criteria include: nominee’s accessibility and communication; demonstrated understanding of their brokers’ businesses; nominee’s product knowledge; and how the BDM adds value to the brand they represent and the broker channel.
FINALISTS
FINALISTS
FINALISTS
• Chitresh Luthra, Bluestone
• Andrew Downie, MyState Bank
• Darren Stratford, Redzed
• Clem Marcocci, ING
• Anthony Zveglic, Finsure Finance & Insurance
• Denya Dean, Bluestone
• Emma Fiorentino, Bank of Melbourne
• Ben Livera, Mortgage Choice
• Geoff Murphy, ING
• David Vizza, Finsure Finance & Insurance
• Lili Amphone Barron
• Grace Munro, MyState Bank
• James Brett, Connective
• Pasquale Caia, Pepper Money
• Mira Doolabh, St.George
• Jesus Herrera, Aussie Home Loans
• Patrick Moore, Liberty
• Nancy Georgy, Bankwest
• Matthew Cusworth, Connective
• Suzanne Hemsworth, La Trobe Financial
• Stuart Moore, ING
• Tim Schneider, Choice
• Erin Manhood, Prospa
AWARD SPONSOR
• Tracey Najjar, Centrepoint Alliance Limited AWARD SPONSOR
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AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19 EQUITY-ONE BROKER OF THE YEAR PRODUCTIVITY This award recognises the best broker based on productivity improvements through increased office efficiencies and quality submissions. Criteria include: percentage of applications submitted and that proceed without questions or delays; year-over-year growth; percentage of applications approved for funding and handled without escalations.
FINALISTS
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PEPPER MONEY BROKER OF THE YEAR - SPECIALIST LENDING This category recognises the best broker who provides specialist lending as part of their overall offering. Criteria include: quality of submissions; conversion rates; lead generation; client retention; overall customer service; and loan volumes.
FINALISTS • Amy Small, Professional Lending Solutions
• Adam Burstein, Nu-age Lending • Damian Medici, Damian Medici Loan Market • Josh Bartlett, Loan Market Bayside • Josh Egan, Astute Melbourne City South and Gippsland • Kapil Virmani, Smartline • Mark Davis, The Australian Lending and Investment Centre • Michael Gavan, Innovative Home & Business Finance • Michael Vasilaras, Loan Market, Bayside • Trong Vivienne Than, Home Loan Experts
• Clemens Zhang, Ayers Financial Group
AWARD SPONSOR
AWARD SPONSOR
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BROKERAGE OF THE YEAR REGIONAL This award recognises the best brokerage operation based in a regional area. Criteria include: loan volumes; year-over-year growth; lead generation; client retention; quality of submissions; conversion rates; customer service proposition; the business’s value proposition and strategy around stakeholder engagement; and broker training and development.
FINALISTS • Astute Gippsland
• Daniel Green, Green Finance Group
• Aussie Queanbeyan
• Jigar Modi, Small Business Loans Hub
• Go Mortgage • Mates Rates Mortgage Brokers
• Jonathan Preston, Home Loan Experts
• Mortgage Choice Erina
• Margaret Wilcock, MW Mortgage & Wealth
• Regional Finance Solutions
• Mark Davis, The Australian Lending and Investment Centre • Tada Souvannavong, Iconic Financial Services
• Mortgage Choice Nowra • Tungsten Home Loans
EVENT PARTNER
BROKERAGE OF THE YEAR (>20 STAFF)
BROKERAGE OF THE YEAR (1-5 STAFF)
BLUESTONE BROKERAGE OF THE YEAR (6-20 STAFF)
This award recognises the best brokerage operation with one to five staff (or full-time equivalents). Criteria include: loan volumes; year-over-year growth; lead generation; client retention; quality of submissions; conversion rates; customer service proposition; the business’s value proposition and strategy around stakeholder engagement; and broker training and development.
This award recognises the best brokerage operation with six to 20 staff (or full-time equivalents). Criteria include: loan volumes; year-over-year growth; lead generation; client retention; quality of submissions; conversion rates; customer service proposition; the business’s value proposition and strategy around stakeholder engagement; and broker training and development.
This award recognises the brokerage that has implemented the most effective diversification business model. Criteria include: products and services offered; year-over-year growth; how the diversification offering has impacted on business growth over the past 12 months; customer service proposition; and the business’s value proposition and strategy around stakeholder engagement.
FINALISTS
FINALISTS
FINALISTS
• • • • • •
• • • • • •
• 1st Street Financial • Astute Melbourne City South and Gippsland • Empower Wealth Mortgage Advisory • Entourage Finance • Loan Studio • Mortgage Choice Melbourne • One Network Broking • Option Finance Australia • Simplicity Loans & Advisory
Acceptance Finance Home Loan Experts Oxygen Home Loans Red Rock Group Shore Financial The Australian Lending and Investment Centre
Atelier Wealth Aussie-Queanbeyan Birdie Wealth iChoice InReach Finance Mortgage Lending Specialists (MLS Finance) • PFS Financial Services • Small Business Loans Hub • Zippy Financial Group
AWARD SPONSOR
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AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19 BROKERAGE OF THE YEAR DIVERSIFICATION
NEXTGEN NEW BROKERAGE OF THE YEAR
This award recognises the brokerage that has implemented the most effective diversification business model. Criteria include: products and services offered; year-over-year growth; how the diversification offering has impacted on business growth over the past 12 months; customer service proposition; and, the business’ value proposition and strategy around stakeholder engagement.
This award recognises the best brokerage office or branch that has been in operation for less than two years. Criteria include: loan volumes, year-over-year growth; lead generation; quality of submissions; conversion rates; customer service proposition; and the business’s value proposition and strategy around stakeholder engagement.
This award recognises the best nonbank lender in the mortgage industry based on performance over the past 12 months. Criteria include: business achievements in the third party distribution channel; year-over-year growth and market share in the third party distribution channel; service innovations; overall support of and contribution to the third party distribution channel; and demonstration of positive impact on the wider community.
FINALISTS
FINALISTS
FINALISTS
• Astute Melbourne City South and Gippsland • Ayers Financial Group • Loan Market Picton • Mortgage Choice Morphett Vale • Option Finance Australia • Small Business Loans Hub • Successful Ways • Supra Finance And Property Group Pty Limited
• • • • • • • •
• • • • • • • •
Birdie Wealth Essendon Finance Innovative Homeloans Aqua Door Home Loans Red Door Financial Group Red10 Finance Simplicity Loans & Advisory Small Business Loans Hub
AWARD SPONSOR
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NON-BANK OF THE YEAR
Better Mortgage Management Bluestone Equity-One Firstmac Liberty Mortgage Ezy Pepper Money Resimac
AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19 MFAA YOUNG GUN OF THE YEAR – FRANCHISE This award recognises the best broker aged 35 or under (as at 1 July 2019) who has less than two years’ experience. Criteria include: loan volumes; lead generation; quality of submissions; conversion rates; and overall customer service.
This award recognises the best broker aged 35 or under (as at 1 July 2019) who has less than two years’ experience. Criteria include: loan volumes; lead generation; quality of submissions; conversion rates; and overall customer service.
FINALISTS
FINALISTS
• Adam Wadley, Realestate.com.au Home Loans
• Amy Small, Professional Lending Solutions • Christian Stevens, Shore Financial • Evelyn Clark, Accession Finance • Hoang Nam (Stephen), The Financiers Group • Jonathan De Sensi, The Australian Lending and Investment Centre • Jordan Beh, Insight Property Finance • Joshua Trevitt, Jt Home Loans • Mohit Lal Pradhan, Home Loan Experts • Thomas Kyle Kane Morison, Smart Move Home Loans Pty Ltd • Vivian Wu, Ayers Financial Group
• Brice Booker, Mortgage Choice Brisbane City • Damien Page, Loan Market • Grace Gardner, Aussie Home Loans • Kamal Aeri, Smartline • Melissa Truong Huynh, Loan Market
AWARD SPONSOR
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ADELAIDE BANK YOUNG GUN OF THE YEAR – INDEPENDENT
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AWARD SPONSOR
TO TO BE BE ANNOUNCED ANNOUNCED ON THE ON THE NIGHT… NIGHT…
WESTPAC AUSTRALIAN BROKER OF THE YEAR This award recognises the most outstanding mortgage broker in Australia. The finalists in this category comprise the winners of the individual broker categories: • Broker of the Year – Commercial • Broker of the Year –Independent • Broker of the Year – Insurance (Mortgage Protection & Life) • Broker of the Year – Productivity • Broker of the Year – Regional • Broker of the Year – Specialist Lending
LIBERTY AUSTRALIAN BROKERAGE OF THE YEAR This award recognises the most outstanding brokerage operation in Australia. The finalists in this category comprise the winners of the brokerage categories: • • • • • •
Brokerage of the Year (1–5 staff) Brokerage of the Year (6–20 staff) Brokerage of the Year (Over 20 staff) Brokerage of the Year – Diversification Brokerage of the Year – Regional New Brokerage of the Year
EVENT PARTNER
2018 WINNERS
ME Brokerage Of The Year (>20 Staff) Shore Financial
Best Industry Advertising Campaign Service Pepper Money
Best Non-Bank BDM Andrew Crossley, Homeloans Ltd
Best Non-Major Bank BDM Sally Hillman, St.George
Westpac Australian Broker Of The Year Josh Bartlett, Loan Market – Bayside
Deposit Power Aggregator Of The Year (Up To 500 Brokers) Outsource Financial
Best Customer Service From An Individual Office Smartmove Professional Mortgage Advisors
Liberty Australian Brokerage Of The Year Option Finance Australia Pty Ltd
FBAA Broker Of The Year Independent Will Unkles, 40 Forty Finance
ALI Group Broker Of The Year - Insurance (Mortgage Protection & Life) Nicholas Kakalis, Finance Unlimited
Pepper Money Broker Of The Year - Specialist Lending Stuart Styles, Arthurmac & Co Pty Ltd
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AUSTRALIAN MORTGAGE AWARDS FINALISTS 2O19 EVENT PARTNER
We are people always helping people. We’re Australia’s first bank. A company built on hard work and the Australian spirit. We have 200 years of experience proudly supporting Australia. But it’s not the years that count; it’s the perspective we’ve gained. Our experience gives us a deep understanding of what really matters. A human connection born of empathy and support for the people of Australia. Help is deeply embedded in the DNA of this country, and our idea of help grows directly out of this national identity. Help when it matters is what Australians do. It’s always been part of what we do. Visit westpac.com.au/brokers or speak to your BDM today.
OFFICIAL PUBLICATIONS Mortgage Professional Australia is the leading business magazine for the mortgage and finance industry. Launched in 2001, MPA continues to be the key resource that mortgage and finance professionals turn to for in-depth news analysis, market trends, business data and intelligence. Contact: Rebecca Pike, Editor 02 8437 4784 rebecca.pike@keymedia.com www.mpamagazine.com.au
AWARD SPONSORS As a lender solely dedicated to third party distribution, we’re renowned for going out of our way to support brokers. We have the strength of the Bendigo and Adelaide Bank group, a top ASX100 company, behind us and a home loan product range packed full of features and flexibility (our 100% offset fixed account is just the start). Contact: Amanda James, Head of Broker Distribution 08 8300 6038 amanda.james@adelaidebank.com.au ALI Group is a leading provider of loan and mortgage protection to Australian home and property buyers via mortgage brokers. Since 2003 we’ve protected more than 163,000 Australians with almost $44 billion in cover. Contact: ALI Group 1800 006 776 www.aligroup.com.au Bank of Queensland (BOQ) is one of Australia’s leading regional banks. We’ve been doing business since 1874 and pride ourselves on building long-term customer relationships based on mutual respect and understanding. BOQ offers a full range of personal and business banking services and is regulated by the Australian Prudential Regulation Authority as an Authorised Deposit-taking Institution Contact: BOQ Broker
The mortgage broking industry reads it first in Australian Broker, the market’s only truly dedicated news magazine and website. Firmly established as the most reliable and independent news source for brokers, the ‘broker’s magazine of choice’ includes news, opinion, market analysis, leading broker profiles, sales and market insights, white papers, plus a unique focus on the industry. Contact: Melanie Mingas, Editor 02 8437 4720 melanie.mingas@keymedia.com www.brokernews.com.au
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1300 434 697 boq.com.au At Bankwest, we’re dedicated to you – finding ways to make your job that little bit simpler – so you can get back to the jobs that are really important, knowing you’re being backed by the bank that’s small enough to care, but big enough to cope. Contact: Ian Rakhit, General Manager Third Party 0476 842 344 ian.rakhit@bankwest.com.au www.bankwest.com.au
Bluestone is a fast-growing non-bank specialising in home loans for borrowers in Australia and New Zealand who require solutions not offered by the big banks. Since launching in 2000, Bluestone has assisted over 53,000 borrowers, and has over A$9b in assets under management. Contact: Royden D’Vaz, Head of Sales and Marketing 0408 868 844 royden.dvaz@bluestone.com.au https://bluestone.com.au/au/mortgages/ broker/home 2019 marks the 30th anniversary of the launch of Deposit Power in the Australian marketplace. Over this period, we have helped over one million Australians buying and selling property. Deposit Power assists customers who are ready to buy but do not have the cash available to pay a deposit. Typical customers include first home buyers, upsizers and downsizers who have all their money tied up in equity, as well as investors who are borrowing 100%. As the only Deposit Guarantee provider with a paperless process giving mortgage brokers the ability to issue the guarantee online in real time, our goal is to provide an easy, cost-effective solution for brokers and their customers’ property deposit needs. Remember, if your customer does not have a cash deposit, think Deposit Power. Contact: Deposit Power 1800 678 979 info@depositpower.com.au depositpower.com.au Equity-One has established itself as a leader in Commercial Lending by providing fixed rate solutions with flexible repayment options. Equity-One offers a genuine alternative to business borrowers looking for traditional personalised service. Contact: Dean Koutsoumidis, Managing Director 03 9602 3477 deank@equity-one.com www.equity-one.com
EVENT PARTNER
FAST fosters a culture of diversity and commercial acumen, helping our business partners lead innovation and shape the industry. We’re committed to investing in brokers and their businesses, so together we can grow and succeed in new markets. Contact: Rob Ryan rob.k.ryan@fastgroup.com.au The Finance Brokers Association of Australia Limited (FBAA) this year is proud to celebrate its 25th Anniversary and is the leading professional association to the finance and mortgage brokers nationally. The FBAA not only insists on the highest levels of professionalism, ethics and standards from its members, but is the industry’s association of choice. Contact: Leah Renwick, Business Development Manager 07 3041 0350/0401 929 176 leah@fbaa.com.au www.fbaa.com.au La Trobe Financial is one of Australia’s leading non-bank wealth manager and credit specialists. Our commitment to innovation, product quality and superior service has been proven over 65 years. We have a broad product range focussed on meeting the needs of customers inadequately met by the traditional banking sector. Contact: La Trobe Financial https://www.latrobefinancial.com.au/ Borrowers
The Mortgage and Finance Association of Australia (MFAA) is the peak national industry body for professional fi nance brokers, lenders, aggregators and service providers. Established in 1982, the MFAA represents over 13,500 members and contributes to a healthy, competitive mortgage and finance industry through advocacy, education and business building support. Contact: Stephen Hale, Head of Marketing 02 8905 1316 stephen.hale@mfaa.com.au www.mfaa.com.au In October 2016 MSA National established themselves as market leaders in mortgage processing by launching a string of digital ‘firsts’ that is revolutionising the documentation and settlement process. It is no coincidence that lenders who partner with MSA have happier customers and happier brokers. Contact: Megan Borg 0431 719 230 www.msanational.com.au
Contact: Liberty www.liberty.com.au
Contact: NextGen.Net Pty Ltd 02 9929 5999 info@nextgen.net OnDeck, Australia’s specialist online lender to small business, uses data & technology to provide finance solutions, up to $150k, in as fast as one business day. Over the past decade OnDeck Group has loaned over $8 billion to 80,000 small business across the United States, Canada and Australia. Contact: Oliver Wade Head of Marketing, OnDeck Australia 0406 152444 owade@ondeck.com.au
For over 25 years, Mortgage Choice has been helping Australians with their financial needs by delivering a range of financial choices teamed with trusted expert advice.
Pepper Money is a people focused brand, providing a refreshingly real life approach to lending across home loans, car loans, equipment finance and personal loans.
Starting a franchise with Morgage Choice means more than just starting a business, it’s about building something of your own.
We work with all sorts of people and businesses from blue collar to blue chip. Whatever the circumstances, we take a uniquely flexible, human approach assessing each person’s situation individually. Since 2001, we have helped well over 100,000 Australians achieve their financial goals and we live our mission in everything we do, every day: to help people succeed.
Contact: Mortgage Choice Liberty is a free-thinking finance company that offers innovative solutions at competitive prices to support customers with greater choice. Over the past 22 years, this approach has seen over 350,000 customers get financial with Liberty across home, car and business loans, as well as SMSF lending and insurance products.
NextGen.Net Pty Ltd is Australia’s leading technology solution provider to the lending industry, focused on delivering quality products and services to a range of banks, non-bank lenders and brokers. Our objective is to provide smarter solutions for now and what’s next - delivering best-inclass Software as a Service (SaaS), and leading the market in quality management and processing efficiencies.
1300 650 330 franchising@mortgagechoice.com.au
Contact: Aaron Milburn Director of Sales and Distribution Australian Mortgages & Personal Loans 0438 416 882 amilburn@pepper.com.au www.pepper.com.au/broker
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FEATURES
MATERNITY LEAVE
Questions to avoid asking returning mums For employers welcoming women back into the workforce after having children, there are questions that can be asked and others that should not be. Karen Gately, who experienced this herself, explains how employers should talk to mums
WHEN DO you think you’ll be looking to take maternity leave again? How many kids do you plan to have? Given that you have young children, do you think we’re going to be able to rely on you to work longer hours if needed? Is your head ready to get back into work? These are just a few examples of the endless inappropriate questions women report being asked when returning to work from maternity leave. Despite long-standing laws prohibiting return-to-work discrimination, the Supporting Working Parents: Pregnancy and Return to Work National Review found that this is in fact pervasive. “One in two (49%) mothers reported experiencing discrimination in the workplace at some point. Further, over a quarter (27%) of the fathers and partners surveyed reported experiencing discrimination related to parental leave and return to work despite taking very short periods of leave.”
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Don’t assume that just because a mother is returning to work her young children will be in care outside of the home. Don’t assume she will need to leave work if her kids get sick. Don’t assume the working mum is also the one going home to do the housework so can’t possibly also cope with a bigger job at work.
Ask how you can help
Your intentions are irrelevant Asking discriminatory questions during the hiring process is one sure way to find yourself on the wrong side of the law. No matter your innocent reasons for asking, it will be difficult to defend a case brought against you by a candidate who was asked questions about their parental obligations. Even if their answers to your questions had no influence on your hiring decision whatsoever, that will be difficult to prove. Understanding what you can and can’t ask mums who are returning to work starts with being aware of the law. The rights and responsibilities of employers and employees relating to mothers returning to work are covered by several different laws, including the Sex Discrimination Act 1984 (Cth), state and territory anti-discrimination legislation, the Fair Work Act 2009 (Cth), and federal, state or territory work health and safety legislation. It is essential that you understand that, apart from a few rare exceptions, the law prohibits you from making employmentrelated decisions based on someone’s gender
or parental or carer status. Any question you therefore ask about a women’s pregnancy or role as a parent or carer to her child, for the purpose of making decisions that will either advantage or disadvantage her, is likely to be deemed unlawful.
Check your biases Consciously or otherwise, far too many employers continue to operate under false assumptions about women returning to work. It’s incredibly common, for example, to hear women complain of being ‘grilled’ about their childcare arrangements, or the impact their need to look after children will have on their ability to be reliable in the job. Asking questions such as “how will you cope if your child gets sick?” or “do you have family in the area who can help with childcare if needed?” is both discriminatory and disrespectful. As a woman who twice returned to work after just eight weeks’ maternity leave, having left my two youngest children in the full-time care of their father, I know how truly irrelevant questions about childcare can be.
There is a lot you can do to support women in transitioning back to work by simply asking the question, “What do you need?” Ask what information or insights will help her reintegrate into the world of work and her role. If she’s unsure what she needs, guide her to information, people and other resources that she can call on when questions arise. Ask if there are particular skills or areas of knowledge she would like help in brushing up on. Check in from time to time and ask her how things are going. Ask if there are challenges she is experiencing in her transition back to work that you can support her with. If juggling the demands of motherhood and work are a problem, she’s likely to tell you. Leverage the full potential of women returning to work by asking them about the skills they have gained or improved during their time away from the workplace. A woman who previously avoided taking on project management roles, for example, may well feel highly qualified after spending time raising children. Ask them also if they have discovered new talents or interests they would like to bring to their work in the future.
Karen Gately is the founder of Corporate Dojo, is a leadership and peoplemanagement specialist. She is the author of The People Manager’s Toolkit: A Practical Guide to Getting the Best from People (Wiley) and The Corporate Dojo: Driving Extraordinary Results Through Spirited People.
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FEATURES
CULTURE
Transform your culture in three steps Anna O’Dea offers three ways to make your workplace a more supportive environment
CLIENTS OFTEN ask me how they can introduce initiatives in their workplace to make it a more supportive environment for their team. Being in the business of marketing, advertising and digital, I know that written content helps to develop relationships and build trust. In fact, I spent $50,000 on content to learn about what issues were really important
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to people at work in a bid to help develop that trust. But developing a culture that champions and rewards transparency is not as easy as writing a few blog posts on diversity. It’s about the actions you take as a business and putting your money where your mouth is in terms of reflecting how your team feels. Genuine connection comes down to how
vulnerable we are willing to be with others. It is the act of sharing stories, vulnerabilities and even fears that helps bring us together. When you reveal something about yourself that is not widely known to others, you’re showing that person or audience who you really are. You’re demonstrating that you trust them. This, supported by consistent behaviour that demonstrates integrity, builds trust.
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FEATURES
CULTURE
So many impressive leaders in my network have faced adversity in different forms and balanced this with growing a business and, more often than not, significant personal challenges going on behind the scenes: sickness, loss of a loved one, trauma, and financial and emotional setbacks. These experiences, which have shaped who they are as individuals, have gone on to influence the type of leaders they are and the team they attract. I believe any business can be transformed by listening and leading by example. Here are the lessons I’ve learned since spending $50,000 to find out what’s important to my community and team.
Never make assumptions about people’s lives I’ve learned from tech entrepreneurs that one of the most common mistakes is investing in a solution without asking customers what they want. For example, when we started the #LeadingLadies series, instead of dictating the content we thought would be relevant, we asked interviewees to share their own stories that they hadn’t had a chance to share before. We told them they had access to a blank canvas and nothing was off limits. The floodgates opened. We discovered that issues such as bullying in the workplace, racism, homophobia, sexism, parental leave and negotiating a pay rise were affecting many workplaces, and these brave individuals wanted a platform to address them. I realised that perhaps many workplaces still create initiatives without actually asking their team what’s important to them. It’s tricky for many employees to verbalise what they need without fear of the consequences. I think the bravest question any leader can ask themselves is, “Have you asked your team what they need, or are you making assumptions based on your own point of view in a position of privilege?” Does your team feel they can tell you what they need, or are
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Perhaps we could all do a better job of showing our team that it’s OK to be human at work. That it’s possible to be yourself, open, honest and transparent, and still be liked, respected and rewarded there opportunities to create an anonymous feedback loop so you can better learn how to support them?
Realise that people can’t be what they can’t see After months of research, writing, profiling senior women in leadership positions, transcribing interviews, commissioning countless photo shoots and developing content, some interesting things started to happen. I started to receive emails from people, saying our stories had helped to shine a light on an issue that was pertinent to them. I received phone calls from people in tears, saying they’d faced similar adversity and for the first time they didn’t feel alone. People told me they felt heard and that the series showed them what was possible. I realised countless men and women, from junior professionals to executives, were seeing themselves in these stories, and that was
changing people’s perceptions of themselves. It made me realise that perhaps we could all do a better job of showing our team that it’s OK to be human at work. That it’s possible to be yourself, open, honest and transparent, and still be liked, respected and rewarded. Workplaces with greater diversity deliver higher returns. Could you do a better job of more accurately reflecting the diverse range of opinions and influences that no doubt exist in your business? Are decisions reflective of what’s important to the wider team or just a select few?
When it gets uncomfortable, think of what others will learn from you When I told people I was going to invest so heavily in content, not everyone loved the idea. I was told I was nuts. It wouldn’t generate ROI. Interestingly, and perhaps more reflective of my industry, I was also told to be careful about what I had to say. When you do something new, you bend, you grow and sometimes you fall over. You might even fail. But if you don’t do that new, scary thing, you’ll be exactly what other people expect of you and no further away from those doing the same things. If you really want to be competitive and attract and keep the best talent, ask yourself this: Are we communicating our initiatives internally and externally to let people know there are great workplaces like ours out there? And if we aren’t, is there a reason for that? A recruitment expert and the founder and director of Agency Iceberg, Anna O’Dea has placed thousands of employees in the best workplaces. O’Dea is also the founder of #LeadingLadies, an award-winning interview series featuring C-suite professionals’ career journeys. Follow her on LinkedIn at linkedin.com/ in/annaodea.
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FEATURES
FEAR AND SUCCESS
The power of fear Rather than being a warning of failure, fear can often be a sign of approaching success. The challenge, explains Molly Moseley, is learning to work through it
YOUR PALMS are sweaty. Your stomach has that light, unsettled feeling. Your mind races eagerly from thought to thought. Fear is an innate part of the human experience and has been essential to our survival as a species for thousands of years. While fear keeps us from danger, it can also keep us from many other amazing experiences. Recently, I was asked to speak at a community networking event. I was excited about the opportunity, but fear reared its ugly head. Like it is for many others, public speaking is outside my comfort zone. The thought of addressing a crowd full of people was overwhelming. Would I speak well? Would they learn from me? Could I inspire them? Doubt sunk in. A flurry of negative thoughts raged through my mind, from stumbling over my words to physically stumbling over the podium. I had a choice: give in to fear and maintain the status quo, or challenge myself and give it my best. I accepted the offer and decided not to let fear get in my way. To do the best job possible, I knew extensive preparation was essential. I took plenty of time to prepare my points, hone my message and practise out loud. I was nervous but ready. Ultimately, the presentation went well,
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and I got tons of great feedback. I’m glad I accepted the offer and tried something new. When faced with a career challenge, it’s easy to take the comfortable path. However, when you do this – whether to avoid public speaking, a big promotion or a move across the country – you’ll always wonder about the road less travelled. The next time fear creeps up, rather than considering it a warning of impending failure, view it as a sign that you’re on the right path. Some of the world’s most successful entrepreneurs and inventors attest that fear isn’t always a warning of the negative; it’s often a signal that you’re on your way to success. When facing doubt, it’s important to realise that fear is not unique to you. Everyone experiences fear, even those you might feel are immune to it. Will Ferrell’s 2017 commencement speech at the University of Southern California made this point perfectly. “You’re never not afraid. I’m still afraid,” Ferrell said. “I was afraid to write this speech. And now, I’m just realising how many people are watching me right now, and it’s scary. Can you please look away while I deliver the rest of the speech? But my fear of failure never approached in magnitude my fear of
‘what if ’. What if I never tried at all?” For the graduates about to embark on a brand-new adventure, Ferrell offered some advice that I think is fitting for just about anyone:
• Enjoy the process of your search
without succumbing to the pressure of the result.
• Trust your gut. • Keep throwing darts at the dartboard. • Don’t listen to the critics – you will figure it out.
So next time you feel fear holding you back from trying something new – whether in your personal or professional life – push those feelings down and stomp them with your foot. Then be bold and see what happens. Chances are, you’ll succeed. At the very least, you’ll be glad you tried. Molly Moseley is a marketing strategist and brand evangelist. She serves as part of the cross-functional leadership team at LinkUp who are developing, managing and positioning products to capture new market share and expand existing relationships. For more information, visit linkup.com.
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PEOPLE
BROKERAGE INSIGHT
A safe space for every customer The diversity of the Australian population calls for an equally diverse mortgage broking industry, and no one knows this better than Stephen Rossiter and Owen Evans of Mortgage Choice Surry Hills. They talk to MPA about their experience of being ‘‘the gay brokers” who can step into their customers’ shoes
FAIRNESS, HONESTY and opportunity.
Creating visibility
These are the pillars that Mortgage Choice Surry Hills is built on. It is the understanding that each and every customer has a story to tell and the same right to opportunities that drives the franchise owners who, as two gay men, have their own stories. Franchise owner Stephen Rossiter took on the business in 2002 after working at a major bank for most of his career to that point. His partner, Owen Evans, joined him in the business two years later. While they are no longer in a relationship, their business partnership remains strong. Rossiter and Evans know how important diversity is in servicing the range of clients who walk through their door. “There’s diversity everywhere; if you look at the census data, 60% of people in our local area are born overseas. It’s an amazing number; six out of every 10 people have come from somewhere else. That’s absolutely reflected in the people that we deal with,” Rossiter says.
The joy of helping customers shows on their faces as they exchange stories in their office in the Redfern/Surry Hills area – particularly about the people they have helped who have not been listened to elsewhere. With their diverse client base, this happens a lot. Rossiter tells the story of an Indigenous primary school principal who was the first
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Evans adds, “That’s where we feel proud, in that we know we’ve listened and understood. People will come to you and say, someone wouldn’t talk to me or they made a joke, or I was too embarrassed. But if you have an open mind to life, then people feel listened to, they feel that they count; it matters. “You saw the joy on Stephen’s face when he was able to do something. It’s lucrative to
“When you are part of a minority, you have your own unique experience of society. There’s a solidarity that comes from a shared experience” Stephen Rossiter, Mortgage Choice Surry Hills person in her family to go to university and was also going to be the first to buy a home. “She said, ‘Stephen, am I going to get the loan?’ I said yes, but she replied, ‘Everyone has said I won’t get the loan; they won’t give it to you’.”
do somebody’s seventh investment loan, but it’s absolutely exciting to do somebody’s first home. That’s a joy; a real extraordinary moment to be part of.” Rossiter says the industry has come a long way in terms of diversity and inclusivity,
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FAST FACTS Company: Mortgage Choice Founder: Stephen Rossiter Location: Surry Hills Year founded: 2002
particularly over the last 25 years, but adds that there are still people it is not easy for. He and Evans reflect on their earlier days as “the gay brokers”. “It’s like being the gay novelist and going, OK, it’s visibility, but is it the visibility that I wanted? But because of that visibility we became ‘the brokers’,” Evans says. “Suddenly other heads were lifted above the parapets as well. You discover there are more people at head office, and people would talk about their boyfriends. You have to be visible in order to create a good space for everybody to be who they are.”
Shining a light on diversity But there is still a way to go to raise awareness in the industry. Mortgage Choice Surry Hills
sees a number of customers from the LGBTQI+ spectrum, and while Rossiter and Evans have the understanding to cater for those borrowers, some brokers still don’t. Evans describes it as the sun rising and the ‘LG’ part now being in the light, while the sun still needs to shine on the rest of the spectrum. Applications sent to the bank or other brokers on behalf of polyamorous or transgender borrowers have faced difficulties. “When you are part of a minority, you have your own unique experience of society. There’s a solidarity that comes from a shared experience. This allows us to build trust with our customers in the LGBTQI community,” says Rossiter. “It’s important to us that all our customers feel safe and respected, regardless of where they
Services offered: Home loans and financial planning Number of employees: 7
fall on the spectrum. We have a number of trans customers, and it pains me to think that they would be ostracised or disrespected.” While Rossiter and Evans don’t proclaim that they are gay to every customer who walks in, visibility is very important to them, whether that’s through reviews from same-sex couples or Facebook posts at Mardi Gras time. “Visibility is important so people know it’s a safe space. It’s an overused description, but it’s what we all seek,” Evans says.
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PEOPLE
OTHER LIFE
TELL US WHAT YOU GET UP TO Email rebecca.pike@keymedia.com
2016
Year Lisa Bridgett became a broker
“Thankfully, I a m surrounded by a great tea m of experts. Together, we deliver a service my clients benefit from and appreciate’’
2019
Year she joined Loan Market
2
Number of children Bridgett has
TAKING THE BIG LEAP Sports scientist Dr Lisa Bridgett has successfully crossed over to broking, using her people and analytical skills to build valuable client relationships WITH A bachelor's degree in exercise and sport science and a PhD in biometrics, biomechanist Dr Lisa Bridgett began her career working closely with the Australian track and field Olympic team, helping its elite long-jump athletes find an edge from a mechanical physics perspective. Bridgett toured with the team as they prepared for the Sydney 2000 Olympics, spending hours collecting data, then analysing their techniques and providing recommendations to improve their performance. “In biomechanics, the solution is developed through scientific analysis, and the clearer the data and process is, the easier it is to achieve the result,” Bridgett says. Years later, driven by her passion for property and helping people, and backed up by her formal business qualification in project and business management, she made a big career leap to mortgage broking. “I’ve done a lot of lecturing at various universities in Sydney. Having this experience has been beneficial in the much-needed educational piece when I sit down with my clients,” she says. “As technology is central to biomechanics, operating in the digital space is central to my broking business.” Now at Loan Market, Bridgett has many high-networth clients who demand deep strategic insights. She explains that just as a biomechanist plays an integral role in the make-up of an athlete’s support team, a broker does the same for a homebuyer or investor. She adds that good brokers should work with a good conveyancer, buyer’s agent, accountant and financial planner to help their clients develop a comprehensive financial strategy.
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