Broker. May 2017

MAY 2017

Magazine

NATASHA HAWKER

...................

10 C o m m o n

Recruitment Mistakes

Finger on the pulse PETER SWITZER Latest economic show & tell FBAA INDUSTRY UPDATE ° CHIP OFF THE OLD BLOCK - GRAHAM & JOEL DOESSEL

CONTENTS

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cover story

Peter Switzer

takes us through the latest economic show and tell

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In the chair

With Jan Kirstein

8

INDUSTRY NEWS

Wheels in motion

16

AGGREGATOR NEWS

Success from strategy

20 Lender news

Did someone say change?

24 Andrew Griffiths

Andrew Griffiths gives business advice which is right under your nose

28 Cyber crime

Social media networks could expose you to fraudsters

42 NatAsha Hawker

Mistakes business owners make when hiring

52 broker news Board 2

EDITOR & HEAD OF CONTENT Peter White

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MANAGING EDITOR Krystal Camilleri STAFF WRITER Rachel Licciardello CREATIVE DESIGN & PHOTOGRAPHY Jodi Kite Brisbane Headshots Krystal Camilleri ADVERTISING Krystal Camilleri TELL US WHAT YOU THINK We appreciate hearing from readers. If you have feedback, news or have a story idea you would like us to cover, please contact us using the below details NEWS, ADVERTISING AND ADMINISTRATION e: editor@fbaa.com.au p: 07 4721 1174 w: www.fbaa.com.au

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chip off the old block FBAA'S youngest member follows in the footsteps of his father

All information and images are subject to copyright. No part of this publication may be reproduced without prior permission in writing to the Finance Brokers Association of Australia Limited.

The views and opinions of the authors and advertisers do not necessarily reflect the opinions of the publisher.

While every effort has been made to ensure the accuracy of information at the time of publishing, the publisher accepts no responsibility or liability for errors, omissions or subsequent consequences including loss or damage from reliance on information in this publication.

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In The Chair with Jan Kirstein I remember first starting out in the finance broking market. It was about 20 years ago and I left my banking career at the ripe age of 40 to pursue broking. Mine is a familiar beginning for many of you I’m sure; we are, overall, an aged industry.

As a growing industry though, we know it is in our interest to have all demographics developing the industry. To be frank, it was no surprise that our research showed high school students were unfamiliar with broking as a profession.

The FBAA has always prided itself on its innovation, and so we developed a Student Membership, through which students aged 21 years and younger are able to get a feel for the industry, and a direct entry into broking as a career.

For this edition, we spoke to well-known member Graham Doessel and his son Joel who enrolled as a student member at the age of 16—a fair way riper than 40!

Now that we have established a career path into the industry for young people, our next focus is to develop a course targeted at those new to the industry, the mature-aged newcomers not yet familiar with our industry’s idiosyncrasies.

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Starting out in broking is similar to starting a new business—many will fail within the first two years. If we can help newcomers set the right foundations and navigate their first two years, they will find their feet and they will run.

Also this edition we welcomed leading economic commentator Peter Switzer to take the stage, so to speak. Few could argue Australia is currently experiencing a twospeed economy—one of rapid house price growth in Sydney and Melbourne and one of less-than-lessor growth (sometimes negative growth) in the rest of Australia’s markets.

Reading Peter’s comments reminds me of the importance for each of us to stay in tune with our local markets so we are ready when opportunities develop.

We all need our fingers on the pulse.

Jan Kirstein Executive Chairman Director

Your client’s world is upside down:

Recently, an investor needed to borrow $1,000,000 to purchase a property.

He would lose his entire deposit if he couldn’t settle by Friday.

He called us on Thursday morning.

While our promise of 24 hour turnaround means challenges for us, it means results for you and your clients.

Read the full story at

news.crownandgleeson.com.au 7

With a new commercial lending masterclass series set to launch, the return of the FBAA national tour, the 2017 annual industry conference and awards night scheduled for November 24 and new webinars in production, the wheels are well and truly in motion behind the scenes at FBAA.

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INDUSTRY UPDATE

WHEELS IN MOTION

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INDUSTRY UPDATE

WHEELS IN MOTION S

o far, 2017 has been busy and the FBAA continues to gain traction. FBAA Executive Director Peter White fills us in.

BIG WIN FOR INDUSTRY We have spent some time working with Treasury regarding the funding of ASIC’s enforcement cost recovery, to great result.

Last year, the total ASIC enforcement cost against brokers was initially positioned to industry as $15.5 million. We had that figure examined internally, and discovered anomalies in how this had been equated.

As a regulator, ASIC cannot recover more than cost. We went back to Treasury in January, met with them in February and through the efforts of the FBAA we’ve managed to reduce that bill to $10.6 million. That’s a reduction of roughly onethird, which would have been funded by whole of industry.

To fund this industry cost going forward, Treasury will change costs to renew Australian Credit Licences (ACLs) to $1000 per licence, and $70 per Australian Credit Representative.

Billings will start in 2019, based on ASIC’s 2018 enforcement cost. In today’s 10

rough mass, the cost looks like $1000 and $70; but this is subject to change.

If we behave ourselves as an industry and the enforcement costs go down, those costs of $1000 and $70 will also go down.

Conversely, if industry doesn’t behave, the cost goes up. This is a good methodology for industry to further self-regulate and manage risk and our compliance obligations.

HOMELOAN COMMISSIONS: DISCUSSIONS CONTINUE In March, Minister for Revenue and Financial Services Kelly O’Dwyer released ASIC’s findings on the review of homeloan brokers’ commissions and has given industry until June 30, 2017 to respond.

We are now working towards that deadline, building submissions and proposals with close consultation with our stakeholders, aggregators, industry and you our members to put our response to Treasury.

Please email me direct by the end of May 2017 with any comments or views you wish to have stated or considered in this submission.

We have also now seen the release of the ABA’s Sedgwick Report; and we completely oppose any considerations this report suggests in changing broker commission structures. It is important to note this is not a paper from our Regulators or Government, it is not law, it is one man’s opinion only as commissioned by the ABA and paid for by banks. Mr Sedgwick is a career public servant and has never worked in banking finance or our industry, and I challenge his capabilities of making the statements he has.

I am appalled the banks should be acting on this without the conclusion of ASIC’s and Treasury’s stakeholder engagement on the Broker Homeloan Commission Review. I have made comment to the Prime Minister on this, and will make further representations to government, ASIC and Treasury.

We will not be silenced on this unless the banks wait for the conclusion of this regulatory and ministerial process.

Additionally, I have been asked to appear at a Senate Economics References Committee Inquiry into

CANADA UNITED KINGDOM

USA

HOLLAND

AUSTRALIA

Who uses brokers for distribution of mortgage products? Key markets searched by FBAA.

consumer protection in the banking, insurances and financial services sectors.

You have my guarantee I will present brokers’ consumer values in the strongest manner.

BASELINE COMMISSIONS DON’T CUT IT Last year we undertook global research of key markets around the world that use brokers for distribution of mortgage products. This report appeared in industry media through mid-April.

We collated data from the UK, Holland, South Africa,

SOUTH AFRICA

NEW ZEALAND

USA, Canada, New Zealand and of course the Australian mortgage market and real estate industry. We looked at each market’s whole journey: When did the industry start? Was it an embryotic position? How did it grow to be what it is today? What was the regulatory environment like back then and what it is now? Where do they see the industry going in the future?

On a comparative scale around the world, we are one of the lowest paid and one of the only markets that suffers clawbacks in the law.

What future events might impact their marketplace?

OMBUDSMAN AMALGAMATION

We positioned the paper back to government, which validates changing the baseline commissions paid to brokers as they are today.

Discussions continue around amalgamating our two industry ombudsmen — the CIO (Credit Industry

If you haven’t already viewed the report, it is available on the FBAA website member’s area. https://www.fbaa.com.au/ members/members-area/ membership-account/

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INDUSTRY UPDATE

WHEELS IN MOTION Ombudsman) and the FOS (Financial Ombudsman Service). In December 2016, the FBAA offered comment to support the merging the two ombudsmen to improve efficiencies.

We believe concerns around monopolisation of the two are moot, and by bringing the two together we will see better case management and system enhancements.

We are currently waiting to hear further on this item, and expect a decision within the next few months.

MASTERS OF COMMERCIAL LENDING Last edition we announced the formation of the Committee for Equipment Finance and Commercial Brokers. While this committee will drive many initiatives in the marketplace, their first charge has been to develop a masterclass series for commercial and business lending.

This project is well underway, with the masterclass set to launch in the second half of 2017.

We have a whole host of lenders getting behind us on this, and while banks will be contributing to the seminars, no brand or

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bank will be ‘pushed’. This series will focus on how to conduct credit lending and submissions, and professionally understand your borrower’s industry.

Each is just as important as the other.

This series is not a professional development session, it is an acutely developed masterclass for those wanting to truly be experts in the areas of commercial lending, assisting with small business lending.

Glen Mitchell, Head of Commercial & Leasing at Vow Financial and Chair of our Commercial Committee, is working with the FBAA to bring this series to market.

We see great value in such a series, and will open the class to FBAA members as well as the entire industry.

At this stage, we will deliver this masterclass to Melbourne, Sydney, Brisbane, Adelaide and Perth in July and August this year. Watch this space for more information regarding dates.

BY INVITATION ONLY Key senators of the Australia Government once again

invited the FBAA to attend a federal budget evening on Tuesday 9 May. This is my seventh year to be invited to this event, which reinforces the level of engagement we have with government, and how government views the FBAA. We have invaluable access to senators and ministers to speak about key issues impacting our industry, and use this opportunity to build relationships.

Additionally, Treasury has specifically invited us back into the Federal Budget Lockup so we can view and review the coming Federal Budget before it goes public at 7.30pm that night.

Each year it is reassuring to know the FBAA continues to be regarded as worthy of a seat at the table.

NATIONAL TOUR RETURNS The FBAA’s national tour is back! We are due to hit the road late July and continue into early September, visiting every state and territory across Australia. This year we will focus on business coaching and motivation, and will feature keynote speaker Lisa Montgomery who featured on the cover of January’s Broker.

Lisa is an inspirational speaker, sharing her industry experience and achievements, as well as her hardships including a fierce battle with cancer.

More information about touring dates will be posted to the FBAA website member’s area in the coming weeks. https://www.fbaa.com.au/ members/members-area/ membership-account/

YOUR BIZ IS SMALL BIZ

WEBINARS SET TO GO LIVE Last edition we announced our plans for a series of webinars and webcasts that will discuss industry-relevant topics. The wheels are in motion, and we plan to launch the first of this mid2017.

SAVE THE DATE The FBAA Conference and Awards evening will be held Friday 24 November, 2017.

More on that to come.

The Small Business Association Australia’s (SBAA) inaugural summit will take place May 31, 2017 on the Gold Coast. This summit will focus on small business. All FBAA members are invited to attend and can get the SBAA member rate to purchase tickets.

Peter White

Executive Director Government | Media | Strategy

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Whether you are an established mortgage broker or just starting out in the industry, there is always room to improve productivity and business growth. Here, nMB looks at some ways they can help you strategise growth for your business.

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Aggregator news

Success from strategy

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AGGREGATOR NEWS

Success from strategy A

round the globe there is unprecedented interest in the first 100 days of the Trump presidency.

Donald Trump, using the momentum of his somewhat surprise election, is attempting to implement his campaign promises and repeal much of the policy of his predecessor.

Although we are certainly seeing a very different style of presidency, the flurry of activity associated with his first 100 days is not new.

The phrase ‘the First 100 Days’ was introduced to describe US President Roosevelt’s first three months in office, when he instigated an enormous amount of activity to try to end the Great Depression. It has since become a measure of the success of subsequent Presidents in laying the foundations for their fouryear terms.

The concept has made its way into the business world to describe the early days of a new leader, employee or business start-up.

The actions taken in this period have far reaching consequences and are a strong predictor of future success.

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Moving into a new career in mortgage broking is particularly challenging as you must not only understand the intricacies of lending, but also become proficient at sales, marketing and day-to-day business management. Although the new broker has completed the required technical training and brings skills from previous careers into their new roles, they will need to keep learning.

At nMB, we believe that the key to a successful transition into this new career is to adopt a systematic approach to the first 100 days of being a broker. Some much so, that we recently launched a new publication The nMB Mortgage Broker Playbook that offers advice, tools and tips informed by the experiences of both veteran and new brokers. It provides a framework to determine where the new broker should be focusing their time and resources, split into three 30-day periods up to day 90, with 10 days for review between days 91 and 100.

The framework is built around the concept of what we call the successful broker’s ‘Rule of Thirds’— the ability of the broker to

balance their time evenly between marketing, sales and business management.

Our experience shows that the secret to sustainably growing business is to spend around one third of your time on marketing activities to attract new prospects and gain additional business from existing clients; another third in sales meetings with clients, advising them on lenders and products; and the final third on progressing your clients’ loans from interview to submission to settlement.

All while minimising time spent on day-to-day administrative tasks.

Of course, at the start of the 100 days, time will naturally skew towards administrative tasks related to setting up the business, marketing programs to generate sales leads and training and accreditation to develop lending capabilities.

After the first month, the more administrative aspects of business management will diminish and you can expect a greater focus on sales.

The concept is relevant not just to the new broker, but also existing brokers looking for a fresh start. You may

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Mortgage Brokers entering the industry can falter and still recover, but it is far better to not falter at all and instead use this transition period to lay the foundations for your successful future.” have drifted off track, or growth has plateaued, or you wish to go in a different direction. It may be worth taking 100 days to seek new markets, upgrade your skills or diversify into new products, such as adding commercial lending or asset finance.

Equally as important to ‘hitting the ground running’ on your new path is staying on track. One important way to do this is for the broker to continually engage with their Aggregator and other brokers in the group.

quarterly basis. This includes operational metrics such as lead generation, conversion rates, processing speeds and even travel times. This gives brokers hard numbers to continually measure progress and improve their business. For example, if you can encourage people to come to you, and have a professional place to meet, you can save as much as 15 hours travel time over the course of a month.

At nMB, we measure the performance of brokers and provide individual data benchmarked against average and best practice to each business on a

nMB is the Mortgage Aggregator with the experience, technology and resources to build relationships with brokers and grow together. The nMB Mortgage Broker Playbook, Broker Benchmarking and Commercial & Asset Finance initiatives are just three services offered to support your mortgage broking career—whether you’re starting out or looking for a fresh start.

"The first 100 days is not the end of the journey, it’s the end of the beginning."

Gerald Foley

National Mortgage Brokers

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did someone mention

change?

LENDER NEWS

Suncorp’s Mark Vilo on the various reviews, enquiries and programs impacting the finance broking industry.

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LENDER NEWS

did someone mention change?

D

id someone mention change? At last count, there were more than 19 different reviews and enquiries underway in the financial services sector alone. Additionally, the Australian Bankers’ Association is sequencing the release of its ‘Better Banking’ program to deliver improved outcomes for customers.

Remuneration is just one of the areas that’s set to undergo change and has been the topic of discussion since ASIC released its 13 key findings in its Review of mortgage broker remuneration report last month. If you’re a mortgage broker and passionate about the future direction of your 22

industry, then it’s vitally important that you speak up and have a say on the recommendations and start working through how these may affect your business with your aggregator before the 30 June 2017 deadline. At Suncorp, we continue support the mortgage broking model as it provides a unique service to Australians looking for choice when it comes to borrowing money.

We also maintain there is a role for commission to recognise the contribution of intermediaries as part of that process.

With the ‘Better Banking’ program we will soon see the introduction of a new Code of Banking Practice, designed to improve

customer service. We strongly support a new Code that is written in simple language, is free from commitments that overlap current laws and regulations, is consistent and is generally easier for customers to understand.

For the crystal ball gazers the debate is set to continue around the rapid growth in dwelling values and household debt. To date, this has led to a range of initiatives aimed at slowing the pace of residential property investment, including increased government charges applying to foreign buyers, and APRA’s macro-prudential guideline urging lenders to cap the annual growth in property

? investment lending to 10 per cent. We have already seen some banks significantly tighten their lending to property investors and speculation remains that APRA may review the cap.

Applying a practical lens to the situation, we’re increasingly hearing of GenYs' reliance on ‘the bank of mum and dad’ to enter the property market.

This has the potential to exacerbate the current challenges as cashed up parents use home equity and SMSFs to get a foothold for their children. There’s also murmurs about allowing first home buyers to use superannuation as

the basis for securing a home deposit — but that’s a debate for another time.

With this in mind, we (no doubt along with all of you) will be keeping a close eye on the Federal Budget next month to see what the Government’s response will be to investor lending, as well as its plans for housing affordability and the first home buyer market.

Residential property aside, one of the biggest opportunities for brokers this year is looking at diversifying into small business lending.

Approximately 30 per cent of our home loan customers

are self-employed, which provides an enormous opportunity for brokers to start looking after their existing customers’ small business requirements.

Australia is home to more than 2 million small businesses, accounting for 96 per cent of the country’s business sector, yet only 10 per cent use a broker for their lending needs. For brokers who can provide expert advice, innovative products, an easy onboarding process and speedy execution, the opportunities are endless.

In short, I’d say there’s never been a better time to be in our industry!

Mark Vilo

Head of Bank Intermediaries

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Some of the Best Business Advice You Could Ever Want or Need Is

Right Under Your Nose

Author • Mentor • Presentor

Author • Mentor • Presentor

Some of the Best Business Advice You Could Ever Want or Need Is

Right Under Your Nose W

hilst we are obsessed with the big names in the entrepreneurial world, the quiet achievers have so much to share.

Whilst the rock stars of the entrepreneurial world tend to be the ones who get most of the airplay (for very good reason — they are really impressive), I often wonder if we miss some of the best advice simply because we don’t think to ask those less famous for their wisdom.

Last week I had the great pleasure of meeting a man who was the third generation owner of a sausage and ham making business. His name is Edwin, he is 75, at the tail end of his business career and ready to pass the reins to his son.

I asked Edwin for the best advice that he would offer to entrepreneurs starting out today. He thought about this long and hard, and then he quietly said, “this is not a big idea, or flash, or tech, but the thing I have learned the hard way is the importance of learning to listen to your instinct. Most of the biggest mistakes I have made over the years have all come back to me not listening to my intuition”.

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Sage advice that I agree with wholeheartedly. I love old entrepreneurs like Edwin. In fact I love all business owners who have overcome the odds and proven that they can make a business work.

Every time I meet a business owner who has built a successful business, I ask them for their best piece of advice to help guide me. I have no doubt at all that I have been given the best advice imaginable through these encounters, that’s why I keep doing it.

It might be the corner store owner, your accountant, the local restaurateur — it doesn’t really matter. Reach out and ask them what advice would they give to the 18-year-old version of themselves? You might be very surprised by what they have to say and share.

Being successful in business takes an open (and determined) mind. Smart entrepreneurs are hungry for advice from those who have gone before them, because they realise that by asking the right questions they might avoid making the same mistakes.

Have you got an Edwin that you see every day who could share some wonderful pearls of wisdom if you simply ask? By all means love and embrace the big names of the entrepreneurial world, but let’s not forget the everyday business owners who are doing impressive things every day and have probably been doing them for many years.

My advice, find the Edwins close by, take the time to track them down, buy them a coffee and ask them to tell you their story. It will be time well spent for you, and a wonderful mark of respect for them.

Everyone wins.

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CYBER CRIME

Friend or foe:

how social media networks could expose you to fraudsters The benefits of your business having a social media presence are many. You can create connections to existing customers, find and target prospective clients and create a community around your brand. There is, however, a darker side to social media and the wider web, and that’s where fraudsters lurk. Are you protecting yourself?

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CYBER CRIME

S

ocial media is an attractive product for the Small to Medium Business (SMB) owner as it allows large-scale access to their market with the ability to uniquely brand their products and services at little to no cost. Many consumers expect their potential finance broker to have a social media presence that allows them to assess the person who is to assist them with financing one of the biggest financial decisions of their lives.

A requirement of this form of promotion is to provide details not only of the products and services the broker has to offer, but an insight into the people behind the business who are to provide the specialist advice to the client.

Skills, qualifications and experience are factors on display as well with many SMBs using social media as an opportunity to display their personality.

Unfortunately it is not only potential clients who read social media profiles but online criminals who see finance brokers as a vital element in their defrauding financial institutions.

With the ability to obtain fraudulent identities and supporting documents online from criminal forums, the fraudster may approach a broker with a suite of documentation that are exact replicas of the originals, or complete fabrications.

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“

When the fraudster makes personal contact with the broker in their office seeking a loan, the relationship has already been established, the research undertaken, the profiling complete…” – Dr Graeme Edwards Social media is a useful resource to the criminal— the more information the criminal can identify about the personality of their target broker the easier it is for them to be able to tailor their initial and subsequent approaches. Whilst a broker may have a business social media presence, it is easy to locate the persons behind that business page and research their personal profiles as well as conduct extensive online research to identify details of the target.

Examples include age, area of residence, groups they belong to, charities supported and family associations.

Affinity fraud is a particularly powerful crime type as a personal relationship may be built up online by using techniques such as liking updates, sharing posts, making positive comments and supporting charities the broker is personally associated with.

When the fraudster makes personal contact with the broker in their office seeking a loan, the relationship has already been established and the broker is induced to see their personal values reflected in their new client they may have been linked to and communicating with online for several months.

With any form of fraud, a strategy of knowing your client will help towards avoiding the facilitation of a fraud where the fraudster has used social media to profile you before the initial approach. Use your experience in understanding the needs of your clients to reduce the possible instances of this form of fraud. You do not have to accept at face value the legitimacy of every document presented to you.

If a client appears to know a lot about you it could mean they have conducted their own research to locate a good broker or they may have profiled you to commit a fraud.

While social media is a very valuable tool to the finance broker, it is essential you understand the environment you are operating in with the realisation not everyone reading your personal or professional profile shares your standards of integrity and ethics. Social media is a valuable weapon to the criminal and finance brokers are valuable targets.

Dr. Graeme Edwards Director, Cyber Consultancies Pty Ltd graeme@ cyberconsultancies.com.au

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Lifting your business profile without advertising

By Lyall Mercer, Managing Director of Mercer PR, FBAA’s media and public relations consultants.

Y

ou may have noticed that many media stories feature “experts” giving their opinion on various topics, from legal matters to plumbing tips. The media look for comments from a wide range of people because objective commentary adds to the credibility of the story and provides valuable content.

In this new media age there are fewer journalists requiring more content, and this content needs to be produced and updated on digital platforms 24/7.

You can help journalists with content production and raise the profile of your business at no cost to you except time.

Finance and mortgage-related stories are produced and written regularly because the media knows they are of enormous interest to consumers. Journalists are always looking to speak to those who can provide a fresh outlook, new thoughts and interesting comments.

You are an expert. You know more about finance, loans and mortgages than the

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average Australian and most journalists, and your opinion and advice is invaluable.

Don’t belittle your expertise. When you see other “experts” quoted in the media you don’t really know how qualified they are, but you assume they know what they are talking about because they are featured on TV, radio or in a digital or print story, and you are probably right.

Likewise, potential clients will assume you have a high level of expertise when they read your comments or listen to you speak on local radio about issues that affect them.

So how do you pitch yourself as an expert and feature in news stories? Here are a few tips:

1.

Follow the news and stay updated with current issues in your field. Think about what you could say to contribute to the public discussion.

2.

The media need stories that are newsworthy, so ask yourself if your thoughts and insights into

an issue are relevant, timely and would be of interest to the general public. The mainstream media look for advice, information and tips that can bring real value to their listeners, readers and viewers.

3. Find the contact details of the journalists

4.

Send them a brief email with your thoughts and bio, listing your experience.

Don’t feel you have to write a formal media release (you can if you know how to). In the end, as long as you present your thoughts and who you are to the journalists, your email will be read.

behind the stories that have motivated you to contribute. Every written article has the author’s name, while TV and radio stories are signed off by the journalists.

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CHIP OFF THE OLD BLOCK At just 17 years old, Joel Doessel is one of the FBAA’s youngest members. At 16 he became a FBAA student member, exposing him to the finance broking industry and igniting an enthusiasm he hadn’t experienced at school.

Seven months on and Joel is now navigating a career path as a fully accredited broker, with plans to eventually take over his father Graham’s firm and become Australia’s top broker. Look out!

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CHIP OFF THE OLD BLOCK

“The student membership opened my mind to what goes on in the finance industry,” says Joel, whose father Graham Doessel owns Brisbane-based Mortgage NOW and East Coast Finance and is a long-time FBAA member. “As an outsider, it seemed all smoke and mirrors. I knew dad got loans for people but I didn’t understand how he did it or the importance of his role in getting people into their next home, particularly when they have a difficult situation.”

For Graham, seeing his son discover a career passion has been the greatest reward. “As a student member Joel saw the benefits of being a broker and plunged into the next steps—completing his Cert IV and anti-money laundering certification all within two months of signing up as a FBAA student member. That says a lot about the course— that it gives kids the right impression of the industry.

It’s not an easy industry, you’ve got to get off your bum and work hard.

I

n an industry made up of mostly males 35-years-plus, the FBAA is reaching out to the next generation of finance brokers through its student membership. Joel Doessel, who signed on as a student member at 16 years old and is now a fully accredited FBAA member at 17, is part of that next gen.

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The student memberships, which are free, are available to high school and university students currently studying, and who are not already working in the credit and lending industry. Currently, this program is the only student-based career path to become a finance broker.

“The FBAA is teaching students the realities of broking, and showing there is a clear and defined path into becoming a broker. This course would be a great launch pad into any area of finance or banking.”

For Joel, who described his final year of school as demotivating and draining and says he struggled to maintain focus six hours each day, he has discovered

“

The FBAA is teaching students the realities of broking, and showing there is a clear and defined path into becoming a broker. This course would be a great launch pad into any area of finance or banking.”

GRAHAM DOESSEL

“I always wanted to have the business continue after me,” admits Graham, whose daughter Stephanie and eldest son Cory each worked in other businesses of Graham’s until Stephanie moved on and Cory relocated to Canada last year. “Joel has really captured the essence of the business and taken it by the horns. I’m doing whatever I can to help Joel build up the equipment finance part of the business to be his at some stage.”

This succession plan suits Joel just fine.

a hunger for the industry and a desire to continually raise the bar for himself.

“I am proud of Joel,” Graham reflects. “He’s done the work, paid his own fees, and got into a job where he can make an unlimited income based exclusively on his efforts. How many 17-year-old kids create that opportunity for themselves?”

As an employer, Graham says the benefits of the program are invaluable. “Joel—and his generation—can bring a different energy, and perspective. He has a freshness and an enthusiasm I haven’t seen for a long time in this industry.

“I have some ambitious goals,” Joel admits.

“At my one year mark—October 12, 2017—I want to have $1 million of total loan amounts in asset finance alone, completed. My fiveyear goal is to be Australia’s top broker, settling total loan amounts of roughly $1 million per month.”

If Joel achieves his target, he will be 21 at the time. “You’ve got to aim high!”

STUDENT MEMBER PROGRAM Is your daughter or son interested in a career in finance?

CLICK HERE TO FIND OUT MORE

www.fbaa.com.au 37

PETER SWITZER

Finger on the pulse: Peter Switzer Leading business and financial commentator, award-winning broadcaster and former economics lecturer Peter Switzer takes us through the latest economic show and tell.

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By Peter Switzer

W

ith the home loan sector under fire from APRA (the Australian Prudential Regulatory Authority) and the Reserve Bank, the best development has to be a strong Australian economy to underpin the optimism of home buyers, who have been paying what some people argue are crazy prices for property. The worstcase scenario for those courageous homebuyers would be a recession, so let’s check the pulse of the Aussie economy.

On some economic measures, the Australian economy has slipped a gear into a slightly slower pace of growth. On other indicators, however, it continues to impress. Professional economists say the data is mixed. In its recent ramblings, the Reserve Bank has quietly stepped away from its 3% growth expectation for 2017, though it hasn’t gone too negative on us.

Our last growth reading was a great 1.1% number for the December quarter.

If we were in the USA, that growth number would be annualized or multiplied by four, and we’d be calling it a 4.4% result. That would be huge in the USA, where in Trumpland, they’re only producing 2% growth rates!

Our September number was a shocker, coming in at minus 0.5% but it was a rogue one-off result — thank God! 39

PETER SWITZER

So what’s the latest local economic show-and-tell?

Here goes: • The CoreLogic Home Value Index of capital city home prices rose by 1.4% in March and was up 12.9% over the year.

• The NAB business conditions reading was the best in nine years! It went from 9.3 to 14.2 in March.

The long-term average is only 5.

• Business confidence slipped from 6.7 to 6.1 but that’s still a solid result. The long-term average is 5.8.

• Consumer confidence has been disappointing but the ANZ/Roy Morgan reading for the week of April 11 was up 3.3% to 114.8, which beats the average since 2014 of 113.2.

• There were 105,410 new vehicles sold in March, the highest for any March month and 0.9% higher than a year ago.

• The Performance of Services index rose by 2.7 points to 51.7 in March and edging closer to the 8.5year high of 54.5 in January.

Any number over 50 means expansion.

• The Performance of Manufacturing index eased from 15-year highs, down by 1.8 points to 57.5 in March. This was the sixth consecutive month of expansion.

• Total household wealth (net worth) stood at a record $9,404.5 billion at the end of December 2016, up $328.1 billion (or 3.5%) 40

over the quarter ­­— marking the largest quarterly increase in net wealth in seven years.

• Job vacancies rose by 1.8% to 185,600 in the three months to February — a 6-year high. Job vacancies are up 7.3% on a year ago.

relatively optimistic on the Oz economy.

Given the uncontrollable, namely the economy, is set to work to your advantage.

"The challenge for you is to be the best performer you can be."

• The number of passengers on the Sydney-Melbourne route rose in January, was up 1.6% on a year ago. The Sydney-Melbourne route is a key measure of business activity.

Being committed to self improvement is the best way to create your competitive advantage.

• Private sector credit rose by 0.3% in February, after a 0.2% gain in January. Annual credit growth of 5% is near three - year lows.

How do you improve? If you’re committed to better outcomes, get on board with what I share with you six days a week on my website www.switzer.com.au.

• The Commonwealth Bank Business Sales Indicator (BSI) ­— a measure of economy-wide spending — rose by just 0.1% in trend terms in February, the slowest growth in two years.

Go for gold!

• The trade surplus lifted from $1,503 million to $3,574 million in February.

• In trend terms, exports are up 30.9% on a year ago — the fastest pace in eight years.

• Unemployment rose from 5.7% to 5.9% in February but let’s hope this isn’t a trend.

• The overseas story remains promising, with even Europe showing positive growth signs and the global story partly explains why stock markets are so positive.

And then there’s Trump and what he promises. Until further notice, it’s OK to be

Reach over 8,000 Finance Professionals

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NATASHA HAWKER

Business owners make mistakes when recruiting — Do You?

By Natasha Hawker, Director of Employee Matters Pty Ltd. You know the saying “your employees are your greatest asset and also, potentially, your greatest liability”. One of the areas where I find business owners struggle is attracting and recruiting the best employees. If you cannot recruit the best, you are are effectively limiting your ability to run a productive and profitable business. I see this as a core skill that business owners need to master.

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10 COMMON RECRUITMENT MISTAKES

ONE 80/20 RULE In the interview, you talk too much; 80 percent of the time you should be listening, not talking.

Only tell the candidate the details of the role at the end of the interview, as they could use that information to falsely tailor their responses.

FOUR

TWO

THREE

SKIMMING

INTERVIEW SKILLS

Only asking simple, high-level questions is a common problem. Often candidates have ready answers for these types of questions, which will give you no true insight into the candidate.

If you lack the training to be an effective interviewer, you may miss important details.

I encourage all business owners to develop this skill (it helps in the business as well).

FIVE

POOR CANDIDATE MANAGEMENT

NO REFERENCE CHECKING

Great candidates are a rare commodity at the moment. Make sure that they have a great recruitment experience with you.

Why, I say why would you ever let someone into your business without completing comprehensive reference checks?

SIX PHONE SCREENS Poor quality phone screening may waste time if you invite someone in for an interview who has poor communication skills or unrealistic salary expectations.

43

NATASHA HAWKER

SEVEN

EIGHT

YOU DON’T HAVE A CONSISTENT AND PROFESSIONAL RECRUITMENT PROCESS

THE RECRUITMENT PROCESS TAKES TOO LONG

At a minimum, you need to phone screen and undertake two interviews.

It’s a really tight applicant market out there — if you’re too slow you will lose the best candidates.

NINE

TEN

NOT KNOWING INTERVIEW TECHNIQUES

NO BACKGROUND CHECKS

There are three distinct ways to interview.

A mix of technical, behavioural and cultural questions will get the most accurate answers.

If your candidates are going to have access to your money you must complete background checks. At the least you should conduct Police Checks, Credit Checks and Right to Work status. From our experience, 10 per cent of our clients have previously experienced employee fraud.

If you avoid these mistakes I am sure that you will lift the quality of your hires, get more candidates to say “yes, I would love to work with you” and, ultimately, increase your productivity and profitability.

Happy recruiting!

44

Australia lost 53,000 full time positions in September 2016 1

As technology and trade impacts industries and jobs, ALI Group’s Loan Protection Plan has your clients and their families covered. We’ve extended the Involuntary Unemployment Benefit so your clients are now covered for the first five years of their policy. Plus, cover for serious illnesses and accidents is also available. It’s about helping home and property buyers to borrow confidently.

Contact ALI Group today to find out how you can help ease the financial burden for your clients when the unexpected happens.

CALL US ON 1800 006 776

OR VISIT ALIGROUP.COM.AU TODAY

1. Australian Bureau of Statistics (2016).

Loan Protection Plan is jointly issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (Death, Terminal Illness, Living and Accidental Injury Benefits) and QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545 (Involuntary Unemployment Benefit). It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSL 226403 (ALI). ALI receives commission for each policy sold. Any advice provided is of a general nature only and does not take into consideration your personal objectives, financial situation or needs. You should consider the Product Disclosure Statement (available at www.aligroup. com.au) when deciding if this product is appropriate for you. The model used is for illustrative purposes only.

45

THE FBAA BOARD OF DIRECTORS

JAN KIRSTEIN

PETER WHITE

STANLEY MILLAR

Dip Fin Serv (MBM), Cert IV, FSMP, Dip

CPFB, FMDI, MAICD

AFB

FP, Com Dec, AFB, MAICD

Executive Director, Special Responsibilities – Government, Media, Strategy

Director, FBAA Life Member Special Responsibilities – Company Secretary

Jan commenced his finance career in 1976 and has worked principally in senior lending and sales roles. Jan joined the broking industry in 1996 and formed his own broking company in 1998. Jan joined FBAA in 2002, was appointed North Queensland representative of the Association in 2002, and has been a Director since 2005.

He has held several positions on the board such as National President, Chairman of various committees and has been Chairman of the Board for a number of years.

Jan was admitted to the status of Life Member in 2013 in appreciation of services provided to the Association and members.

Peter has vast experience in Banking and Finance spanning over 38 years, which includes his most recent admission onto the advisory board of the Small Business Association of Australia. Peter is highly engaged with Government and Industry Regulators ensuring beneficial outcomes for current and future reviews that are, and will be undertaken. Peter has held FBAA roles of NSW President, National Vice President, National President, Chairman of the Board of Directors and Chief Executive Officer.

Stan has many years of experience in banking and finance. Stan joined ANZ Bank in 1966 and worked in that organisation until 1992, reaching the position of Branch Manager. A founding member of FBAQ which later became FBAA, he was elected Secretary early in the Association’s history and has held the position almost continuously ever since.

He was made the first Life Member of the Association in recognition of his service to the Association and its Members.

Principal Brokir Pty Ltd Phone: (07) 3847 8119 Fax: (07) 4723 7699 Email: jkirstein@fbaa.com.au

Phone: 1300 130 514 Email: pwhite@fbaa.com.au

Managing Director Bromac Business Services Pty Ltd Phone: (07) 3382 7248 Fax: (07) 3910 1092 Email: smillar@fbaa.com.au

Director, FBAA Life Member Special Responsibilities – Chairman of the Board of Directors

46

RICK NIEUWENHOVEN

CHRIS SZIGETI

JOHN MUCLAIR

AFB, Cert IV (FMB), B.Com (Prof Acct),

AFB, Cert IV (FMB), Dip (ML) Sec Inst,

BBus, CPA, GCM, DipFS, MAICD,

MAICD

LREA, MAICD

Director, FBAA Life Member Special Responsibilities – Treasurer and CFO

Director, Special Responsibilities – Member Finance, Audit & Risk Committee

Rick has vast experience in accounting practice and education, finance, financial planning, property investment, and mortgage broking spanning more than 15 years, and currently is a registered agent of ASIC. Rick joined FBAA in 2012, was SA State President 2013-15, and elected to the Board in 2015.

Business Owner Nieuvision Phone: (08) 8263 4009 Email: rnieuwenhoven@fbaa. com.au

Director, FBAA Life Member Special Responsibilities - Vice Chairman and IDR Chairman

Chris has been involved in the finance industry since 1975, running his own Mortgage and Finance business, Chris Szigeti & Associates t/as CSA Finance and Mortgages Can Do. He started his finance career with IAC (Citibank), then 10 years with AGC, where he held senior managerial roles covering all aspects of Finance. Chris was a founding member of FBAQ in 1992 which evolved into the FBAA. He was Queensland State President (2004-09), first elected to the Board in 2009 as National Treasurer (200911). Chris was admitted to the status of Life Member in 2014 in appreciation of services provided to the Association and Members.

Managing Director Chris Szigeti & Associates Pty Ltd T/ as CSA Finance & Mortgages Can Do Phone: (07) 5592 2635 Email: cszigeti@fbaa.com.au

John Mulcair has vast experience in banking, finance and accounting spanning more than 50 years. John joined FBAA in 2002, was appointed ACT Representative in 2003, ACT State President in 2005, first appointed to the Board in 2006, National Treasurer 2006-08, Board Consultant 2009-11, then re-appointed to the Board as National Treasurer in 2011. John was admitted to the status of Life Member in 2009 in appreciation of services provided to the Association and members.

Director Wilde Mulcair Pty Ltd Mobile: 0416 049 423 Email: jmulcair@fbaa.com.au

47

THE BOARD OF DIRECTORS

STEPHEN RASMUSSEN

KIM SZIGETI

AFB, Cert IV (FMB), B.Com (Prof Acct),

JP (Qual), AFB, Cert IV FS (FMB), Dip FS

MAICD

(FMBM), MAICD

Director, Special responsibilities­­Audit & Risk Committee

Director, Special Responsibilities - Director Policies, State Branches

Stephen has been involved in the finance and banking industry for more than 40 years, starting with the CBA in a branch environment.

Stephen started his own broking business in 1995, essentially as a one-man operation. Having been appointed as QLD/NT State President in 2009, Stephen now looks forward to being an FBAA Director, being appointed to this position in 2016.

Kim Szigeti has vast experience in finance and mortgage broking spanning more than 20 years, and currently holds a Real Estate Licence. Prior to this Kim held various positions in retail and hospitality, as well as volunteer in previous and present positions with community organisations.

Kim joined FBAA in 2005, was Secretary of QLD Council 2007-09, and elected to the Board in 2015.

Managing Director Tailored Lending Concepts Mobile: 0412 295 875 Phone: (07) 4615 5082

Mortgages Can Do Phone: (07) 5592 2635 Email: kszigeti@fbaa.com.au

Email: srasmussen@fbaa.com.au

48

New book to lift the curtain on lending practices

M

any Australians are faced with funding challenges because of the changing landscape of the Australian lending industry and often decisions are made without having taken the appropriate advice.

mortgage application and the process for successfully obtaining a commercial loan.

It is an informative and accessible guide to navigating the Australian lending/borrowing process.

To most borrowers seeking funding in the private-finance sector, the world of lending beyond the major banks is largely opaque.

There is no clear signage or Ikea-like how-to-put-it-together instructions to guide borrowers in the right direction to find the best fits for their needs.

The book offers advice for individuals and is enriched by background information about both the history of banking and current regulations and practices. It is an authoritative, serious writing style, together with an evident passion for the subject and is for Australian and international consumers seeking guidance on getting loans, hiring professional assistance and dealing with related legal problems.

Shane Reynolds is a commercial finance specialist, self-help, financial literacy author and advocate who has been a leader in the Australian finance industry for nearly two decades.

Shane's book Get a second opinion before you sign is written for both the consumer and finance practitioner. It covers the essential elements in the preparation of a

Get a second opinion before you sign will launch May 2017 and is the essential guide to 1st & 2nd tier lending, construction finance, preferred equity and distressed debt transactions in Australia. Order your copy at www.getasecondopinion.com.au

49

Giving back to yourself A

little while ago I did a talk in front of 500 business people on this exact topic and it is quite a story on how I actually came to be on that stage. It was a series of major life events, good and bad that formed the stories and the basis for the talk.

My life has been full of crazy highs and lows, out of each has come a powerful lesson. I didn’t learn these lessons at the time but they shaped the person I am today. If only I could have seen the lessons the first time. I am a firm believer that the universe will keep throwing things at us until we learn what we are meant too.

We get so busy being busy, that we forget or fail to find out what is truly important to us. Constantly distracted by our phones, emails, clients and our day to day. It’s entirely possible to get caught up in the everyday for our whole lives. We get caught up in other peoples’ dramas, leave no time for ourselves, have no idea what we would do if we did have time, become uninspired and not as healthy as we would like to be.

It took life-threatening accidents to shake things up and get me out of my comfort zone. When we are out of our comfort zone

50

we grow, learn and develop. Getting out of our comfort zone is good for us. Challenge is good for us.

This is why I started The Phoenix Experience; because you don’t need to wait for a life event to shake you out of you comfort zone.

Giving back to yourself is taking the time to remember what is important to you, challenging yourself and honouring what you believe in. The main thing I hear when coaching my clients is to get the clarity and focus back and be present for those they care about.

Here are a few things you can do to give back to yourself.

1.

Write down five achievements you have attained to get to this point in your life.

We often move onto the next goal, the next dream without truly acknowledging all that we have achieved.

2.

Schedule time for yourself, your family and your projects into your calendar. Because when it’s scheduled it means you are only thinking about what you are doing in that time, you are not thinking about that email you have to send or feeling guilty about not finding time for whatever it might be.

I prepare a powerful vision session for my clients and we schedule time for all goals: career, finance, relationship and personal.

Scheduling time is the only way to guarantee success.

3.

Do something you haven’t done in a long time. What did you used to love doing but perhaps now feel that you are not fit enough or fast enough to do? Go and do it anyway. If you start to question whether you should do it, it means you must! You are worth it, those around you will notice. You will come back happier.

I started the Phoenix Experience because I know you’re never too busy, never too broken, never too young, old, overworked, overweight or stressed-out to turn things around and start fresh.

Rise Up. Out of the everyday and into life.

About the author. Daniel Burgess is a motivational speaker, facilitator, mindset coach and takes busy professionals on life changing experiences. A change to press pause on your busy routine and reflect on what is truly important.

Join me on this journey by following below.

51

FBAA NEWS DESK FBAA WELCOMES TO THE TEAM...

UPCOMING PD DAYS

LUKE RAMAGE New Memberships Team

TASMANIA - LAUNCESTON SUMMIT Date: Thursday May 11th 2017 Location: Hotel Grand Chancellor

JOHN PURVIS Commercial Brand Manager

Save the date The FBAA Conference and Awards evening will be held Friday 24 November, 2017. More on that to come.

QUEENSLAND - SOUTHPORT SUMMIT Date: Friday May 19th 2017 Location: Sharks Oval View Room SOUTH AUSTRALIA - ALBERTON SOCIAL EVENT Date: Tuesday May 23rd 2017 Location: Port Club

You have a message But is anyone listening?

Mercer PR is trusted by some of Australia’s most respected companies, organisations and industry groups to manage their public messages, achieve real outcomes and develop proactive media strategies.

Media strategy Corporate communications Issues and reputation management Social and digital media Reputation risk evaluation www.mercerpr.com 1300 780 355 TRUST :: EXPERIENCE :: RESULTS 52

Proud to provide PR services to FBAA

UPCOMING PD DAYS

UPCOMING PD DAYS

NORTHERN TERRITORY - DARWIN SUNDOWNER Date: Wednesday May 24th 2017 Location: DoubleTree by Hilton Hotel Esplanade

ACT - CANBERRA SUMMIT Date: Thursday June 8th 2017 Location: Eastlake Football Club

WESTERN AUSTRALIA - PERTH BREAKFAST Date: Thursday May 25th 2017 Location: Royal Perth Yacht Club NEW SOUTH WALES - MACQUARIE LINKS FBAA GOLF TOURNAMENT Date: Wednesday June 7th 2017 Location: Macquarie Links International Golf Course

QUEENSLAND - CALOUNDRA SUMMIT Date: Wednesday June 14th 2017 Location: Sunshine Coast Function Centre VICTORIA - MELBOURNE SUMMIT Date: Wednesday June 21st 2017 Location: RACV City Club

Marketing your business is easy, with the Marketing Toolkit.

As a FBAA Member, you now have unlimited access to a whole range of marketing tools to assist you with marketing your business.

Website Loan Calculators – Up to 28 different calculators including; borrowing power, loan repayment, budget planner and many more.

Marketing Brochures – Download our suite of marketing brochures, to print in hard copy or to use as downloadable brochures on your website.

Video Marketing – Tell your customers just how important it is to use a FBAA Accredited Broker with the ‘Why use a FBAA Broker ’ video. Email to your clients, post on social media, upload to YouTube and your website.

To access these marketing tools and much more, go to www.fbaa.com.au and login to the members area.

MARKETING TOOLKIT

Your Choice, Your Voice

www.fbaa.com.au 53

GET IN TOUCH WITH YOUR STATE REPRESENTATIVE. Would like more information on an FBAA Event or PD Day that’s happening in your local area? Maybe you have some feedback or an issue you would like to discuss?

MARY KOWALSKI Western Australia - State President

JOFF O’SHANNESSY South Australia - State President

Managing Director Synergy Financial Solutions

Director Finance Opportunities

Mobile: 0416 535 606 Email: wa@fbaa.com.au

Mobile: 0419 820 149 Email: sa@fbaa.com.au

CHRISTINE GREEN Queensland & Northern Territory - State President

GUS GILKESON New South Wales & ACT State President

Liberty Network Services

Managing Director Grow Capital

Mobile: 0434 338 584 Email: qld@fbaa.com.au

Mobile: 0423 001 002 Email: nsw@fbaa.com.au

BRENDON KURTZ Victoria & Tasmania - State President State Manager VIC/TAS Outsource Financial Mobile: 0478 040 714 Email: vic@fbaa.com.au

54

FINANCE BROKERS ASSOCIATION OF AUSTRALIA LIMITED Street: Level 1, 116 Ipswich Road, Woolloongabba Qld 4102 Post: PO Box 234, Stones Corner Qld 4120 Phone: 1300 130 514 Fax: (07) 3041 0350 Email: info@fbaa.com.au Web: www.fbaa.com.au

HERE’S TO THE CRAZY ONES, THE MISFITS, THE REBELS, the troublemakers,

the ROUNDPEGS, in the SQUAREHOLES,

THE ONES WHO SEE THINGS DIFFERENTLY.

THEY’RE NOT FOND OF RULES.

WITH You can QUOTE T H E M , disagree THEM, glorify or vilify them,

but the only thing you can’t do is ignore them

BECAUSE THEY CHANGE THINGS. AND WHILE SOME MAY SEE THEM AS

THE CR AZY ONES, < we see genius, >

because the ones who are crazy enough to think that

THEY CAN CHANGE THE WORLD.

Are the ones who do.

Steve Jobs

55