Kylie Speer 00:00:08 Hello and welcome to MPA TV. I'm Kylie Speer, and my guest today is William Lockett, Managing Director at Specialist Finance Group. William is included in MPA's Mortgage Global 100 list for 2024 his fourth inclusion in the prestigious list after previous success in 2020, 2022, and 2023. Welcome to you, William. Huge congratulations on your four time Global 100 success. And thank you so much for joining us today.
William Lockett 00:00:39 Well, thank you, Kylie, for not only your time, but today's interview and also the recognition from the MPA in relation to not just what I do, but obviously what we do via SFG and now great industry, and glad to be here and glad to be part of this event.
Kylie Speer 00:00:59 Well, firstly, William, what do you think has been the key to your recognition?
William Lockett 00:01:05 There's probably many Kylie or sometimes you don't even know, because you just do what you do. And first of all, I love what I do, and I've been loving it for over 34 years. So I suppose over that period of time, I'd like to think that I and our business model have gained business credibility and trust. So credibility and trust, not only within your own business network, but obviously the industry that has grown, I've got good visibility within our industry and heavily involved on industry matters, and we take a very proactive stance on industry matters, and then probably from an SFG point of view, staying true to our business strengths and our calls, and knowing what we're good at, and staying at that. And I'm also on the MF double aggregators forum. So I suppose all of those things combined give good visual sight, good credibility, and we're actively involved in our industry.
Kylie Speer 00:02:09 William, how has your leadership style evolved over the years, and how has it influenced SFG, success?
William Lockett 00:02:17 Well, it's, it's probably like a lot of things. Kylie, it's, it's never static. It's, you're always learning as you, as we get older, I shouldn't probably say that, but as we get older, and you know, our business and our personal maturity advances from that as well. You know, couple of the greatest things is obviously being a good listener. You need to listen and you need to collaborate with people, because it is a team thing. You can't go it alone. You know, having that maturity in dealing with people, and probably the history over a period of time, has learned you to deal with things better. So I suppose you're always evolving. But one of the great things that we do is we maintain very, very clear and precise communications with people. You treat people with good, respect and dignity, and you create empathy. So I suppose if you combine all of those things, it doesn't always work, but it gives you a great opportunity to be able to lead in the best way possible.
Kylie Speer 00:03:19 What specific challenges have you faced in the aggregation industry over the past 12 months, and how did you overcome them?
William Lockett 00:03:27 Well, there are so many Kylie there are so many. And it's interesting, you mentioned just over the last 12 months, because I suppose being in the industry for 34 years, we've seen major challenges, because we were there from day one, when you know, our industry had, you know, not 1% of penetration, where today we have 74% so there has been many hurdles our industry has jumped, probably in the last 12 months. It's debatable which one would be the biggest, but probably the one that poses the biggest challenge would be the payroll tax issue that's originating out of New South Wales, which is very concerning for our industry, given the fact that we've been operating for 34 years, and it's now just become an issue, and it's an issue that is quite potentially damaging to our to our industry. So that's probably the most challenging thing in the last 12 months. And SFG, along with other aggregators and our industry bodies such as the EMF double A and FB double A, cohesively working together with federal and state governments to to deal with that. So that's probably the most pressing issue that our industry is facing concurrently, and obviously there's others, but I would say that's probably the most pressing.
Kylie Speer 00:04:49 William, what is your view on the compliance and regulatory changes in your industry since the Royal Commission?
William Lockett 00:04:57 Well, I have a saying, Kylie that could. Compliance is good business, okay? And now the reality is, we operate in the financial services sector, so the more compliant, okay, we can be, the better off we are. Now, when the Royal Commission came along, it was a big wake up moment for our industry, as it would be for any industry, okay, has the compliance probably overarched a little bit, probably, but it probably needed to as well. Okay, so since the Royal Commission, our industry has got bigger, better, stronger, and it is more professional today than it's ever been. And one of the great things that came out of the Royal Commission was the introduction of best interest duties, which all mortgage brokers have to adhere by. So so, you know, we dealt with it. Our industry should be proud of how we've dealt with it, and all the compliances has come post the Royal Commission. And what our industry has also led to do has been great. And the complaints Kylie against mortgage brokers today, since the royal commissions are at record lows, and it should be something that we are very, very proud of. So the compliance is certainly working, and we're heading in the right direction, and we should all be very proud.
Kylie Speer 00:06:15 What role has technology played in shaping SFG's journey?
William Lockett 00:06:20 Well, technology is ever changing, isn't it? You know, who would have thought, but certainly in the last, you know, few years, but it's ever changing even from here with the advancement of AI and all of those sort of things. But technology plays a vital role in probably most people's businesses, and certainly in relation to ESG. We use SFG Connect, which is powered by sales trackers. So we think it's industry leading software. You know, technology and efficiencies and economies of scale are vital for any business, and you just need to have the most powerful technology you can available. As businesses grow their database grows, keeping connected with both lenders and business partners, and particularly the most important person being the consumer. You need good technology to be able to do that. So the technology that our industry has available today is world class, and I don't think you could run a successful business today, particularly in mortgage broking. Okay, without good technology.
Kylie Speer 00:07:27 How does SFG maintain its commitment to brokers while navigating growth and change?
William Lockett 00:07:34 I suppose the crucial thing is here, Kylie, we don't try to be too big, okay, so we have very much a relationship based approach with all of our members. We have great engagement, okay? And I suppose with that engagement Now, whether or not it is through the forums that we run the PD days, the online stuff, the national conferences. We also do a lot of smaller engagements with them, one on one and business strategies. So because our engagement with our members is a high touch model, okay, so we get a lot of feedback from them about what they need to grow their business model because everyone's different. Kylie, you know, some people just want to be a one or two man band. Some people want to be five or six. They don't want to grow anymore, where some people want to open the gates and they want to to grow from an exponential point of view. So we realize that no, none of our business models for our members are the same, and we accommodate our service model with that. So we think the engagement side and keeps us on track to not only with our growth, but also, more importantly, our members growth.
Kylie Speer 00:08:52 What role do relationships play in the success of an aggregator, and how do you cultivate them?
William Lockett 00:08:59 Well, it's, it's, it's like anything. It's a work in progress. Kylie, as I mentioned before, we have a high touch model, and SFG is, is my company, so it starts from the very top. So when somebody looks at joining us, I make sure I ring them and welcome them to our group, and I even thank them for even looking at us, to engage with us, even prior to them making a decision. You know, we're not the only aggregator available. So anyone that engages us, we approach we appreciate them, not only looking at us, but if they come on board with SFG, we appreciate the trust that they've shown in us on the journey ahead. So So relationships are everything okay. And I often say to people, if you're going to have a relationship, have a good one. It surely must be more than an agreement. All of my members, Kylie, have direct access to not only my management team but me, whether it's texting me, emailing me, or. Me they don't have to go through a third party. So I'm I am accessible to them as they are accessible to me. Because I suppose this is where the old fashion is from my point of view, that because SFG is my company, and Kylie, if you were looking at joining my company as a mortgage broker, I just think that it's 101, that there should be that direct contact and engagement between two business owners. So, so we have that philosophy all the way through. And I think if you liaised with any one of our 1200 members, most of them will say that our high touch model is on the back of creating wonderful relationships, and like anything, relationships go through ups and downs, but the key element is keeping those relationships. Because I say to people, not every day is a sunny day. There are often cloudy days and there are often stormy days. It is keeping your true north on those cloudy days and stormy days, that is just as vital, and if anything, that is the glue that sticks relationships together, because we can all be good on a sunny day, it's when it changes that people people go in different directions. So we're quite proud of our relations based approach with our members.
Kylie Speer 00:11:21 And finally, William, what are the future goals for SFG, and what motivates you personally to keep pushing boundaries and striving for excellence?
William Lockett 00:11:31 I suppose our goal in moving forward. Kylie, you know, you can always run off a list, okay, but you know, I have been there before and done that, but as a our our goal is is simple. Our goal today is to be a better aggregator than we were yesterday. Okay, is to provide better services today to our members than we did yesterday. We're always looking for rooms to improve, but we're looking for ways to improve that we know that we're capable of doing, and we're not going outside sometimes our realistic zone. It's knowing where our strengths are and knowing where we can go, and, you know, under promising and over delivering. So so it's quite simple, and we just want to be the best aggregator possible. We strive for that on a daily basis, and what twists and turns that takes in? Well, it takes you on a bit of a journey, but that is our core value in moving forward and how we want to grow and our business goals for SFG.
Kylie Speer 00:12:40 Well, congratulations once again on your clearly well deserved accolade, and thank you so much for your time today, William, it was lovely speaking with you.
William Lockett 00:12:49 Thank you, Kylie and and thank you again, as I mentioned before, and to the MPA for not only the recognition, but also the involvement in this article, and we just love aggregation. We're very passionate for it. We love our industry. We're heavily involved in it. And you know, even with a lot of our competitors, just because they're our competitors doesn't make them our enemy. Okay, if we all man together, and if we all make our industry great, which it is, as I said, we should be proud because we are bigger, stronger and more professional than before, and we're also proud of the role that we have played in getting it there with so you know, we all should be very proud. But thank you and the MPA again for having me on today,
Kylie Speer 00:13:37 And thank you, of course, to our viewers for watching the latest episode of MPA TV, We look forward to seeing you again soon.
