Kevin Frost, head of lending solutions at Centrepoint Alliance, discusses the benefits of boutique aggregators, as well as the biggest challenges for the industry in 2020 and how best to tackle them
Q: Who or what inspired you to join a boutique aggregation business?
A: I love the relationships you can build with all of your brokers when working in a boutique aggregation busines. There are no numbers; every broker is important to us and gets attention. I also love that we can implement a model that allows every broker plenty of face time with our business development staff, when we can help and assist them in relation to their specific needs. Obviously, the scale can be an advantage, but some brokers really value personalised support.
Q: What is the greatest challenge for aggregators right now?
A: The speed and degree of regulatory change has certainly been a challenge for all aggregators in 2019. While it seems that things have calmed, there is no doubt that as we move forward into 2020 the best interests duty and remuneration reviews will be key, so it will be important to plan ahead of the curve and take regulation very seriously.
Q: What’s one of your recent career highlights?
A: We were recently a finalist in the Australian Mortgage Awards under the Aggregator of the Year (Up to 500 Brokers) category, which was a thrill. But perhaps the biggest highlight for us was putting the submission together, outlining all the services we provide and the programs we have put together for our brokers. Often, it’s not until you see it on paper that you realise the hard work you put in and your achievements.
Q: What’s your favourite way to relax after a stressful day at work?
A: I live on the Gold Coast with my wife Robynne, and son, Jamison. We are blessed to live in a wonderful spot on a waterway with a boat on our pontoon. Unwinding to me is cruising the Broadwater, anchoring out, fishing, swimming, playing some music, eating great food with a beer or a wine under the Gold Coast sky – that’s about as good as it can get, in my opinion. Beautiful sunshine during the day and glorious stars at night.
Q: What do you wish you’d known when you started out in the industry?
A: There are probably a few things: how to play the guitar would be one! Seriously, though, the easiest way to the next loan is through great customer outcomes. Compliance protects customers, but we shouldn’t need it. Just look after the client, stay in touch with them, do the right thing, act in their best interest, and the loans will come! Great brokers are talked about by their clients, and that’s why they are successful.