The Australian Lending & Investment Centre has appointed the Bank of Melbourne’s former regional executive for virtual banking as its new managing director.
ALIC welcomed Nate Fosnaugh, BOM’s former regional executive, virtual banking, to the company last week (7 January), as he took to the helm as managing director of the Victoria-based brokerage.
Mr Fosnaugh takes on the role following the departure of Jason Back, who left the brokerage in November to focus on his business coaching and consulting business, Broker Essentials.
Originally from the United States, Mr Fosnaugh has extensive experience in operations consultancy in the banking space and was the NSW state leader for broker and mortgage services at St George Bank between 2007 and 2009.
He has previously been responsible for “consolidating and digitising” the broker mortgage services for St. George Bank and reviewing and streamlining the broker onboarding and digital mortgage onboarding at Bank of Melbourne.
He will be now responsible for the day-to-day running and long-term strategy at ALIC.
Speaking to The Adviser, Mr Fosnaugh acknowledged that his predecessor had created a “robust operating processing capability” at the brokerage, but added that his first priority was to review all the processes with a “fine tooth comb” and ensure that the “already-solid broker support function continues to be evolved and is absolutely fit for purpose”.
He commented: “As the Australian finance sector is in a state of rapid change, my role is to ensure ALIC is looking out and ensuring our business design, processes and strategy are adapting to the world around us.”
Noting that the requirements being placed on broking firms had increased recently, he added that reviews were necessary to “rise to that challenge”.
As well as processes, Mr Fosnaugh said that his focus for the next three months would also include creating a “talent pipeline” to develop brokers that are the “best in the business and the best in the industry”, as well as working with the investment lending managers to “make sure that we have a really robust acquisition activity and attracting new customers”.
He added that other areas of focus would include expanding the utilisation and capabilities through the Mercury CRM system and reducing the office’s reliance on paper.
ALIC principal Mark Davis said that Mr Fosnaugh was a “gun” and particularly noted his “extensive expertise” in reviewing the processing and system side of businesses.
Find out more about the Australian Lending & Investment Centre and how it runs the award-winning brokerage in The Adviser’s Top 25 Brokerages ranking.
The 2019 version of the ranking will be released in the February edition of The Adviser magazine.
[Related: ALIC MD to step down from brokerage]