Logan Stanford of Stanford Financial has been recognised for diversifying his business to provide legal services to improve client experiences.
Logan Stanford was awarded the Newcomer and Diversified Business Award at the 2022 MFAA National Excellence Awards. Mr Stanford commenced with a role in asset finance at a car dealership after an injury took him out of the army.
However, feeling restricted in what he could offer his clients and how much he could actually make a difference for his clients, Mr Stanford took to becoming a broker after a chance encounter with a customer, who also happened to be a broker.
Mr Stanford stated that he was frustrated during his tenure at the dealership due to only having four lenders to compare for his clients, and found himself referring business to brokers as a result.
“I absolutely loved helping my clients, and I knew that if I structured debt correctly, I could really help people achieve their goals,” Mr Stanford said.
Mr Stanford’s business offers residential mortgage broking, commercial and equipment finance broking, insurance, automotive finance, and now legal services.
He decided to diversify his business by adding legal services after attempting to get an application to settle while on three phones talking to a lender, a conveyancer and the lender’s solicitor.
“The other parties didn’t have a sense of urgency. It was a mess, and a really bad experience for the client,” Mr Stanford stated.
The young broker said he is obsessed with the client experience, and decided his business could do better in that regard by hiring solicitors and paralegals to offer clients a premium “white glove” service at scale.
“From a business perspective, our ethos is simply ‘give and you shall receive’,” Mr Stanford said.
“On the operations front, we are still constantly improving by doing an After-Action Report on every matter and choosing areas to fix, improve and sustain.”
Mr Stanford also saw an opportunity to help other brokers by offering legal services to other brokers’ clients while upholding a strict “no poaching policy”.
“We now have referral agreements with multiple broker groups for our legal services. We take good care of their clients and keep them informed the whole time,” he said.
“This reduces the burden on them in preparing for settlement, chasing discharges, booking settlement, and so on.”
Mr Stanford now leads two companies made up of a team of 14 finance and legal experts dedicated to client needs.
Newly appointed MFAA chief executive Anja Pannek recently spoke with The Adviser, pointing out her passion and priorities for the industry, the need to properly address the issue of clawbacks and the role that multigenerational brokers play in aiding financial growth for families.
[RELATED: Clawbacks v cashbacks: New MFAA CEO speaks]