Operational simplification, broker engagement and education, and compliance support are among the top priorities of the new FBAA CEO.
In his first interview with The Adviser since taking on the role as CEO of the Finance Brokers Association of Australia (FBAA) three weeks ago, Leo Gagic has said that his immediate focus centres on examining the association with a “fresh set of eyes” to ensure it is structured effectively for the next decade.
The new association CEO, who has extensive experience in finance and was most recently the CEO of debt collection and payment obligations company Access Mercantile, told The Adviser that he is currently in an “extensive discovery phase”, consisting of direct member engagement and personal evaluation of the association’s internal processes.
However, Gagic said he aims to continue to transform the FBAA into a streamlined organisation that efficiently and effectively delivers education and support to broker members.
He said: “My bread and butter background has been in financial services and transformation. Over nearly 40 years, I’ve worked all the way from credit risk to consumer loans, underwriting, settlements, and working with brokers. I’ve used brokers multiple times personally and, at Liberty Finance, I ran their operations as chief operations officer, where I was embedded with the whole broker network...
“But in every role, I learned that it’s always good to learn from a closed-loop feedback process; listening to customers about their needs and passing it back up the line. It’s really no different here. At the FBAA, the member base is my customer, so I see a strong alignment in terms of my skill and background for this new chapter.
“I’ve done a lot of transformation, embedded a lot of change, and been very practical about those changes. While the word transformation is sometimes seen as a dirty word – because it may mean a big bang approach or changing systems and technology – a lot of the time, it’s just process change, or embracing different ways of working that just remove failure demand.
“But I’m not afraid to have a strong voice and use that voice, when needed, in terms of making change and speaking out around what really matters.”
Driving simplification
Bringing nearly 40 years of financial services experience to the FBAA – including past operational and credit risk roles at Liberty Financial, Westpac, and NAB – Gagic said that internal operational changes are underway to match the evolving needs of the membership base.
“You’ll see changes in how we’re structured internally, where there’s new talent coming in, and how we reposition some of the great talent that we’ve already got. But we have to be focused on new ways of working,” Gagic said.
“So, for the last couple of weeks, it has really been a discovery stage for me; listening to stakeholders, members, people within the business, and just seeing where there are opportunities to remove duplication, streamline processes, and set ourselves up better as an organisation.
“I’ve been doing my own level of mystery shopping back into business. I’ve been making calls back into our business. I’ve been going on chatbots. I’ve been testing out processes. I’ve really been trying to put myself in the shoes of a broker to say, ‘What does good look like from an experience standpoint?’
“We’re doing great things, and have a great history and great legacy, but how do we set up for the next five to 10 years in terms of our future?”
Education through storytelling
Gagic said that the broking industry – and broader mortgage industry – is undergoing a period of rapid change, with brokers required to absorb a large volume of information and constant updates. He said this creates a distinct need for the association to help its members navigate through what is most pertinent.
“Brokers have been telling me: ‘There’s so much going on, and I’m so time-poor. How do I get what I need, when I need it?’” he said.
“I think the world’s become more complicated, technology’s getting more complicated, but if you keep education simple and relevant, I think that’s going to be really, really important as we move forward.”
With shifting regulatory landscapes, particularly regarding Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, Gagic said that helping brokers navigate compliance will be a major focal point.
“When you look at things that are happening in the market, whether it’s AI change, digital change, compliance, there’s so much change coming. So, for me, what is really important is that we constantly look at new ways of working and how we’re going to be future-ready,” Gagic said.
As such, he said he plans to pivot the association’s educational frameworks toward practical, real-world storytelling and case studies rather than strictly textbook learning.
A primary objective for the new CEO is refining how the FBAA delivers its services, events, and educational content to ensure they directly align with a broker’s specific career stage.
“We want to align what we offer to where the brokers are within their organisation’s life cycle and bring the content, the information, the events so they align to what really matters for them to where they are in their life cycle,” he told The Adviser and said that a broker in start-up phase will require different support from those in growth years to those in their “legacy years”.
“If we can narrow down what really matters for them, when it matters to them, that is where we can really add value.
“I think storytelling and real case studies/real-life examples are the most powerful way to do that, outside the theory of things.
“So I think what they’re going to see is the FBAA really shine in terms of simplification, and providing targeted education and support to where it really matters for them.”
Looking ahead to his broader tenure, Gagic said that his ultimate goal is to foster a flat, accessible association culture focused entirely on execution.
He said: “I’m passionate about the FBAA and I want members to know three things:
- Number one: I’m here for you.
- Number two: I’m here for you.
- Number three: See points one and two.
“I don’t believe in hierarchy and red tape and bureaucracy, I want people to know that I’m accessible. I’ve got your back.
“I’m personally committed to listening to our members and acting on the back of that listening. So, it’s about looking at our processes, simplifying what we do, and just making sure that we’re being seen, we’re being heard, we’re being proactive, and we’re giving people the opportunity to come forward, share their ideas and share their views, so we can bring that forward as a collective.
“I think FBAA members are going to see simplicity, they’re going to see more targeted education, and certainly they’re going to see us continue to do the great things we have always done: being a strong voice and taking a proactive approach to provide the level of support that they need.”
[Related: FBAA reveals new leaders to spearhead the association]
Want to see more stories from trusted news sources?
Make The Adviser a preferred news source on Google.
Click here to add The Adviser as a preferred news source.
