A Western Australia-based broker is confident that the broking industry will overcome any potential obstacles presented by the financial services royal commission.
Speaking on The Adviser’s Elite Broker podcast, Harley Radovan, managing director of Bunbury-based brokerage Focused on Finance, said that he was confident the broking industry “will continue to prosper” off the back of any potential reforms that come about off the back of recommendations made in the financial services royal commission’s final report.
Mr Radovan said he “strongly believes” that aggregators and industry bodies are doing a “fantastic job” in representing brokers in the face of public scrutiny.
“I know it doesn’t always feel like that, but we’ve got to appreciate how hard what they’re trying to achieve is, and there’s got to be some give and take,” he said.
“At the end of the day, things have gone on in this industry that probably shouldn’t have gone on, so changes are needed to a degree.
“My strong belief is that the aggregators and industry bodies are fighting tooth and nail for us to make sure we get through this. Because there will be changes, whether we like it or not.”
The WA-based broker continued: “I believe that we will get through it, and that however it looks at the end of it, we’ll be OK.”
Mr Radovan encouraged brokers to remain positive, warning brokers of the damage that a negative mindset can cause on their overall wellbeing.
“I personally try not to get too caught up in the royal commission, because it can really affect your mood and your head space,” he said.
The finance broker made reference to Commonwealth Bank of Australia (CBA) CEO Matt Comyn’s expression of support for change in the broker remuneration model, stating that he had observed the negative effect that Mr Comyn’s remarks had on fellow brokers.
“Talking to brokers after [Mr Comyn’s remarks], so many brokers were down in the dumps. They were depressed and negative. I can completely [understand] why they were, but at the end of the day, we still have a business to run, we still have clients to help.
“I don’t have the time to [allow] my mood and attitude affected that way.”
Mr Radovan concluded: “I trust the people looking out for us, and I try and let them do their job as much as possible.”
To listen to The Adviser’s full interview with Mr Radovan, tune in to the Elite Broker podcast.