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We speak with Ms Wilson about the people she’s working with, the significance of empathy, and the need to accept change, growth and adaptability.
It was a lifestyle choice that led Liz Wilson from Wilson Financial to relocate from Queensland to Bowral in New South Wales 10 years ago. Since her move, she has expanded her offering beyond mortgages and gained huge success - including being named Regional Broker of the Year at the 2021 Australian Broking Awards.
We speak with Ms Wilson about the people she’s working with, the significance of empathy, and the need to accept change, growth and adaptability.
You moved to Bowral from Queensland. How did you embed yourself into a new community?
When I came to town, I didn't know anyone – I didn't even have a local friend – so I went out to meet your stock standard referrers. I got into the sales meetings or had coffee with the owner of an accountancy firm.
I was a little nervous because I was from far north Queensland, but the local business people were wonderful – very welcoming and supportive. The feedback I got was: "We need some fresh blood in this town and it's great to see. We'll support you." I've been very lucky in that way.
What kind of clients are you supporting in Bowral?
What seems to happen in regional areas is that they are massively overrepresented in the self-employed demographic. If you think of Sydney central/main street, it's brand, brand, brand. Down here, it’s small business operators and innovators. You've got your wineries, you've got your farmers, you've got your agri stuff, but the common thread is this self-employed theme.
What kind of loans are you writing?
We've really had to expand our offering to meet the needs of these clients. So, mortgages are still the core of what we do but we also have equipment finance for leasing, a financial planning arm, a commercial broker, and we also now have general insurance broking.
How and why did you diversify into all of these other services?
It happened naturally. I purely did broking for over 10 years and you see these opportunities and think, “Gee, I wish I could assist with that”. But for me, it was about finding the people rather than spreading my expertise too thin. These things are very technical and completely different to mortgages.
How do you generate leads/market your services (especially during COVID-19 restrictions)?
I am always careful to stay in touch through social media as well as with marketing and emails, but I really think that face-to-face contact is the most important thing.
Through COVID-19, we've continued to do Zoom catch-ups from team-to-team and just pivot our ideas for how we connect.
The other thing I'm very lucky to have is [a team]. We've brought in new experts into the business (particularly in the last two and three years) who are locals and they've built up fantastic networks of clients and referrers themselves. Also, our clients are our referrers.
What do you think is the mark of good customer service?
To me, it's so easy if you are looking at it from their point of view… You've got to be able to empathise – that is a skillset that's so important as a broker. I sometimes look at a client and go: "Okay, they've just had a baby and they've got this debt and this business". I put myself in their shoes and that helps me clarify what they need.
If you can genuinely sit there and know what direction [to take them in]. Clients want to be guided; they're not coming to us for a list of options. We are credit advisors, so we need to present a list of options and recommend one.
What advice would you give to new brokers?
You can't avoid change in this industry, you can't avoid change as a self-employed business owner, and you can't avoid change if you are going to grow up. Those three things point to how you need to get okay with change, growth and adaptability.
I'm constantly reading and listening to podcasts – I absorb as much as I can to help me grow and that has helped me grow because it's expanded my mindset. So I wouldn't say there's any one thing you can do, but just keep looking for data. Just look to grow and look to adapt.
You can find out more about Liz Wilson’s focus, and success, in serving her community of small businesses in The Adviser’s Elite Broker podcast.
Tune in to the episode with Liz Wilson, How Australia’s Regional Broker of the Year 2021 is supporting the self-employed, below:
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