Women in broking: champions of change
The proportion of female mortgage brokers has fallen to its lowest level, but two women with senior positions in the industry – Siobhan Williams and Natalie Smith – are hoping to inspire the leaders of tomorrow
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BROKING HAS long been a male-dominated world, but Siobhan Williams and Natalie Smith want to bring about positive and lasting change by encouraging women to join the industry.
Both are highly experienced leaders in the mortgage broking sector and a great example to young women wanting to embark on a successful career in finance.
Williams has been in the industry for more than 17 years and is head of mortgages – retail broker at Pepper Money.
In February, Smith was appointed as ANZ’s general manager retail broker. She has been at the major bank since 2016 and has more than 20 years’ experience in frontline sales and sales leadership.
“I personally mentor emerging females in our team,” Williams says. “Like any leader that has worked their way from the ground up and can relate to people within different departments, a female leader can relate on a personal level to female employees, having been a parent and gone on maternity leave, having had similar challenges or struggles.”
Smith says that while she didn’t have any designated female mentors as she progressed through her career, she’s been fortunate to have strong male sponsors “who have empowered me to grow and develop whilst working flexibly”.
“As a result, I worked part-time for 10 years during my career, with many of those years running sales teams, all reporting into supportive male bosses,” she says.
When it comes to flexible working, Smith says one barrier may be the perceived impact on the customer experience.
finance and supporting them with their personal and professional goals.
“There’s so many top-performing females in broking, and we're committed to helping women thrive in the industry.”
The mortgage broking industry is very rewarding, and women have a golden opportunity to make a real difference in the lives of their customers, says Williams.
“It's important that we have that diverse spread of broker types.”
Striving for gender balance
Smith says there is great deal of research being done in the financial services industry on gender bias, and ANZ is proud to be a major sponsor of the MFAA’s Opportunities for Women initiative.
“We can see some of the barriers to female brokers entering or progressing in the industry include a lack of opportunity for development and progression, a culture that is not inclusive, and safety concerns, as well as stereotypes, beliefs or expectations around gender roles,” says Smith.
“Collectively, we can shift the narrative to highlight the economic benefit of diversity and the value that women, non-binary and gender diverse groups add to our industry.”
Smith says there are a range of practical steps that individuals and businesses can take to dispel common myths and create more diverse, inclusive environments for customers and brokers. They include:
ANZ is a signatory to the 40:40 Vision initiative, which seeks to achieve gender balance in senior leadership at ASX 200 companies by 2030; as well as the Diversity Council Australia #IStandForRespect campaign, a commitment to stand against gendered harassment and violence and take steps to address sexual and sex-based harassment.
ANZ ensures a female candidate is interviewed for every role and that all interview panels contain at least one woman. The bank also sets targets for women in leadership roles.
Apr16-Sep16
Proportion of women in broking at record-low level
“Customers don’t mind as long there is the right team supporting them. It was a strong understanding of their needs, the quality of the service and timely delivery that was most important to our customers,” she says.
“Ultimately, it’s important that everyone has the right to the same opportunities for advancement, regardless of their gender.”
Smith says there is a clear business case for diversity, in terms of profitability, performance and access to talent.
“For ANZ, having an organisation that reflects the community in which we operate is an important part of how we build strong relationships with customers, make better business decisions and earn community trust.”
Williams says Pepper Money is passionate about championing women in finance and supporting them with personal and professional goals.
“There’s so many top-performing females in broking, and we're committed to helping women thrive in the industry.”
The mortgage broking industry is very rewarding, and women have a golden opportunity to make a real difference in the lives of their customers, says Williams.
“It's important that we have that diverse spread of broker types.”
“Customers don’t mind as long there is the right team supporting them. It was a strong understanding of their needs, the quality of the service and timely delivery that was most important to our customers,” she says.
“Ultimately, it’s important that everyone has the right to the same opportunities for advancement, regardless of their gender.”
Smith says there is a clear business case for diversity, in terms of profitability, performance and access to talent.
“For ANZ, having an organisation that reflects the community in which we operate is an important part of how we build strong relationships with customers, make better business decisions and earn community trust.”
Williams says Pepper Money is passionate about championing women in
Founded in 1835 and headquartered in Australia, ANZ is one of the four largest Australian banks, ranked in the top 25 banks globally by market capitalisation. It employs approximately 45,000 staff and operates in 34 markets globally.
ANZ serves over 10 million retail, commercial and institutional customers, with consumer and corporate offerings in its core markets and supporting regional trade and investment flows across the region. Its purpose is to shape a world in which people and communities thrive. That is why ANZ strives to create a balanced, sustainable society in which everyone can take part and build a better life.
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Pepper Money is a non-bank lender with businesses in Australia and New Zealand. Pepper Money provides a variety of home loan options, as well as car loans, personal loans, loans for professional equipment and commercial loans. In 2021 Pepper Money is listed on the Australian Securities Exchange (ASX: ticket PPM).
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“Most players in this industry are looking at this and see why apartment values are going up, not down,” he says. “Most building owners are looking straight through [the pandemic]. Even if they own in an area where rents are soft today, this will come back when the borders open, students return and we are bringing 400,000 people in per year. We are not building enough housing for that many people.
“Pre-pandemic, the market was super tight almost everywhere, so I see that when the pandemic ends or at least the borders reopen, the demand for rental units will
“Collectively, we can shift the narrative to highlight the economic benefit of diversity and the value that women, non-binary and gender diverse groups add to our industry”
Natalie Smith,
ANZ
In Partnership with
“There’s so many top-performing females in broking, and we’re committed to helping women thrive. Many brokerages have really bucked the trend and opened doors for women to be the best they can be”
Siobhan Williams,
Pepper Money
Williams and Smith both want to champion women in broking, but the challenge is enormous.
The latest MFAA Industry Intelligence Service report shows that the proportion of female brokers fell to 25.6% (3,249 brokers) in the period April to September 2021, the lowest level since reporting began.
However, female broker recruit numbers are rising. Period-on-period the numbers grew by 60, or 14.29%, while year-on-year 68 more female brokers joined the industry, up 16.5%.
Women making a difference
Williams says there are many great examples of inspirational female leaders in broking.
“The finance and broking industry are widely perceived as a male-dominated industries; however, many successful brokers and finance leaders are challenging that misconception. Several brokerages have really bucked the trend and opened doors for women to be the best they can be,” says Williams.
“I've personally been inspired by women in the broking industry. That natural ability and desire to offer help and problem-solve has put many women in that ideal position to be highly respected and relatable, both with their employees and their customers.”
Industry experts
Siobhan Williams
Pepper Money
Natalie Smith
ANZ
Industry experts
Natalie Smith is general manager, retail broker at ANZ. Prior to her appointment in February 2022, she held numerous leadership roles across the banking sector, including tribe lead (head of transformation) in ANZ’s Commercial division, head of health segment at ANZ, and head of corporate health at NAB. Smith is passionate about supporting others to grow their businesses, following over 20 years of experience in the financial services industry, both in Australia and the US. She graduated with a Bachelor of International Business from Griffith University.
ANZ
Natalie Smith
Siobhan Williams has over 17 years’ experience in financial services and has been a long-standing and well-respected member of the Pepper Money team for more than 13 years, having first joined the leading non-bank in 2005. Most recently, Williams was appointed as Pepper Money’s new head of mortgages – retail broker. She has a deep understanding of the alternative lending sector and has extensive experience across a range of support and leadership positions, including credit and settlements support roles, business development management at a state (NSW) and regional (southeast) level, and most recently at a national level as acting head of retail sales. Prior to joining Pepper Money, Williams also spent over three years at NAB in its customer lending division.
Pepper Money
Siobhan Williams
Siobhan Williams
Pepper Money
Natalie Smith
ANZ
Industry experts
Natalie Smith is general manager, retail broker at ANZ. Prior to her appointment in February 2022, she held numerous leadership roles across the banking sector, including tribe lead (head of transformation) in ANZ’s Commercial division, head of health segment at ANZ, and head of corporate health at NAB. Smith is passionate about supporting others to grow their businesses, following over
20 years of experience in the financial services industry, both in Australia and the US. She graduated with a Bachelor of International Business from Griffith University.
ANZ
Natalie Smith
Siobhan Williams has over 17 years’ experience in financial services and has been a long-standing and well-respected member of the Pepper Money team for more than 13 years, having first joined the leading non-bank in 2005. Most recently, Williams was appointed as Pepper Money’s new head of mortgages – retail broker. She has a deep understanding of the alternative lending sector and has extensive experience across a range of support and leadership positions, including credit and settlements support roles, business development management at a state (NSW) and regional (southeast) level, and most recently at a national level as acting head of retail sales. Prior to joining Pepper Money, Williams also spent over three years at NAB in its customer lending division.
Pepper Money
Siobhan Williams
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Natalie Smith
ANZ
Siobhan Williams
Pepper Money
Siobhan Williams has over 17 years’ experience in financial services and has been a long-standing and well-respected member of the Pepper Money team for more than 13 years, having first joined the leading non-bank in 2005. Most recently, Williams was appointed as Pepper Money’s new head of mortgages – retail broker. She has a deep understanding of the alternative lending sector and has extensive experience across a range of support and leadership positions, including credit and settlements support roles, business development management at a state (NSW) and regional (southeast) level, and most recently at a national level as acting head of retail sales. Prior to joining Pepper Money, Williams also spent over three years at NAB in its customer lending division.
Pepper Money
Siobhan Williams
Natalie Smith is general manager, retail broker at ANZ. Prior to her appointment in February 2022, she held numerous leadership roles across the banking sector, including tribe lead (head of transformation) in ANZ’s Commercial division, head of health segment at ANZ, and head of corporate health at NAB. Smith is passionate about supporting others to grow their businesses, following over
20 years of experience in the financial services industry, both in Australia and the US. She graduated with a Bachelor of International Business from Griffith University.
ANZ
Natalie Smith
Oct16-Mar17
Apr17-Sep17
Oct17-Mar18
Apr18-Sep18
Oct18-Mar19
Apr19-Sep19
Oct19-Mar20
Apr20-Sep20
Oct20-Mar21
Apr21-Sep21
3,700
3,708
3,871
3,779
3,746
3,679
3,361
3,267
3,292
3,209
3,249
28.3%
27.4%
27.3%
27.1%
27.1%
27.0%
27.2%
26.9%
27.1%
25.8%
25.6%
Number of female brokers
Proportion of female brokers
Source: MFAA Industry Intelligence Service 13th Edition, 1 April 2021–30 September 2021
The shift towards flexibility
Smith says flexible working makes the workplace more inclusive not just for women with children but for many other groups.
“Shifting the conversation from ‘why?’ to ‘why not?’ is an opportunity to challenge traditional thinking about flexible work,” she says.
“We also place an emphasis on supporting men to access paid parental leave and flexible working arrangements, which we know is critical to enable women’s participation in business and the workforce.”
Williams says the proportion of female to male brokers highlights that there’s still a long way to go in terms of diversity overall. “I think it's about more than just lifting the female broker numbers. It's also about attracting younger people, those from culturally diverse backgrounds and older women into broking.”
One of the barriers that needs to be broken is that many women don’t realise the flexibility of a broking career, Williams says.
“It’s about owning your own business, running your own hours and having a business model that suits your personal needs.
“We’ve seen a shift in the way people work due to COVID – people can work from home. We’ve come so far with technology, so this removes the barriers and provides the ability to have that flexible working environment.”
Apr16-Sep16
Oct16-Mar17
Apr17-Sep17
Oct17-Mar18
Apr18-Sep18
Oct18-Mar19
Apr19-Sep19
Oct19-Mar20
Apr20-Sep20
Apr21-Sep21
Oct20-Mar21
Rising number of female broker recruits
Source: MFAA Industry Intelligence Service 13th Edition, 1 April 2021–30 September 2021
Number and
% of men recruited during period
Number and
% of women recruited during period
947
68%
938
72%
1,168
69%
892
69%
854
70%
625
67%
630
69%
665
71%
992
71%
973
70%
1,096
70%
439
32%
360
28%
523
31%
406
31%
371
30%
313
33%
281
31%
268
29%
412
29%
420
30%
480
30%
Pepper Money has a flexible work policy when it comes to days and hours, working from home and job sharing, Williams says, and it offers paid parental leave for the primary caregiver.
“We’re all about happy and productive employees.”
Pepper Money works closely with industry bodies and aggregators to encourage more women to become brokers.
Williams says the industry needs to promote the value of a broking career for women by talking about its flexibility; and to use mentors to explain how to grow successful broker businesses.
“But I think we also need to be mindful of focusing on how to maintain a healthy mindset – not just building a successful business but one that complements your lifestyle. If you look after your own health and happiness, that translates to how we treat our customers too.”
ANZ partners with Chief Executive Women, Diversity Council Australia and the MFAA’s Opportunities for Women to promote gender balance and improve outcomes for all genders.
The bank also works with aggregators and brokers to support initiatives that provide the tools and encouragement for female brokers to be successful.
Smith says a strong network of women allows female brokers to engage in open dialogue around their unique experiences and challenges.
“These networks can also aid new-to-industry female brokers to expand their connections, build their profile, and develop their knowledge in a safe and supportive environment.”
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The shift towards flexibility
Smith says flexible working makes the workplace more inclusive not just for women with children but for many other groups.
“Shifting the conversation from ‘why?’ to ‘why not?’ is an opportunity to challenge traditional thinking about flexible work,” she says.
“We also place an emphasis on supporting men to access paid parental leave and flexible working arrangements, which we know is critical to enable women’s participation in business and the workforce.”
Williams says the proportion of female to male brokers highlights that there’s still a long way to go in terms of diversity overall. “I think it's about more than just lifting the female broker numbers. It's also about attracting younger people, those from culturally diverse backgrounds and older women into broking.”
One of the barriers that needs to be broken is that many women don’t realise the flexibility of a broking career, Williams says.
“It’s about owning your own business, running your own hours and having a business model that suits your personal needs.
“We’ve seen a shift in the way people work due to COVID – people can work from home. We’ve come so far with technology, so this removes the barriers and provides the ability to have that flexible working environment.”
Pepper Money also has a flexible work policy when it comes to days and hours, working from home and job sharing, Williams says, and it offers paid parental leave for the primary caregiver.
“We’re all about happy and productive employees.”
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Williams points out that it’s important that diversity exists in leadership to reflect the diversity in Pepper Money’s customer base and the solutions the non-bank lender provides.
She says there are a good number of women at Pepper Money, especially in the sales teams.
“I personally mentor emerging females in our team,” Williams says. “Like any leader that has worked their way from the ground up and can relate to people within different departments, a female leader can relate on a personal level to female employees, having been a parent and gone on maternity leave, having had similar challenges or struggles.”
Smith says that while she didn’t have any designated female mentors as she progressed through her career, she’s been fortunate to have strong male sponsors “who have empowered me to grow and develop whilst working flexibly”.
“As a result, I worked part-time for 10 years during my career, with many of those years running sales teams, all reporting into supportive male bosses,” she says.
When it comes to flexible working, Smith says one barrier may be the perceived impact on the customer experience.
The shift towards flexibility
Smith says flexible working makes the workplace more inclusive not just for women with children but for many other groups.
“Shifting the conversation from ‘why?’ to ‘why not?’ is an opportunity to challenge traditional thinking about flexible work,” she says.
“We also place an emphasis on supporting men to access paid parental leave and flexible working arrangements, which we know is critical to enable women’s participation in business and the workforce.”
Williams says the proportion of female to male brokers highlights that there’s still a long way to go in terms of diversity overall. “I think it's about more than just lifting the female broker numbers. It's also about attracting younger people, those from culturally diverse backgrounds and older women into broking.”
One of the barriers that needs to be broken is that many women don’t realise the flexibility of a broking career, Williams says.
“It’s about owning your own business, running your own hours and having a business model that suits your personal needs.
“We’ve seen a shift in the way people work due to COVID – people can work from home. We’ve come so far with technology, so this removes the barriers and provides the ability to have that flexible working environment.”
Pepper Money also has a flexible work policy when it comes to days and hours, working from home and job sharing, Williams says, and it offers paid parental leave for the primary caregiver.
“We’re all about happy and productive employees.”
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implementing conduct and ethics policy frameworks that set expectations around a safe and respectful working environment
adopting gender-balanced recruitment practices
demonstrating a commitment to flexibility
implementing conduct and ethics policy frameworks that set expectations around a safe and respectful working environment
adopting gender-balanced recruitment practices
demonstrating a commitment to flexibility
implementing conduct and ethics policy frameworks that set expectations around a safe and respectful working environment
adopting gender-balanced recruitment practices
demonstrating a commitment to flexibility
Natalie Smith
ANZ