Taking on the chief executive role is no mean feat but straddling three companies as a CEO is almost unheard of in the financial services realm.
Helen Blackford takes it all in her stride. She has been in the hotseat across Lonsdale, Millennium3 and IOOF Alliances for the past two years. These are three quite distinct businesses with different adviser bases, she tells Professional Planner.
The key to handling such as mammoth task has been looking for ways to take advantage of the similarities in these companies to utilise a shared services model.
“We saw a lot of synergies within the communities that we realised could be integrated to create greater efficiencies, while still maintaining three distinct brands,” Blackford says. “This makes the entire process far more efficient on the inside than perhaps how it appears on the outside.”
Who is Blackford?
The Brisbane-based CEO started out working as an adviser for the Commonwealth Bank.
“Like a lot of others, I sort of fell into the advice industry. When you work for a bank, you’re often faced with this choice at some point,” she says.
The financial advice division rose to prominence in the late 1990s, and she decided to put her hand up to transition into this new field.
She studied financial planning and worked as an adviser for five years before being presented with the opportunity to step up into dealership management.
“I’ve always had a passion for education and learning, so being able to share what I know with a community of advisers and grow the business was really appealing to me,” she says.
She describes herself as a grounded and approachable leader. She keeps her ear to the ground to understand the issues and deal with those as they arise.
Blackford has 15 direct reports due to the shared services model, relying heavily on colleagues to handle the granular grunt work within the network.
“We’ve got a big network, but everyone is invited to call me anytime. I genuinely care about our team,” she says. “I tend to lean into the difficult parts of the role, which allows me to free up my time to be an accessible, approachable leader.”
Making a difference
Blackford is passionate about the difference advice can make in people’s lives and committed to contributing to the ongoing development of the profession. But she’s acutely aware of the challenges that exist in the broader financial services space.
The biggest challenge for the profession is looking for efficiencies and strategies that makes advice more affordable, accessible and engaging for Australians, and achieving that within the regulatory framework is extremely difficult, she admits.
“Managing the client engagement side of business while also providing advice to clients and meeting our obligations at the same time means we spend an awful lot of time contemplating efficiencies.”
She says while technology is a significant part of the puzzle, it’s a mistake to say it’s the be all and end all.
“We certainly have technology solutions as a critical element to be more efficient, but we’re also looking at the other processes to see how we can streamline elements of the business, which may or may not involved a technology solution,” she says.
Economic challenges
Navigating the pandemic was challenging, because she admits she’s a social person who values time with her colleagues. She purchased a ‘Covid puppy’, Bonnie, to keep her company while working from home.
“I think there’s an underlying understanding within our teams that by connecting back in the offices enables us to achieve more than when we were trying to do our roles remotely,” she says.
She acknowledges that the economic environment looks rocky ahead, while has required some internal preparation to ensure each brand can navigate the more difficult terrain.
“Part of this has been understanding how businesses communicate with their clients to make sure they’re sustainable and profitable in the future.”
Blackford remains optimistic about the outlook ahead, insisting that the economic conditions will be offset by the sheer number of clients requiring adviser services given there has been a reduction in adviser numbers in recent years.
“We’ve done a lot of work over the past few years in focusing our sustainability efficiencies to build really strong businesses.”
Encouraging more people into the profession is a challenge that occupies a lot of her thoughts, she says.
“Understanding where potential candidates are who could be interested in the profession and contemplating how we approach and engage them is a huge consideration.”
While Insignia Financial has established networks with universities, it’s not enough to fill the void. “There are so many roles within our profession that could make a wonderful career, and I don’t think we’ve done a great job of promoting our industry in the past.”
Outsider of work, she’s an avid sewer, which provides her with an opportunity to switch off to the stresses of the day and chill out. “Sewing after work is my happy place,” she says.
When she’s not sewing, she’s in Moreton Bay. “This provides me with the opportunity to spend time with my husband and friends, and be close to nature and all the calming benefits that it provides.”
