Mentoring, education facilitate career growth
Sharing success stories, providing strong mentoring programs and educating the next generation – that’s how the industry can attract more female brokers and empower future finance sector leaders, say CommBank’s Sandy Qamar and broker Amelia Pignone.
MPA asked Qamar (pictured above right), the head of partnerships at CommBank, and Pignone (pictured above left), an award-winning broker and founder of brokerage LendX, about their careers, their mentors and what the industry can do collectively to increase female participation and leadership.
It’s clear that progress on boosting both the number and proportion of women brokers has been slow.
According to the MFAA Industry Intelligence Service 16th Edition report, the proportion of female brokers in the industry rose slightly to 26.9% in the October 2022 to March 2023 period, compared to 25.4% in the previous six months.
Although the proportion of female brokers was up, the actual number operating in the third party channel was down – falling by 150 to 3,208 during that period. And this isn’t the first drop in female broker numbers the industry has recorded. When the MFAA first started its reporting back in October 2017, there were 3,779 female brokers working in the industry – 571 more than today.
But Qamar and Pignone are shining examples of women who have built impressive careers and benefited from the strong programs and support networks CommBank has put in place to help women thrive.
Qamar has been at CommBank for nine years, since starting her career as a night shift contact centre agent answering customer queries. “In my current role, as head of partnerships, I’m responsible for building strong relationships with our aggregator partners to help drive greater outcomes for our brokers.”
Grateful for CommBank’s support
“I have been incredibly lucky to have such strong advocates throughout my career at CommBank, both male and female,” says Qamar. “These advocates have supported me
to understand my strengths and weaknesses and helped me to devise a path forward to achieve the career I want.”
CommBank is great at showcasing success stories, says Qamar. “We often have development days where leaders from all walks of life – not just CommBank – share their stories and provide insights into the challenges they have faced and how they overcame them. This constant sharing of stories has inspired me in my career.”
Qamar has also been an active participant in CommBank’s Women of Home Buying mentorship program. It is designed to bring together aspiring female leaders from across the bank, giving them the opportunity to connect and discuss relevant topics and workshop challenges “and the steps we can take to better support other women in industry”, she says.
Why female participation is crucial
Qamar says it’s incredibly important to encourage more women to join the industry.
“Broking can support very flexible work arrangements. Brokers tend to work for themselves and, as such, are able to set the days and times they work, which can help mothers and those women with competing priorities to effectively juggle their various commitments.”
Increased female representation also provides more role models for younger generations.
Qamar says encouraging women to join the finance industry not only benefits individual careers but also enhances the industry’s performance and societal impact by promoting diversity and inclusion.
There are many different strategies businesses can employ to ensure equal representation in leadership roles, she says.
“Setting clear gender diversity targets and ensuring equal-opportunity practices are established will go some way to achieving greater female representation within the industry.”
Mentorship and development programs are also important. Qamar says these can be aimed at supporting women throughout their careers while providing guidance, advice and advocacy.
“Something that CommBank does well is create flexible work arrangements for employees so that they can spend extra time at home should they need or want it. CommBank also supports work-life balance through its employee polices, allowing women to thrive both personally and professionally.”
The impact of mentors
Qamar highlights two women who have mentored her and helped her achieve success. One of these was her former boss and team leader who showed her the true value of a workplace mentor.
“She has a wonderful family that she supports and who support her, and she is also very dedicated to her craft and takes so much pride in her work and what she can achieve for people.”
Even though Qamar no longer works in her team, she remains one of her most critical mentors. “She pushed me outside of my comfort zone, allowed me to make mistakes in a safe environment, had my back when it counted, and then provided feedback in private to [help me] improve. She let me shine and never let me get comfortable.”
Qamar’s other mentor is her mother, who she describes as her “fiercest supporter and the best advocate”.
“Mum has always been so confident that I will achieve everything I set out to do and never tells me to doubt myself. I realise how lucky I am to have someone like that in my corner. She is my biggest fan and is always pushing me, saying ‘you can do more, and you will do more’, whilst also giving me transparent, constructive feedback.”
Qamar wants to ensure that she’s always available to help others.
“Time is one of the most valuable things you can give someone, so when I see someone who is looking for some support or mentorship, I always want to ensure that I am there for them in any capacity that they need.”
As someone who has completed CommBank’s Women of Home Buying program, Qamar values the chance to give back to other participants as a mentor. She says it provides a “unique opportunity to develop my leadership skills whilst also supporting other women in the business”.
A big focus of CommBank’s partnerships team is on promoting diversity and inclusion within the bank as well as the broader broking industry.
As head of partnerships, Qamar says she has an incredibly exciting and unique opportunity to support the diversity and inclusion programs of aggregators and industry partners. These include the Mortgage Choice Aspire program; Finsure’s Women in Finsure program; the MFAA’s Diversity, Equity and Inclusion program; LMG’s Best Interest Mates and Leading Ladies programs and nMB’s Supporting Women in Business Network.
A broker inspiring young women
Broker Amelia Pignone set up her own Sydney brokerage, LendX, in April 2019. Soon after, she featured on MPA’s Top 100 Brokers list in 2020, and then again in 2021, 2022 and 2023.
“We have an incredibly dedicated and talented team made up of six brokers and three support staff,” says Pignone. “Although we are based in Sydney, we service customers all over Australia, with 70% of our customer network being residential lending, the remaining 30% commercial transactions.”
Pignone says LendX recently set up LX Equipt, a division of LendX designed to support asset and equipment finance clients.
Working as a broker for the past 15 years, Pignone says she has been inspired by the women closest to her – friends, family and colleagues.
“I have never focused on emulating celebrities; I have always admired women who are ambitious and grow their business from the ground up, defying all odds to be successful and make the world a better place along the way,” she says.
“I want to inspire the growth of young girls and women in the industry, showing them that you can do anything if you have the determination to pursue your dream.”
Key CommBank relationships
Pignone says the team at CommBank have always been supportive, and their communication and dedication to her success stands out. Her relationship manager and state manager are always available to provide guidance and support.
The relationship manager regularly visits the LendX team and arranges training, Pignone says. “They also provide assistance and advice programs that show exactly how the bank can support me to build my book and further grow my business.”
Breaking attitudinal barriers
While she has experienced some gender barriers during her time as a broker, Pignone believes there are great opportunities for women in the industry.
“There is an opportunity to break glass ceilings and build our own tables so we can invite other women to enter the industry and build upon some of the amazing work that is being done.”
Lifting the number of female brokers starts with reaching out and marketing to younger women, providing more information about the industry, says Pignone.
When women do become brokers, they should be able to rely on a strong group of colleagues and mentors who can assist them in setting realistic goals.
“I prioritised setting short- and long-term goals that were focused on raising my young family and building my business,” Pignone says. “This level of balance in my goal-setting allowed me to have clear guidance on what I wanted in life and where I wanted to be at each point in my journey.”
