Connecting the Dots...with a Finance Legend (Warren Pavey)

This week on "Connecting the Dots," Adam launches into a new challenge with Project 20 aiming for a sub-20-minute parkrun and catches up with Warren Pavey of Finance Legends. Delve into Warren's deep-rooted experience in the finance industry and how he's reshaping financial services with a personal touch at Finance Legends. Discover the synergy between long-standing community ties and financial expertise.

#FinanceLegends #CommunityBanking #ConnectingTheDots

www.financelegends.com.au

Transcript

Adam: 0:00

Another week of me filling up a dot full of stuff this week and connecting a dot, we'll talk about that in a tick. This week I started a new project called Project 20. It's all about me wanting to get under 20 minutes of park run. So that started, it runs for 20 weeks. I'll talk about that along the way. I've engaged a run coach to do it. So I'm looking forward to that. Kabocha Show was on last weekend. Got to go check that out. Did some wood chopping. No, I didn't do wood chopping. I watched some wood chopping. Other than that, it's been a massive week at work We got subpoenaed this week. Nothing we did. We just got to produce some documents for Something else that's happening, new experience at work getting subpoenaed. But other than that, massive week, which really ties into our next guest. Our next guest helps the same clients we help in a lot of the transactions we do. So let's go say hello to, this is Warren and he is from, well I'm gonna let him tell you that in a tick, but Warren, we crossed paths a lot. Not just because you look after a lot of stuff for myself, but you look after some stuff for my clients as well in my commercial business. First, tell me about this new business name you've got.

Warren: 1:07

Thanks, Adam. Yeah, Finance Legends. myself and my daughter, have, a lot of experience looking after mainly our small business clients. And, we thrive on having quite extensive relationships with our clients, as you know, and meeting with them regularly, to help them achieve their goals. not only talking about finance, but finance. Talking about my many years of experience in business.

Adam: 1:28

And I say a new business name, but you've been around for a long time. Cause I know that you've been doing commercial loans for me and clients. Home loans, vehicle finance for, me for a long time. So you've been in the industry a while, haven't you? Mm, yeah. A few years, Adam. Where, where did you start in the finance game?

Warren: 1:44

joined the local bank at Strath Pine when I was 16. So that was like in 1978.

Adam: 1:51

Yep.

Warren: 1:51

You then got into brokerage. Yeah, that's right. Yeah. I had quite a few years with a NZ traveling all over the country, around the world. And, then Suncorp and then, started up my own consulting business, back in, when the GFC hit, whenever that was.

Adam: 2:08

And that might have been around the time where I think we came to know each other

Warren: 2:11

I bought the local business at Crediflex financing Caboolture.

Adam: 2:14

Finance Legends, it's, there's an S on the end, so it's not just you. Who else is involved? Yeah, my daughter, Courtney.

Warren: 2:19

Courtney's been working with me for about the past, eight years. so mainly focusing on the first home buyer segment, and leaving me to focus on the complex self employed home loans and commercial loans and asset finance stuff. What makes, Finance Legends different?, Probably it's an overused term, but the, the depth of our relationship and understanding of our clients. It's not only my understanding of lending requirements, understanding of business and what makes cashflow tick and achieve business goals and those sorts of things, You're local? Yeah, local, live in the, in the Moreton Bay region. have done for most of my life when I've been here. I was about to say, if your first job was in Strathpine

Adam: 2:59

and you're still here now, you've been here for a while. Yeah,

Warren: 3:02

exactly. Even worked for, uh, after I, uh, when I was with that bank, they transferred me to Caboolture. So I was even in Caboolture with that bank, um, in the, uh, late eighties, I think.

Adam: 3:14

Is that

Warren: 3:14

the, was that the ANZ? Commercial Bank of Australia. Right. Yeah. Westpac bought them out at some stage. Is that the old Bank of Wales? New Bank of Wales bought Commercial Bank of Australia. Right. Yeah. Yeah. I remember it

Adam: 3:26

being Bank of Wales and King Street there, I think, when I was a little boy.

Warren: 3:29

Yeah, I think, got a feeling it is, was originally Where the ANZ was, that was the Commercial Bank of Australia site somewhere there.

Adam: 3:37

What are some of your favourite loans to put together at the moment?

Warren: 3:40

A really interesting one we've done a few of lately is we've had a, we've had some clients that own, commercial property. in their own names or in a trust name, but they don't have enough cash to be able to go and buy the next investment property or the next commercial property. so what we've done is we've sold that property to the super fund and we've financed it inside the super fund, but that's improved their borrowing power on their personal side of and business side of the, equation.

Adam: 4:10

Has there been changes in trends with loans at the moment?

Warren: 4:13

when I talk to other brokers, because our aggregator is one of the biggest in Australia. When I talk to other brokers through our groups, a lot of brokers are quiet. We're the opposite. Okay. Yeah. We've never been busier to be honest. Yeah, that's awesome. And I think a lot of that's coming from the strength of our relationships. And our clients referring other people to us. so it's happening more so now than ever.

Adam: 4:39

Is AI having any type of effect in your industry or is there any talk about what AI might do in your industry?

Warren: 4:46

There's talk about it, but there's no evidence of anything because it's more about personal relationships AI is something that can help people People and businesses improve their processes, but not the conversations like we're having now. Absolutely.

Adam: 5:02

I think if people believed what they read 10 years ago about real estate agents, we would have been replaced by now. I don't think we've ever been busier.

Warren: 5:11

I think there's a lot in common in both of our industries. Commercial, commercial lending, residential lending, you know, there's obviously those close connections.

Adam: 5:20

Absolutely. Where one person is providing a solution for another person's problem or, or issue. well, thank you very much for chatting to me, Warren. And, if you need to find out anything about commercial loans, home loans, vehicle finance, Finance Legends.

Warren: 5:34

Thanks very much, Adam. Much appreciated.