TOL - 28th Jul, 2023
“It was horrific.” How Robert Kelly overcame adversity to build a $6 billion business
A meeting with Rugby League legend Jack Gibson taught Robert Kelly AM an invaluable lesson in life and business.
By the time most people reach their mid-forties, they are thinking about an exit strategy for their working life. That was not the case for Robert Kelly AM, who, in 1975, after a series of harrowing business experiences, was dusting himself off and preparing to start all over again.
Kelly is the Founder, Managing Director and CEO of Steadfast (ASX: SDF), the ASX-listed insurance broking firm with a market capitalisation of ~$6 billion. Insurance is a harsh industry where the big players compete on price and price alone. Steadfast, under Kelly’s stewardship, has taken a different path choosing to focus on relationships and networks to win the loyalty of their clients.
“It is sold on relationships and advice. If you keep selling on price, you’re a commodity, just like a cup of coffee. We have a relationship, and the relationship will win through” - Robert Kelly AM
The strategy has proven successful, and Steadfast commands more than one third of Australia’s intermediated insurance market. It appears that the job is not done and at age 76 Kelly recently renewed his contract as Steadfast Managing Director and CEO until 2026.
In this episode of Success and More Interesting Stuff, Robert Kelly AM recalls the highs and lows of his business career, including the life-changing advice he received from Rugby League legend Jack Gibson.
Time stamps
- 0:00 - Introducing Robert Kelly
- 2:10 - Relationships win over price
- 9:12 - Early days - growing up in Sydney
- 14:50 - Teamwork and the power of pulling together
- 17:28 - Early career moves and the road to insurance broking
- 26:04 - A devastating debt provides a valuable accounting lesson
- 32:13 - A role at Mirvac reveals a pathway back to insurance
- 36:13 - Meeting Jack Gibson and some life changing advice
- 41:00 - Building Steadfast and listing on the ASX
- 48:45 - The growth outlook for Steadfast
- 58:35 - Succession planning and why Robert remains excited about the Steadfast business
Listen to the episode via the player below and on all major podcasting platforms.
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
Expertise
Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
Expertise
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