Nathan Bennett of The Loan Company speaks to The Adviser about his transition from banking into broking, the biggest lessons he’s learned, and how he generates leads.
After using his time in the banking world to get a strong foundation in finance, Nathan Bennett was able to grow towards his main career goal: mortgage broking.
We chat with the Perth-based broker to hear his perspective on independent broking, how to find new referrals, and his top tips for new brokers.
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Why did you transition from banking to broking?
My intention in working in banking was always to become a broker. I viewed working in the bank as a way of getting experience and an understanding of the overall structure and process. I utilised some of their sales tools to upskill myself before making the transition to become a broker.
It was a place to make your mistakes and learn from the experience, and I’ve ironed a lot of that out before I transitioned to becoming a broker.
I worked initially for Suncorp as a lending manager for a couple of years and I took out the Lender of the Quarter National award with them.
Then I went to Commonwealth Bank before making the move into broking and organised a job with V Homeloans. We were then taken over by The Loan Company as part of the merger between BGC and Ventura.
Why did you join The Loan Company and what does it do?
The Loan Company is the biggest brokerage in Western Australia. We deal primarily with construction, finance and the first home buyer market.
There’s a variety of building brands here in Western Australia. Our main focus is servicing that clientele.
The brokerage is technically owned by BGC, the construction company, but we are independent.
Building a good referral pipeline is one of the hardest tasks for a new broker. How have you gone about finding new referrals?
The biggest thing I learned when I worked in the bank was that getting referrals is the hardest thing to learn to do.
Partnering up with a place that can provide a solid referral base was the most important thing for me. When I first moved out of the bank, I needed to make sure I had cash flow, business coming in, and plenty of opportunities.
I was then working with the sales reps and consultants on how to win more business. That’s where my successes come from; working with them to help them understand the clientele that they’re looking at and find ways to make things work, as opposed to just writing off that business straight away.
A lot of the referral partners are internal, they get allocated to us. When I first started, there were a lot of new sales consultants, so I worked with them to get an understanding of the finance requirements for what they need to do.
In that time frame, I’ve had four consultants win Rookie of the Year within their respective builder brand, so it’s pretty impressive.
Across the board, a lot of those people have moved on to other careers post being sales reps and they’re continuing to refer me to business.
What loan settlement goals are you working towards?
When I first started, dollar-figure-wise, I was aiming towards about $25 million in my first year. I ended up blowing it out of the water and did over $40 million. I did that again in the last financial year.
It’s more around focusing on what I can do on the front end, as opposed to the actual dollar value. I know the dollar value will come as long as you focus on doing the right structure and behaviours.
You’ve already taken home a number of accolades. How do you measure success?
For me, it’s just about improving my overall outcomes but also making sure that I’m continuing to generate and build relationships with referral partners.
I feel like that’s where the majority of the business lies, in actually building that relationship with them and helping utilise that for the longer term.
As a new broker coming into the market, what do you suggest to other new brokers out there?
For me, it’s just about developing those referral arrangements and putting in all the effort you can to make sure that relationship goes in the right direction.
Referral partnerships are what will generate business for the longer term. If they’re an advocate for you, then they’re going to continue to refer business to you and help you grow your business.
You can find out more about Nathan Bennett and The Loan Company in The Adviser’s New Broker Podcast.
Tune in to the episode, How WA’s Best Newcomer hit the ground running, below:
[Related: New Broker: How WA’s Best Newcomer hit the ground running]
