This leading asset finance broker reveals how she dominated a male-dominated space, how she formed her referral partner relationships and how she retains her staff.
How did you become a broker?
My dad got me into it. He was in the car trade at that time.
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I wanted to sell cars but he wouldn't let me. He said, “No, you can sell finance”. I'm really glad he talked me into it because that has been my life ever since!
What kind of loans are you writing?
Anything except for property. We don't do mortgages.
I've done some really eclectic lending for asset from big coffee machines in cafes, through IPL machines, and big Tonka trucks in the mines. We also do farm machinery and some of it is bespoke as well. Recently, somebody asked if I could finance some scaffolding for them, and we were able to find a fit for that.
How did you form your referral partner relationships?
This is the million dollar question because it's different for different people that I have as my referral partners! [For] some of them it is from years and years and years of relationships [and] some from networking.
I would highly recommend getting out, especially for new people coming into this industry now. Go to your coffee catch-ups, go to your [professional development] days, go to anything you possibly can where you're going to meet people.
And trust your gut. That's a big one for me. If you meet somebody, if it feels right, then all good and well, But if it just feels a little bit icky, then move on to the next person and have a chat with them and see if you can write business with them.
What’s your process when writing a loan?
The first is speaking with the customer, finding out what they need, what's their objective and how we can get that. We're not part of BID, but we definitely work under that process of getting the customer the absolute best possible product we can for the situation that they're in.
We do use Salestrekker. The quick answer is that it depends on the type of deal and who we need to put it through to. It's quite varied and the technology will help, but sometimes it's just your in-house processes.
Is there anything outside of the actual loan writing that you use to make your life easier?
Siri is my personal [assistant] whenever I'm out in the car or just spoken to somebody, to remind me about all of the things that I have to do.
That's probably the biggest thing that I find that keeps me on track and it makes it look like I can remember everything because I can't.
What do you look for when you hire and what do you think is the key to retaining staff?
Definitely somebody who's experienced. I have just only recently hired broker support, a new position I created. I didn't realise how much we needed it within the company and I'm so glad that we have created that position.
It always helps with somebody who knows what they're doing. Respect them and what they do and also their decisions. Sometimes it's a decision that I may not have made, but it doesn't mean it's the wrong one.
Any ideas that they bring to the table, their own ideas, let them grow with them and implement them and nurture them. It's fluid and ever-evolving and that's the way that I always want my business to be, fluid and ever-evolving.
What are the biggest challenges you're facing at the moment?
Definitely clawback, because it's in the asset space as well. If we could fix that all around, I think we [would] be a lot happier.
Lenders changing policy and not really giving us advice is another one.
And (we see this every day) where we can have two deals that look exactly the same, but two different assessors will give us two completely different answers. That's frustrating.
What are your top tips for brokers?
Delegate, delegate, delegate. Get broker support, get somebody to help you. Don't be afraid of handing stuff over and be accepting that people can do things just as well as you can. You’re not the be-all and end-all.
For new brokers coming in, make sure you get a fabulous mentor. Ask questions and don't be afraid to ask, even if you think [it’s] a silly question. And if it is a silly question, it's okay because at least [you] don't go telling your clients an answer [when] you don't know!
Clients will always be happier being told “I don't know the answer to that but I will find out and I'll get back to you”. Just be honest.
Find out more about how Jill Fleck set up her business by tuning into the Elite Broker podcast episode, The Nu-Age of asset finance broking.
[Related: The Nu-Age of asset finance broking]
