
We find out how Ms Tucker entered the industry, how best to build your own brokerage and how a new broker can best establish themselves.
In 2018, Nicola Tucker did what many bankers have done: transitioned into broking. But it’s the career path since Ms Tucker pivoted that’s garnered attention: First inaugurating herself under Loan Market’s franchisee branding before combining her practice with another.
Even now, the Best Newcomer at the 2020 Better Business Awards embraces the unexpected, offering mortgages, asset finance deposit bonds, and everything in-between.
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We find out how Ms Tucker entered the industry, how best to build your own brokerage and how a new broker can best establish themselves.
The Adviser: You spent about 10 years in the banking industry. What made you decide to start broking?
Nicola Tucker: I got to a point where I just felt there wasn't enough choice for my clients working with one bank. I made the move over to the “dark side” as they say, and haven't looked back.
When I transitioned, which was during the Royal Commission, I thought: “Well, if I can make it work now, I'm going to be able to make it work at any point in time. So, let's jump in”. It wasn't long into my career that the recommendations were handed down and it was all doom and gloom, but my philosophy the whole way was: Do a good job for your clients and they’ll keep coming back.
You have a business partner at Surf Coast Finance. How do you share responsibility?
At the beginning, we did what we were good at. I'm better at leading people and training – that side of things, while Lanie, my business partner, looks after all of our marketing, branding – everything else around the business.
I’d say we both do a bit of everything, but we refer each other to a particular deal – Lanie comes from a wealth background, so she has more of an understanding around the SMSF side of things. I think as we grow, we probably will be a bit more defined around that, but I actually get a lot of enjoyment out of doing different types of applications. Having a go at commercial, looking at asset, residential – I like to keep things changing, keep it interesting
How did you actually learn to write commercial finance?
I just had a go and got really friendly with a few commercial BDMs. I think that really helps, but I don’t really think commercial loans are that much different. Fundamentally it's still the five Cs of credit and understanding.
You combined your business with Lanie’s Surf Coast Finance to create what it is now. Talk to me about that process.
We “dated” for the first six months before we combined where we shared services but still traded under separate brands – just to get a feel for whether it was going to work. There were things we'd talk about like, “If we've got one website and one landing page for leads, how do we distribute them?”
But I think the biggest thing that made it work was good communication. We did bring in a lawyer, got accounting advice, all of those sorts of things, but really it was just about having open communication.
When you think about setting up a brokerage for the first time, or becoming a broker just generally, what were your main challenges?
I remember doing my first loan and thinking: "How am I going to make any money? This took so long”. I was in a position to go without income for up to six months, and I also had friends and family who were happy to be the guinea pigs, but I think having a brand to use in Loan Market straight off the bat made it really easy. I didn't have to think about marketing on top of where I was going to place a deal.
But I found that the hardest thing at the start was just understanding policies. You're trying to get your head around 40 or more policies. I ended up bringing someone on at month six for five to 10 hours a week, and it did help.
If you had a chance to do everything again, what would you do differently?
I would have started sooner. I worked in banking and corporate roles for all of my career. Broking I've felt like I can actually be – I always felt like I had a bit of a show in the corporate world. I feel like I can bring my personality to broking and clients choose me because I'm real in who I am.
But I would recommend investing tech from the start, and to get as many processes in place.
You can find out more about Nicola Tucker and how she grew her brokerage in partnership with another broker in the Elite Broker podcast.
Tune in to the episode with Nicola, Merging two broking businesses, below: