Co-founder of Vision Finance Australia, Katrina Lagos, recently spoke to the Elite Broker podcast to discuss how she became a broker, how the industry has changed over her 20-year career, and what she’s learned from running her own brokerage.
How long have you been a broker? And how did you become one in the first place?
A: I have been in the industry over 20 years now. I unexpectedly fell into the industry. Before [I was a broker] I was in real estate, where we had a broker who came in and looked after our office. He suggested that I’d be great in finance, and that started my journey.
I launched into starting my own business with my then-boss (from Henley Homes) when we got made redundant from the company. He suggested that we go into partnership together. He’d been in the industry for 20 years. He was very good at his job. So he seemed like an ideal business partner, considering I was just starting my career.
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It was a wonderful start to the industry, to have such a veteran take me under his wing. And really show me the ropes. So it was a great entry into the industry.
What did you learn from him over your first couple of years as broking?
A: I think what I really learned from him was his determination to look after the client and to get every deal across the line for their sake. His level of passion for fighting for the client was something that really struck me, especially as I wasn’t as outgoing as him at the time.
We were a small business just starting out so we had to hit the ground running, and he showed me that you just have to show up every day and keep at it, regardless of if the banks or clients are going in your favour or not.
How long did it take before you set up Vision?
A: I was in a successful partnership for two years but we still had that small business mentality, and at the time my sister was a business coach and wanted to come in to give us some coaching or possibly join our business herself.
I approached my business partner at the time and asked if he would be interested in bringing my sister in, to which he declined. I understood his reasoning but ultimately, I decided to start a business with my sister and that’s how we co-founded Vision Finance when I was just two years into the industry.
What was it like being a broker back then?
A: It was very different, looking back there are strengths and weaknesses to everything. Back then you would write a deal, pull together some payslips, write an overview for the lender and put it in. You would have a direct relationship with the assessors, and it was relatively easy to get a loan approved. However, by that same token, there wasn’t a level of professionalism that there is today.
I was also end-to-end, doing everything myself. As a broker, that’s a really difficult concept to work from. You’re essentially in sales and making things happen, but then you have to follow through and make sure the settlement goes according to plan. It’s a big task, especially when you’re dealing across multiple lenders and knowing every bank’s policy. It makes you a jack of all trades and a master of none.
I take my hat off to brokers who are end-to-end these days, due to the many layers of complexity and amount of work required to get each deal done.
How has COVID changed the way your business operates?
A: I like to talk about what I call “COVID blessings.” One of the positives that came out of COVID was that we were able to move our meetings to Zoom which has been critical in actually growing the business. This meant that I was in a forum where I could record the meetings, with the client’s permission, obviously. And this has been a game changer.
My finance managers are then able to review the meeting and take the deal from that point onwards, meaning I was able to scale my output.
I also needed to have an online presence so I came up with the broker presentation, which is just something I can use as a visual aid with clients. After 20 years of meeting with clients, you get a catalogue of scripts, which now I can just download the particular script I need for a particular client so they get everything they need out of one meeting.
Having a mentor is a requirement for new brokers in their first two years, but ongoing professional development sounds important to you too. Have you had any mentors throughout your career that have helped you build your business?
A: Yes, actually. I’ve been a part of Tony Robbins’ Platinum Partnership group for the last 18 months, almost two years now.
About 50 per cent of what I get by being in that community is his teachings and philosophies. The other 50 per cent is just being in business with people from all around the world.
It helped me recognise that I was just a big fish in a little pond and it really motivated me to lift my game, because there’s always someone doing more, growing more and serving more clients.
You can find out more about Katrina Lagos and her top tips for success, in The Adviser’s Elite Broker podcast.
Tune in to the episode with Katrina, Why changing team structure was a “game changer” for Vision Finance, below:
