Broker mentor helps businesses thrive
Nancy Youssef (pictured) is a multiple award-winning finance strategist, business mentor, author, speaker and philanthropist. She’s also the founder of Classic Finance and Classic Mentoring & Coaching. Youssef tells MPA’s broker education channel about her career and how she mentors brokers to push their businesses forward.
My entrepreneurial career began when I established my first broking business in 2003. In the almost two decades since, I’ve grown my team and worked on my own personal development, including attending a leadership trip at Sir Richard Branson’s Necker Island in 2015.
It’s through experiences like these that I’ve been able to grow, learn and most importantly, share those lessons learnt with those I’ve educated and mentored.
Initially, I’d planned to work independently as a broker - a ‘one person show’. I think many enter the industry with the same type of approach, not realising how much potential there is for their business to grow and thrive, and eventually require a team.
My leadership style therefore developed out of necessity. I learned about business and scalability, the value of delegating, and most importantly the importance of diversifying, because I had to.
In 2011, my business grew further when I launched Classic Mentoring & Coaching. Since then, I have mentored more than 150 new brokers, specialising in residential or commercial finance (or both!) through the beginning stages of their careers, setting them up with education, support and advice.
Our sessions have taken the form of one-on-one mentoring appointments, group sessions, online/email coaching and face-to-face personal coaching. When COVID-19 hit, like the rest of the world, we pivoted from in-person events and classes to online mentoring.
The thing that remained consistent was the quality of the mentoring. I’m committed to helping as many business owners as I can thrive in this industry. My team and I have won several industry awards, but what makes me even prouder is when I see my mentees go on to win their own awards and get recognised for their own achievements.
When I first began mentoring, just after the GFC hit (when new regulations were introduced), I saw the opportunity to provide new industry entrants with better pathways to build their own success. I was celebrating 10 years as a broker, and saw mentoring as a succession plan – a way to give back to an industry that had helped me get established.
Ever since then, I’ve been 100% transparent and open with my mentees, sharing everything with them that I use to run my business effectively. And I really mean everything – every tool, resource, tip, system, process and checklist that makes my business thrive, is what I share with my students.
I’ve had people in the industry say to me: “Surely you don’t share everything. Why would you give away all of your secrets?”
Here’s the way I see it. Brokers currently account for around two-thirds of finance transactions. There’s another whole third of the pie for the taking – and there’s more than enough pie for all of us to succeed.
Yes, when I have worked with a new broker to help them improve their business, I’m effectively creating another industry competitor. But I’m also helping to make that member of the finance industry more successful, more credible, more experienced, and ultimately, I’m contributing towards a more sustainable industry. That beats any possible negatives in my book!
Traditionally, when brokers come into the finance industry and are mentored by peers, rather than formal mentors, figures show that about 50% don’t continue in the industry. For brokers who went through our two-year program, the attrition rate sat below 20%.
Over the last 18 months I’ve transitioned and progressed my own business from working solely with new brokers into mentoring established brokers and helping them solve two issues: “How do I scale my business and become a better leader?” and/or “How do I build a stronger business that I can exit from/sell for a good value?” This has seen many of my clients grow and embrace their leadership potential.
I now work with dozens of established brokers each year. Over time, Classic Mentoring & Coaching has developed a reputation for being one of the strongest mentoring providers on the eastern seaboard. Our brand is now synonymous with quality, structure and support and our clients achieve better conversions, build more volume and go on to growing stable and sustainable broking businesses.
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